SABMiller chief executive Graham Mackay wants the company to have the most enviable growth and profit record of the big brewers within six years. Although the perennial Scottish & Newcastle rumour is bound to resurface, Mackay has made it clear he prefers exposure to growth markets. Deals in Latin America, where SAB is already looking at Colombia's Empresarial Bavaria, and south-east Asia are much more likely. But Mackay says brewing is not a naturally global industry and the underlying fundamentals "do not push strongly towards it". Last week SAB reported its third successive set of figures showing growth in both volume and profit. The latter were up 31% pre-tax to £1.2bn. Since SAB listed in London in February 1999 the group's market value has soared from £3.4bn to £9.3bn. Because of share issues and conversion of a loan into equity, its share price has risen 90% to 844.5p. Analysts believe the shares are cheap despite trading at a 6% premium to the average FTSE 100 company. USB has set a target price of 1,000p. The Sunday Times 22/05/05 (Business) page 3.7