When SABMiller launched its bid for Australian brewer Foster’s last June, investors and analysts were aghast. Why would the company, known for its exposure to emerging markets, want to get into the declining Australian beer scene? Its shares quickly lost their premium rating, falling from 18 times forecast earnings in May 2011 to 15 times by the end of the year.
Yesterday’s first-half numbers show what impact the amber nectar has had on the group. Financing for the deal helped push net debt up from $6.5bn to $17.1bn, but even that increase leaves it at an affordable
2.7 times forecast earnings before interest, tax, depreciation and amortisation. The company expects to be back to its target range of two to 2.5 times ebitda within 18 months.
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