Equity Research on International Breweries Plc - BGL

Equity Research on International Breweries Plc - BGL

Monday, January 28, 2013 / BGL Research

International Breweries Plc is a notable operator in the local brewing industry with prominence at the low-end of the beer market. The brewing company is a Nigerian subsidiary of Brauhaase International Management GmbH. Int’l Breweries carries on the business of brewing, packaging, and marketing of beer and non-alcoholic malt drinks in Nigeria....  

With the renaissance of International Breweries since 2011 after of a period of operational lull, management must make efforts to enhance the company’s brand visibility and expand its market scope from the seemingly western Nigerian market currently....  

Costs of sales grew by 7.3% to N4.75 billion in September 2012 from N4.43 billion in September 2011; significantly lower than the growth in gross income....  

In arriving at our target price for International Breweries, we have examined the pricing of peers in the breweries sector of other comparative emerging economies. While the average PE Ratio for brewers in Sub-Saharan African is 19.82, it is 20.14 in Nigeria....  

For more information, Please click the following link:
EQUITY NOTE - International Breweries Plc


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