But I actually like Christmas. After all, you can never listen to Fairytale of New York too many times. It’s a great time to have a break from work and cosy up to the family on those cold December nights. And, to me, any excuse for a party – and a drink – is a good excuse.

Diageo: the gift of Christmas

From pagan festivals through to the modern, commercialised celebrations of today, late December has always been the right occasion for a booze-up. Which means that companies like Diageo (LSE: DGE) are set to rake in the cash at this time of year.

Diageo’s strengths are in beer and spirits like whisky and vodka, with brands including Guinness, Tanqueray and Smirnoff. And while many companies have suffered since the turn of the century, this firm’s shares have been on the up. In fact, it has been one of the best FTSE 100 investments of the past 15 years.

But wait – the momentum that drove the shares up a decade ago seems to have slowed. Since early 2013 the share price has been treading water and hasn’t been able to sustain a break above 2000p. Why is that?

While Diageo is a leading player in alcoholic beverages in Europe and North America, you could argue that its brands have pretty much reached saturation point in these markets. The rapid growth in earnings and share price has thus levelled off, even though it’s one of a decreasing number of FTSE 100 companies that has robustly healthy balance sheet year in and year out.

The next growth spurt

Diageo still churns out fat profits year after year and that makes it one of the FTSE 100’s most consistent performers. This is a highly cash generative business that can be relied to produce a tidy dividend. And the current P/E ratio of 19.45, and income of 2.83% seems, if not cheap, at least fairly valued.

The question people will ask is where Diageo’s next spurt of growth is going to come from. And the obvious answer is emerging markets. Sales of spirits in countries such as China, India and Vietnam are currently very low, and the growing middle classes are expected to go on a spending spree, even with government clampdowns on conspicuous consumption in the key China market. Branded consumer products such as those sold by Diageo are likely to do well.

That’s why I think it remains a good long-term buy. The flagship brands it sell wills be popular with the same middle class consumers that buy into other well-known western brands such as iPhone, Burberry and Persil.

It’s been difficult to find companies in the stock market that are still strongly profitable, and also have the promise of growth into the future. I think Diageo ticks both those boxes and should be one consistent performer to tuck away in your portfolio.

The post Is Diageo plc Set To Surge, And Stick, Above 2000p Next Year? appeared first on The Twelfth Magpie.

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Prabhat Sakya has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Furthermore, the alcoholic beverages sector also offers a relatively high degree of resilience and consistency, since consumers tend to buy such products whether there is economic rain or shine, thereby providing the companies involves with more stable top and bottom lines than many of their index peers.

Of course, the sector has enjoyed a very interesting year, with AB InBev’s proposed takeover of SABMiller (LSE: SAB) dominating headlines. The deal would see the two largest beer companies in the world unite to create a mind-bogglingly large company which would dominate the global beer market and account for around a third of all beers sold across the globe.

As such, the combined company’s long-term profitability could rise at a rapid rate as it benefits from vast economies of scale, huge synergies and provides a degree of stability which has not yet been witnessed within the sector.

The problem, though, is that it is not yet a done deal. It must pass competition commissions across the globe and this appears to have dampened investor sentiment in SABMiller’s share price. As a result, it is trading significantly below than the £44 per share in cash being offered by AB InBev, with SABMiller’s shares currently priced at just over £40 each.

Short-term investors, therefore, may see an opportunity to buy now on the premise that the deal will go through and they will receive a 10% gain. However, the reality is that the acquisition process is likely to be drawn out since it involves so many different competition commissions (or their equivalent) across the globe. And, should the deal fall through, SABMiller’s shares could fall back to the £30 level seen prior to the offer being made.

A better option, therefore, could be to buy a slice of Stock Spirits (LSE: STCK). It produces and distributes a range of spirits in Central and Eastern Europe and, while it lacks the global dominance and diversity of SABMiller, it is forecast to increase its bottom line by 11% next year. This rate of growth, when combined with a price to earnings (P/E) ratio of 15, equates to a price to earnings growth (PEG) ratio of just 1.35, which indicates that capital gains could be on the horizon.

