Foster's loves the US

With our assessment of the value of Beringer justified, we see further growth potential and will continue to ACCUMULATE.

The company has reported a 9.8 per cent rise in the December half net profit to $267.1m. Shareholders will receive a bigger slice of the pie with interim dividend up 0.5c to 7c a share, fully franked.

Folly forgiven

In just three months, the Californian winemaker delivered $63.7m in earnings from its three month ownership of California's Beringer Wine Estates. It is justification for the faith that management has shown in the premium wine industry and because of that we are prepared to forgive them their e-commerce folly which saw the provision of $39.5m for losses in online retailer Wine Planet. (Will we ever see anything on the internet make a buck?).

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