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Anheuser-Busch InBev SA/NV BUD

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Morningstar’s Analysis

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Strong Q1 for AB InBev; Pulling Forward Our Rebound Assumptions, but Margin Recovery Still Key

Analyst Note

| Philip Gorham, CFA, FRM |

Anheuser-Busch InBev reported a strong first quarter that beat our estimates on volume and revenue. Margins fell slightly year over year, in line with guidance, but this does not detract from what was a good quarter overall. The president of AB InBev's North America zone, Michel Doukeris, will replace Carlos Brito as CEO on July 1. We have pulled forward our recovery expectations and make no change to our $90 fair value estimate or our wide economic moat rating. Although the shares have recovered somewhat since full-year 2020 results were reported, we still see upside and think margin expansion next year could reassure investors that deleveraging will continue organically. 

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 164,000