Certainly, Stock Spirits has endured a disappointing current year thus far. Its performance in Poland, for example, has been very poor and it has suffered from supply chain disruption as well as aggressive competitor pricing following the excise tax increase in January. However, in the second quarter of the year its performance in Poland improved significantly and, with its other markets progressing in line with expectations, now could be a good time to buy a slice of the business for the long term while investor sentiment is somewhat downbeat.

The post Should You Buy SABMiller plc And Stock Spirits Group PLC? appeared first on The Twelfth Magpie.

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Whether to stay or go now is a hypothetical question for me, because I don’t own SABMiller shares despite admiring the firm for a long time. However, I’m sure that if I did hold I’d be writhing in metaphorical agony about whether to sell up or remain invested now.

The smell of a deal was in the air

Today, SABMiller’s shares are up about 35% since the middle of September when AB InBev first declared its hand. That’s not a bad gain for a month’s holding, is it? Maybe not, but SABMiller’s shares were already trading near their current level back in the spring, before they plunged down in August to around 2934p, enabling AB InBev to make its move.

If SABMiller could trade at today’s level without a takeover offer on the table, why shouldn’t it be able to do so again, even if the AB InBev deal doesn’t happen? That’s a good question and there’s no denying that SABMiller’s brand-driven consumer products business model, with its reliable cash-generating qualities, is attractive and capable of serving the firm and its investors well in the future.

However, there’s a good chance that the ‘scent’ of a potential deal was in the air back in the spring serving to raise SABMiller’s valuation in anticipation. Now that the reality has arrived, SABMiller’s premium rating, that takes in AB InBev’s possible offer, is no less sweet, I’d argue.

Can we count on this deal going through?

ABV InBev hasn’t actually made its formal offer for SABMiller yet but must do so by the extended deadline of 28 October. To me, that makes today’s SABMiller share price even more attractive as it edges towards the proposed 4400p takeover level.

Right now, we have SABMiller trading near to the level at which the offer will execute, but there are several hurdles that could scupper the deal before it happens. The biggest unknown is what the regulators might do. After all, AB InBev proposes to strike a deal that will see the firm providing around a third of the world’s beer.

However, AB InBev sounds confident on the regulatory issue, saying if it puts a formal offer down the firm will make its “best efforts” to obtain any regulatory clearances required to proceed to closing the transaction. To back that up, AB InBev proposes a reverse break fee of $3 billion payable to SABMiller in the event that the transaction fails to close because of the failure to obtain regulatory clearances or the approval of AB InBev shareholders — powerful and compelling stuff.

I’d take the money and run

In cases like this, I’m likely to invoke one of my own trading rules — the faster the rise, the faster the sale. So, I’d be looking to lock in this sudden windfall by selling my SABMiller shares around current levels. In one stroke, I’ve then removed any risk of a share price reversal due to the deal not proceeding, at the cost of a little potential upside.

That said, I can understand investors holding on. Quality firms are relatively rare on the stock market and SABMiller could serve well in the years to come. There could even be a higher offer or, if this deal falls through, other offers down the line.

Those qualities in a company and its business that attract us also tend to attract the attention of other companies. So, when we find a good business, it’s not unusual for takeover approaches to materialise, and they can be a convenient way of getting the value from our holdings.

The post SABMiller plc: Should I Stay Or Should I Go? appeared first on The Twelfth Magpie.

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Kevin Godbold has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Currency movements crimp profits

Due to their pan-global presence, both Diageo and SABMiller have seen their bottom lines take a hefty hit from adverse currency movements. In July Diageo reported that its performance in the 12 months to June 2015 had been “significantly impacted” by the weakness of currencies like the euro, the Russian rouble, and the Venezuelan bolivar versus sterling. As a consequence the firm estimated that net sales and operating profit would be harmed to the tune of £370m and £100m respectively.

With emerging markets engaging in vicious arms race to devalue their currencies, the problem of negative currency effects should continue to rumble on as central banks aim to resuscitate export activity. And for SABMiller, which reports its financials in the US dollar, expectations of Fed rate hikes sooner rather than later is likely to make this problem still worse.

Barnstorming brand power

Still, I believe the powerful brand portfolio of both companies should help revenues continue to nudge higher in spite of these currency issues. SABMiller saw net producer revenues creep 3% higher during April-June, while Diageo enjoyed a 5% net sales bump during fiscal 2015.

