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Since Anheuser-Busch InBev's takeover plans for SABMiller were confirmed, the world has scrutinised the deal, the fall-outs, the brands and which bits would be kept or sold. 

Yesterday, SABMiller released what analysts concluded were a strong set of Q3 figures, headlined by a 7% lift in sales for the period. The top line also grew in the nine months to the end of December, by 5%. According to analysts at Bernstein, the latest trading update reiterates why AB InBev finds the brewer an attractive proposition. 

"Clearly, this was a good set of results, with a second successive quarter of high single-digit/double-digit organic top-line growth in much of Africa and Latin America," write Bernstein's beverage analysts in a note to clients today. "This comes as a timely reminder of the quality and long-term growth-profile of the business being acquired by ABI." 

The company's trading update flagged both lager and soft drinks as having performed well in the quarter - up 3% and 8% organically. Meanwhile, warmer-than-usual weather conditions, especially in key markets such as Colombia, South Africa and Australia, were also credited with driving growth.

But, Nomura's Edward Mundy doesn't expect the sun to shine all year. "We make no change to our FY estimates, as we expect 4Q growth to moderate given less weather benefit," he writes. He also says macro pressures and "selective pricing taken at the end of Q3" would contribute to a more moderate fourth quarter.

On the ABISAB deal, Mundy believes there is a "high probabilitiy" of it going through, though not until next year. 

"ABI has guided for completion in 2H16, subject to satisfying the relevant regulatory requirements, we model conservatively for 1 January 2017," he says. 

For a closer look at SABMiller Q3/YTD sales performance by region, click here


Sectors: Beer & cider, Company results

Companies: SABMiller

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