SABMiller Posts Mixed Results

Dear Client: Bernstein has issued their take on SABMiller full fiscal year 2015 results. The brewer's marks were "broadly in-line" with their expectations and "slightly ahead of Company Consensus," attributed to "better than expected margins in Europe and less margin pressure than expected in Asia Pacific." GLOBAL RESULTS. SABMiller's net revenue was up 5% organically, in which 1% accounted for organic volume and 4% was organic price-mix, but NPR was down 2% on a reported basis. Revenues were driven by