MegaBev: Could Asahi Be a Dark Horse Contender for MillerCoors Stake?

Dear Client:Bernstein's Trevor Sterling sent note on Friday revisiting the company's outlook on "MegaBrew." Bernstein suggests there are "two core reasons why SAB is attractive to ABI." First, they foresee "embedded long-term growth in Africa and Latin America." "The merged entity would be still be dominated by the Americas, providing c.56% of total volumes, c.62% of revenues and nearly 80% of profits," according to Bernstein. "Roughly 60% of profits would derive from emerging markets." The second core reason: they see