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AUSTRALIA: BRL Hardy shares at a low for the year

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Shares in the Australian wine group, BRL Hardy, fell to their lowest level in nearly a year yesterday. BRL Hardy shares have fallen by 11% since the beginning of the month amid concerns that the company's earnings could be affected by heavy discounting and its high multiples. The company is thought to be trading at a relatively high price-to-earnings ratio of 12 times 2002 earnings.


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