Table of Contents
Executive Summary .................................................................3
The volume growth opportunity in emerging markets........18
Profit pool analysis: ABI and SABMiller look best placed..35
Input costs: the tide is turning ..............................................50
Pricing is the big risk .............................................................61
Visible benefits from cost savings........................................75
Robust organic profit growth at low risk..............................80
Capex can be contained ........................................................85
The long march of consolidation ..........................................87
Earnings estimates...............................................................102
Valuation: Still more to go for .............................................104
Company Profiles.................................................................109
Anheuser Busch InBev ....................................................110
Carlsberg ..........................................................................113
Heineken ...........................................................................115
SABMiller Plc....................................................................118
Valuation Methodology and Risks ......................................122