Anheuser-Busch InBev Earnings: EBITDA Growth Above Consensus; Outlook for 2024 Confirmed

Wide-moat Anheuser-Busch InBev reported better-than-expected results for first-quarter 2024 with EBITDA of $4.9 billion, up 5.4% and considerably above company-compiled consensus estimates. The company also delivered a 90-basis-point margin expansion. Investors reacted positively, with shares up 5%. However, the outlook for 2024 remains unchanged, with organic EBITDA growth confirmed in the range of 4%-8%. This is still in line with our explicit forecast, so we don’t expect to make any material changes to our EUR 83 fair value estimate. At current levels, shares look undervalued.