Sun Inbev Ukraine Announces 2007 Results

At yesterday’s AGM, Sun InBev (SUNI: BUY) reported 2007 sales of USD 473.3 mln, 27% yoy growth, EBITDA of USD 132.9 mln, 28% margin, a 56% increase yoy, and net income of USD 58.2 mln, 12% margin, and 80% increase yoy. The entire amount of Sun InBev’s 2007 net income will be reinvested. Olha Pankiv: Sales and EBITDA met our expectations, while net income was 20% below our estimates, mainly due to Other non-operating costs (a non-recurring item) overshooting our projections. We confirm our BUY recommendation on the stock.