SABMiller can rely on more than 200 beer brands to deliver steady sales growth, and labels such as Peroni, Castle and Grolsch provide terrific pricing power that keeps the top line ticking higher even in times of pressured consumer spend. And Diageo’s reach spreads even further, with top labels like Guinness, Johnnie Walker and Smirnoff enabling the business to straddle a multitude of alcoholic markets.

Emerging market reverberations

Of course investors should still be mindful of the current turbulence rattling around emerging markets, particularly those of South-East Asia. Diageo has already suffered badly as a result of anti-extravagance measures rolled out in China, so fears of an escalating slowdown in the wider economy — and consequent impact on consumer spend — should cause much concern.

All is not ill in the garden, however, and SABMiller revealed that net producer revenues ticked 6% higher in China during the most recent quarter, taking the hammer to the broader market. But should the country’s economy fall off the metaphorical cliff, both companies could see demand for their drinks head lower, a scenario that could also spell havoc for Diageo and SABMiller’s share price.

Acquisitions keep on rolling

Still, the solid long-term prospects afforded by these markets has been affirmed by Anheuser-Busch InBev‘s takeover approach for SABMiller on Wednesday. A deal is yet to be formally launched, but a potential tie-up would create a global drinks leviathan with an estimated value in excess of $250m.

It is true that emerging market troubles could create some turbulence at both Diageo and SABMiller in the immediate future, but with wealth levels in these regions marching higher the chances are that drinks demand should follow suit. And with both firms maintaining their acquisition drive in such lucrative destinations — Diageo announced plans to increase its holding in Guinness Nigeria to 70% just last week — the sales outlook for both firms is looking increasingly bright, in my opinion.

The post Why You Should — And Shouldn’t — Invest In Diageo plc And SABMiller PLC appeared first on The Twelfth Magpie.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

“Sabmiller: Anheuser-Busch Inbev Intends To Make A Proposal.“

The biggest merger in the beer industry — one worth up to $300bn, including net debt — is not a done deal but could be finally just around the corner.

If you are invested in SABMiller (LSE: SAB) and after long-term value, the best advice perhaps came from SAB itself today: “shareholders are strongly advised to retain their shares and to take no action.” 

Proposal 

The board of SABMiller notes the recent press speculation, the brewer said today, “and confirms that Anheuser-Busch InBev has informed SABMiller that it intends to make a proposal to acquire SABMiller.“

“No proposal has yet been received and the board of SABMiller has no further details about the terms of any such proposal.” The board of SABMiller will review and respond as appropriate to any proposal that might be made, and there “can be no certainty that an offer will be made or as to the terms on which any offer might be made“.

As I argued on 2 September, SAB was already a compelling buy at about 2,900p given that its share price had long hovered around 3,500p on the hope that a bid would emerge, but its fundamentals and trading multiples pointed to a fair value in the region of 3,250p a share. 

What’s next now? 

By no later than 5.00 pm on 14 October, AB InBev must either announce a firm intention to make an offer for SAB or announce that it does not intend to make an offer for SAB. 

SAB stock rose 22% to 3,737p at the time of writing, but there might be room for more capital appreciation, particularly if you consider that such a tie-up would bring what all major brewers around the globe really need to deliver value to their shareholders — costs synergies. 

Just how much, though?

4,000p a share

After years of speculations, I think that AB Inbev will now have to pay at least a 30% premium over SAB’s undisturbed share price, which isn’t easy to determine but I estimate at between 3,000p and 3,200p. 

Keep in mind this number: 4,000p a share.

That’s the level at which SAB’s equity could be valued, in my view, although such a price target — which would imply a £16bn premium — may be overly ambitious based on the level of projected cost synergies. 

Value 

In fact, if certain assumptions are made in order to calculate the net present value of projected cost synergies (which must cover the premium being paid by the acquirer), AB Inbev would even struggle to justify a premium of £7.2bn, which would imply a SAB’s stock price of 3,450p. And if SAB was valued in line with the average take-out multiples for beer deals over the last few decades (at about 13x adjusted operating cash flow), its stock could be worth much less that. 

