SABMILLER yesterday painted a mixed picture with Europe lagging behind emerging economies – particularly in Africa – with lager sales.

The company has even resumed reporting results in Zimbabwe after the stabilisation of the currency.

On an organic basis volumes were up 14 per cent in Africa while dropping five per cent in Europe. It is a trend which has been showing up on the data for some time now. The company has been busy buying up local brands and planning for the future as the UK market, and others, go flatter. As the world economy picks up the drinks giant should be well placed to jump on the opportunities being planned for in Asia and Africa. According to Sam Hart at Charles Stanley “the current valuation suggests that good future prospects are fully discounted in the share price”.

That synopsis seems to ring true, with the shares a hold for now.

The breadth of the company’s assets make it vulnerable to political upheaval across the globe but it has strong localised management.