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SAB - Upbeat on upcoming auction, conservative on guidance - Visit Note

SAB opened its doors to investors and analysts ahead of its public auction on December 18, 2017. We took this chance to meet with management. Takeaways from this meeting largely aligned with our previous understanding, which we detailed in our beer sector report dated October 27, 2016. We sensed management’s optimism regarding the upcoming auction, citing SAB’s leading position and extensive potential value, while it remains conservative on business guidance. Below is a recap of the main points