That said, the take-out price could be much, much higher, given that the deal would hold a strong strategic logic and that AB Inbev is under pressure to boost its own valuation. Moreover, deals often defy financial and economic merits. 

Of course, the economics of the deal will have to be investigated, but those also depend on the resulting financing mix, which will likely include a 30%-40% equity component, in my view. Some disposals will likely be required in mature markets such as North America, but there’s not much overlap on a global scale and SAB’s assets are notoriously well run — so, a high price target for those assets is likely. 

To be honest, I wouldn’t sell SAB today, and I’d be prepared to join the AB Inbev family — after all, its management team has historically proved to be very determined when it comes to securing assets and delivering value via M&A. 

The post SABMiller PLC Soars 20% On $300bn Anheuser Busch Inbev SA Deal appeared first on The Twelfth Magpie.

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Most consumer goods firms enjoy stable cash flow fuelled by brand-loyal customers repeat-purchasing, but the added attraction of alcohol’s addictive ‘qualities’ makes drinks providers such as Diageo (LSE: DGE) and SABMiller (LSE: SAB) seem even more ‘defensive’ as investments.

Good, but pricey

Steady business growth and rising dividends seem likely to reward investors in those two firms over the longer term. However, in the short to medium term there is some risk due to the companies’ elevated valuations.

Diageo’s forward price-to-earnings ratio (PER) runs at just over 19 for 2016 with the share price near 1863p and SABMiller’s at just under 20 with the shares around 3280p, yet City analysts expect only 7% and 8% growth in earnings per share next year, respectively. Forward dividend yields leave us wanting more, too. Diageo’s sits at 3.1% and SABMiller’s at a mere 2.5%.

So I’ve been looking at cider-led consumer beverage company C & C Group (LSE: CCR). The firm’s a tiddler with its £844 million market capitalisation compared to Diageo’s £47,459 million and SABMiller’s £53,542, but with the smaller size comes a lower valuation, which makes the firm an interesting investment alternative in the consumer-drinks space.

A niche operator

At a share price near €3.35, C & C Group’s forward PER runs at just over 11 for year to February 2017 and City analysts following the firm have earnings growth of 5% pencilled in for that period. The forward dividend runs at 4%, a healthy payout, which forward earnings cover just over twice.

In some ways, C & C operates like a mini SABMiller. Where SABMiller based its growth on beer brands and spread its wings from origins in South Africa to the rest of the world, C & C operates with cider brands in the ‘Celtic’ lands of Scotland and Ireland, and has yet to take over the world — but it has been trying, with a few disappointments so far, which could account for today’s ‘value’ rating.

You’ve probably heard of some of C & C’s brands; names such as Magners, Bulmers, Gaymers, Blackthorn and Ye Old English in the cider market, Tennent’s and Caledonia Best in the beer market, and non-alcoholic drinks such as  Tipperary and Finches. The firm reckons it exports to more than 50 international markets, but last trading year the majority of the firm’s revenue came from Scotland and Ireland. There was a 4.8% revenue contribution from North America and just 2.2% from other export markets.

Glass half-full or half-empty?

The firm took a knock in the US last year where increasing competition battered what was a growing market share. Significant write-downs resulted, and I think that’s one reason we see a value opportunity in C & C today. Does that mean it’s ‘game over’? I don’t think so. It’s hard to miss the increasing popularity of cider-brands in the alcoholic drinks market, so C & C is potentially well placed. The trouble in the US is that other firms noticed the trend as well, and swooped in for a piece of the action.

Yet the setback seems to have galvanised C & C’s directors into action and the firm is in the process of reworking its marketing and corporate strategy from the ground up. I love situations like this. C & C operates in an industry with an apparent tailwind and the directors are planning a turnaround. What’s more, the firm’s penetration of world markets is at an infant stage with all that growth potential still ahead, the company is in addictive consumer goods — a defensive sector — and to top it all, we see the shares presenting on a ‘value’ rating. C & C is going on my watch list with a view to deeper research.

The post Why C&C Group PLC’s Valuation Beats Diageo plc’s And SABMiller plc’s appeared first on The Twelfth Magpie.

