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Anheuser-Busch InBev SA/NV ABI

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Morningstar’s Analysis

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Stellar Quarter for Undervalued Anheuser-Busch InBev, Though Risk Remains

Analyst Note

| Philip Gorham, CFA, FRM |

Anheuser-Busch InBev, or AB InBev, the world's largest brewer, blew away S&P Capital IQ consensus estimates in the third quarter, with a remarkably robust volume. There was also modest upside to our above-consensus estimates, with pleasing volume growth in both Brazil and the U.S., the firm's two largest markets. While this is clearly a big step in the right direction, we suspect that to a degree, shipments were propped up by subsidies to consumers and channel restocking, and we expect market volatility to remain for the next few quarters. The suspension of the interim dividend supports this view. Nevertheless, this was a strong quarter from a frim that has offered precious little good news in the last few years. We have made minor adjustments to our assumptions, mainly to reflect the more difficult comparable AB InBev will now face in 2021, and retain our USD 96 fair value estimate for the ADRs, as well as our wide moat rating.

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Company Profile

Business Description

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. After the SABMiller acquisition, the company's portfolio now contains five of the top 10 beer brands by sales and 18 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and U.S.-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev and in 2016 acquired SABMiller.

Brouwerijplein 1
Leuven, 3000, Belgium
T +32 16276111
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 170,000