Analyst Note
| Philip Gorham, CFA, FRM |Anheuser-Busch InBev reported third-quarter results that were broadly consistent with our forecasts. At a time when consumer products companies are passing through material cost increases to consumers, who are already facing higher interest rates and energy prices, we regard an in-line quarter as good news, and we expect the market to react positively. We reiterate our $90 fair value estimate for the ADRs and our wide moat rating We continue to think that ABI is undervalued and that the scale of the business and its strong relationships with its vendors make this a high-quality franchise.