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Kevin Godbold has no position in any shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

However, while the company would make a great addition to any portfolio, at present levels — and based on current trends — the company appears to be overvalued. 

Fashion trends

One third of Diageo’s sales come from the United States. The company’s largest brand by sales in the region is Smirnoff Vodka. Unfortunately, vodka is falling out of favour in the US.

Falling vodka sales have hurt Diageo and compounded the group’s troubles during the first quarter of this year. Diageo’s North American sales only increased by 0.9% year on year during the first quarter, well below estimates, which were calling for growth of 2%. 

But even though Diageo’s North American sales growth missed expectations, it was the only bright spot in the company’s first-quarter results release. Group net sales during the three months to March 31 fell 0.7%. Sales fell in every single one of the company’s markets bar Africa and the US. 

And it’s not just fashion trends that are holding back Diageo.

The group’s sales remain under pressure within China as sales of expensive cognac, baidu and whisky have fallen following the country’s anti-corruption drive. Further, a clampdown by the Indonesian government on sales of drinks with less than 5% alcohol volume hitting beer sales in the world’s fourth most populous country.

Subdued growth

All of these factors mean that Diageo’s sales growth will be subdued this year. Earnings per share are set to fall. 

Specifically, according to City figures Diageo’s sales will expand by 4.8% this year. Meanwhile, earnings per share will decline by 5%, following a decline of 7% last year. After two years of declines, Diageo’s earnings will have fallen back to the same level they were at four years ago. 

With this being the case, it looks as if Diageo is overvalued at present levels. If City estimates are to be believed, at the end of this year the company’s earnings will be 7% above the level reported for full-year 2011.

However, since the end of 2011 Diageo’s shares have gained 35%. Moreover, during the same period the company’s P/E ratio has increased from 15 to 21.

So all in all, Diageo is approximately 40% more expensive now than it was back in 2011, although the company has failed to achieve any growth over the period. 

What about a takeover?

Even though I believe that Diageo looks overvalued at present levels, I wouldn’t rule out a takeover. Rumours have circulated recently that 3G, an investment vehicle controlled by three Brazilian billionaires, has been eyeing up Diageo.

As the value of merger deals has recently surged to an all-time high, it seems as if there is a strong appetite for deals across the market. 3G might not make an offer for Diageo, but another suitor could be willing to fork out the cash.

The post Why Diageo plc Looks Overvalued To Me At Present Levels appeared first on The Twelfth Magpie.

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Rupert Hargreaves has no position in any shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Growth Potential

However, Diageo remains a company that is proving to be far less stable and defensive than was previously thought. While growth during the credit crunch separated the company from many of its more cyclical FTSE 100 peers, with double-digit growth being achieved in 2011 and 2012, for example, last year and the current year are much more disappointing for the business. In fact, following last year’s 7% fall in earnings, Diageo’s bottom line is set to drop by a further 6% this year.

Of course, growth of 7% is forecast for next year and, while this is very much welcome after two tough years, it may not be enough to significantly improve investor sentiment – especially while the company trades on a price to earnings (P/E) ratio of 21.4. As such, and while its long term prospects remain sound due to its excellent stable of brands and exposure to what are set to be the fastest growing markets for beverages across the globe, its share price could come under pressure over the medium term.

Smaller Peers

One company that has underperformed in 2015 is central and eastern European-focused spirits company, Stock Spirits (LSE: STCK). Its share price has fallen by 11% since the turn of the year and, while it lacks the size, scale and breadth of premium brands of Diageo, it appears to offer growth at a very reasonable price. For example, Stock Spirits is expected to grow its bottom line by 16% in the current year, followed by a rise in earnings of 10% next year. And, with it having a P/E ratio of just 15.6, it equates to a very appealing price to earnings growth (PEG) ratio of 1.

Meanwhile, producer of Vimto, Nichols (LSE: NICL), has turned the tables on a disappointing 2014 by posting growth of 40% thus far in 2015. Certainly, it has a rather high rating, with it trading on a P/E ratio of 21.9, but it has an excellent track record of net profit growth and a very strong balance sheet. For example, Nichols has increased its earnings at an annualised rate of 18.6% during the last five years, which indicates that it is worthy of such a high rating.

