When SABMiller launched its bid for Australian brewer Foster’s last June, investors and analysts were aghast. Why would the company, known for its exposure to emerging markets, want to get into the declining Australian beer scene? Its shares quickly lost their premium rating, falling from 18 times forecast earnings in May 2011 to 15 times by the end of the year.
当SABMiller去年6月启动对澳大利亚啤酒酿造商Foster's的竞购之旅时，投资者与分析师都为此大感震惊。为什么这家以在新兴市场开疆拓土而闻名的公司，要进入不断下滑的澳大利亚啤酒市场？当时该公司股票因此迅速丧失了高估值，其预期市盈率从2011年5月的18倍跌落至年底的15倍。
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