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(dāng)SABMiller去年6月啟動(dòng)對(duì)澳大利亞啤酒釀造商Foster's的競(jìng)購(gòu)之旅時(shí)，投資者與分析師都為此大感震驚。為什么這家以在新興市場(chǎng)開(kāi)疆拓土而聞名的公司，要進(jìn)入不斷下滑的澳大利亞啤酒市場(chǎng)？當(dāng)時(shí)該公司股票因此迅速喪失了高估值，其預(yù)期市盈率從2011年5月的18倍跌落至年底的15倍。
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