This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
| Opening Price | Stop Loss | Profit Limit | Reward vs Risk | CFD Margin |
| 3433p | 3530p (97p/2.8% above) | 3200p (233p/6.8% below) | 2.4x | 5% |
Observations – For
Observations – Against
Q1 results missed estimates today, with a drop in lager sales on sluggish performance in Europe offsetting better results in emerging markets. While beverage volumes were flat, beer volumes fell and a strong LatAm and Africa was countered by weak Europe and softer China. Strong USD also hurting in terms of FX headwinds.
Broker Numis (23 Jul) says FY16 outlook remains difficult, concerned about increased competition and difficult trading in Latin America and still tough trading conditions in North America and Europe.
While the majority of brokers are positive/Neutral with targets above the current share price, 2 of the 12 updates today are looking for declines in-line with our 3200p target.
Next Event: MillerCoors Q2 Trading Update, 6 Aug
Latest Broker 12-Month Consensus: 41% Buy, 38% Hold, 21% x Sell (breakdown available on request)
Source: DowJones Newswires, Reuters News, Boomberg, Company website
| Share | 1wk | 1m | 3m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | -1.0 | 1.1 | -3.6 | 0.8 | 5.6 | 27.4 | 48.5 | 75.8 |
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
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