< The 2014 All-Europe Research Team
Under the guidance of Melissa Earlam, UBS’s duo rockets from runner-up to second place, winning praise from one New York–based money manager who characterizes the analysts as “the most commercial team in beverages, attuned to what their clients care about.” The London-based pair follows 11 companies, all of which Earlam says will face a host of issues this year, such as: deceleration in emerging markets, volatility in U.S. consumer confidence and antiextravagance measures that are part of the new Chinese government’s austerity program. Even so, Belgian-Brazilian Anheuser-Busch InBev — the world’s biggest brewer, by revenues — will be a good bet for investors. Despite top-line fluctuations, she notes, the brewing monolith’s stock will offer very good earnings visibility thanks to cost savings resulting from its June acquisition of Mexican rival Grupo Modelo, owner of the Corona label. Looking ahead, Earlam says, the company’s sales volumes are likely to be high this year in Brazil and the U.S. (ABI’s two largest markets), “with the additional kicker of the World Cup in Brazil,” she notes. |