From the Wall St Journal: In moments of trouble, people may
seek solace at the bottom of a beer glass. But for many investors buffeted by
the Continent's debt crisis, global beer companies could represent salvation.
Brewers are more exposed to bouts of weak discretionary
spending by consumers than tobacco firms, for example, but they still are a
defensive play for those seeking dependable returns. Global beer companies,
with their diversified portfolios of branded drinks at different prices across
both developed and emerging economies, are well-placed to weather regional
economic downturns.
The share-price performance of the sector's "Big
Four" so far this year bears this out. Anheuser-Busch InBev ABI.BT -1.83%
is up 16%, while Heineken HEIA.AE -1.14% and Carlsberg CARL-A.KO +1.50% are 11%
and 10% higher, respectively. SABMiller SAB.LN -0.33% brings up the tail with a
still-robust 6% gain, far better than the broader European market.
"They are able to deliver reliable double-digit
earnings-per-share growth," says Bernstein Securities analyst Trevor
Stirling….
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