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Anheuser-Busch InBev SA/NV ADR BUD

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Volume Bounces Back for AB InBev in Q2 2021, but Commodity Inflation Clouds Loom in Second Half

Analyst Note

| Philip Gorham, CFA, FRM |

Anheuser-Busch InBev beat our second-quarter 2021 volume growth estimates thanks to a strong performance in Latin America. The good news will be overshadowed, however, by concerns over short-term profitability. The first-half gross margin missed our estimates by around 60 basis points, and the retention of the guidance of full-year underlying EBITDA growth of 8%-12% implies that margins will continue to come under pressure throughout the rest of the year. This is not surprising, however, as most consumer staples companies, notably Unilever and Nestle, have reported that commodity cost inflation is beginning to bite. We have slightly lowered our gross margin forecast for this year and next. Although we had already anticipated material cost inflation, the prices of packaging materials and distribution costs have continued to increase since our last update.

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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, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 164,000