Looking Ahead

Although Diageo is an excellent company that is currently enduring a tough patch, it remains a top notch investment for the long term. However, the likes of Stock Spirits and Nichols also have considerable appeal and, as such, a mixture of all three companies could be a sensible way forward for Foolish investors. And, if you can only pick one, then Stock Spirits’ excellent growth prospects and relatively low valuation appear to mark it out as the stock with the greatest capital gain potential.

The post Are Stock Spirits Group PLC And Nichols plc Better Buys Than Diageo plc? appeared first on The Twelfth Magpie.

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Peter Stephens has no position in any shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

And rumours of an impending bid for both companies have reached fever pitch during the past few weeks. 

For example, Diageo saw its share price jump 7% in one day last week, after an unconfirmed report suggested that Brazil’s richest man, Jorge Paulo Lemann, might be behind a possible offer for the company. 

Meanwhile, last month, it was believed that SAB’s largest peer, Anheuser-Busch InBev and the Warren Buffett-backed Brazilian private equity firm 3G Capital were in talks to make a knock-out offer for the world’s second largest brewer. 

Running out of time 

As I mentioned above, Diageo and SAB are no stranger to takeover rumours and, with this being the case, it’s difficult to believe the current chatter. 

That being said, there could be some truth behind these rumours.

You see, private equity companies like 3G Capital are sitting on piles of cash as they struggle to find investment opportunities. What’s more, with an interest rate hike on the horizon, these companies are running out of time to borrow cash and lock in record-low interest rates. 

As a result, the value of takeover deals has exploded this year as deal makers rush to complete tie-ups before interest rates increase. 

So far this year, 27 mergers and acquisitions with a value greater than $10 billion have been completed worldwide — a record number of deals.  

Attractive targets 

SAB and Diageo are both attractive targets for any potential buyer.

SAB is the world’s second largest brewer and dominates several national beer markets around the world. Also, the group is one of the world’s biggest bottlers of Coca-Cola products.

SAB operates franchise bottlers of Coca-Cola products in 10 markets. Non-alcoholic beverages such as water, fruit juices and malt beverages make up around 18% of SAB’s total beverage volumes. 

So, SAB is an attractive acquisition target; the company could attract suitors from all over, not just those companies interested in alcoholic beverages. Even Coca-Cola itself could be interested in parts of SAB. 

Diageo, too, is an extremely attractive target. The company owns some of the world’s best-selling spirit brands, including Smirnoff Vodka and Johnnie Walker whiskey. Brands such as these, which have a high level of customer loyalty and international recognition, will be attractive to any buyer. 

Time to buy in?

Should investors buy Diageo or SAB ahead of a potential deal? The answer to this question should be no; it’s never a good idea to try and second-guess possible takeovers. 

However, Diageo and SAB are no ordinary companies.

The two beverage companies are sector leaders and have generated impressive returns for investors over the past decade. Diageo and SAB have outperformed the FTSE 100 by 95% and 259% respectively over the last ten years. 

Moreover, the two beverage giants support appealing dividend yields that will provide you with a steady income if a takeover fails to materialise.

Diageo currently supports a dividend yield of 2.8%, and the payout is covered twice by earnings per share. SAB yields 2.2%, and the payout is covered 2.1x by earnings per share. 

Diageo and SAB trade at forward P/Es of 21.1 and 21.5 respectively. 

The post Is A Bid Just Around The Corner For Diageo plc And SABMiller plc? appeared first on The Twelfth Magpie.

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• Which British dividend shares could supercharge a passive income portfolio in 2026?
• Has the turnaround finally started for Diageo shares?
• How much longer can the Diageo share price stay this low?
• Is it finally game on for the Diageo share price?

Rupert Hargreaves has no position in any shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

The post Should You Buy Diageo plc On New Takeover Rumours? appeared first on The Twelfth Magpie.

More reading

• Newsflash: the Diageo share price just climbed!
• Which British dividend shares could supercharge a passive income portfolio in 2026?
• Has the turnaround finally started for Diageo shares?
• How much longer can the Diageo share price stay this low?
• Is it finally game on for the Diageo share price?