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.
當SABMiller去年6月啓動對澳洲啤酒釀造商Foster's的競購之旅時，投資者與分析師都爲此大感震驚。爲什麼這家以在新興市場開疆拓土而聞名的公司，要進入不斷下滑的澳洲啤酒市場？當時該公司股票因此迅速喪失了高估值，其預期本益比從2011年5月的18倍跌落至年底的15倍。
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