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Models have bad hair days, at Lion Nathan, however, they must have had a bad hair week following the publication of the company’s annual results. On the New Zealand stock exchange, Lion Nathan’s shares fell sharply at the beginning of November after the Australasian brewer booked an annual net profit of AUD 224.8 million (EUR 140 million) for the fiscal year 2004/05, up 10.9 percent on the previous year, but signalled its New Zealand operations are weak. Australian investment bank Macquarie immediately downgraded Lion Nathan to “underperform”. In a report Macquarie said that the results were in line but that the lower earnings growth outlook was disappointing. In effect, the stock looked expensive on a “price for growth ratio.797 billion (EUR 1.1 billion) being lower than in 2004 (AUD 2..
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