by Cliff Weight, Director, ShareSoc. These are my personal views and not necessarily those of ShareSoc.
I do not own shares in Diageo, but my wife does, in her ISA. She bought in 1998 at £7.16 and they are now £35. With sales of £12.7bn, their EV (Enterprise Value = market cap plus debt) of £95 bn is > six times turnover and I don't see great barriers to entry at the global level or from supermarkets going direct to wine ...