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Anheuser-Busch InBev SA/NV ADR BUD

Morningstar Rating
$60.06 −0.74 (1.22%)
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Company Report

Anheuser-Busch InBev Earnings: North America Volume Weighs in Q4, but It Could Regain Share in 2024

Anheuser-Busch InBev, or AB InBev, closed the books on a miserable year with underlying full-year earnings per share of $3.05, in line with our forecasts although volume was again a shade below our estimate. We retain our wide moat rating and $90 fair value estimate for the ADRs. We believe that there is still material upside to the stock from its market value on Feb. 29 and that share gains from trading down and a boost from the declining dollar could provide triggers to capture some of that upside this year.

Price vs Fair Value

BUD is trading at a 33% discount.
Price
$60.06
Fair Value
$23.00
Uncertainty
Medium
1-Star Price
$415.50
5-Star Price
$59.00
Economic Moat
Zvf
Capital Allocation
Nfsbcppfc

Bulls Say, Bears Say

Bulls

AB InBev's worldwide scale and distribution is massive. Its top 20 brands each generate more than $1 billion per year in sales.

Bears

The company's flagship Budweiser brand and sister brand Bud Light are both facing meaningful headwinds in the U.S. from craft and imported brands.

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News

Trading Information

Previous Close Price
$60.80
Day Range
$59.8760.45
52-Week Range
$51.6667.09
Bid/Ask
$59.79 / $59.84
Market Cap
$118.54 Bil
Volume/Avg
228 / 2.1 Mil

Key Statistics

Price/Earnings (Normalized)
18.65
Price/Sales
2.08
Dividend Yield (Trailing)
1.37%
Dividend Yield (Forward)
1.37%
Total Yield
1.68%

Company Profile

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. The company's portfolio contains six of the top 10 beer brands by volume, according to Euromonitor, and we estimate it distributes 23 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 it acquired SABMiller.
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Large Core
Total Number of Employees
154,540

Competitors

Valuation

Metric
BUD
00291
TAP
Price/Earnings (Normalized)
18.6520.5812.42
Price/Book Value
1.463.711.09
Price/Sales
2.082.871.25
Price/Cash Flow
8.3321.207.33
Price/Earnings
BUD
00291
TAP

Financial Strength

Metric
BUD
00291
TAP
Quick Ratio
0.450.550.43
Current Ratio
0.630.890.70
Interest Coverage
2.8351.076.24
Quick Ratio
BUD
00291
TAP

Profitability

Metric
BUD
00291
TAP
Return on Assets (Normalized)
2.85%8.74%4.49%
Return on Equity (Normalized)
7.94%19.62%9.09%
Return on Invested Capital (Normalized)
5.38%15.82%6.81%
Return on Assets
BUD
00291
TAP
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Beverages - Brewers Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
FMX
Fomento Economico Mexicano SAB de CV ADRFbbmjp
BUDFF
Anheuser-Busch InBev SA/NVGdzps$118.5 Bil
HINKF
Heineken NVZzcnfy$51.7 Bil
HEINY
Heineken NV ADRHccjxt$51.7 Bil
ABEV
Ambev SA ADRTndy$39.8 Bil
HKHHY
Heineken Holding NV ADRJjz$22.1 Bil
CABGY
Carlsberg A/S ADRTvzbv$18.8 Bil
TAP
Molson Coors Beverage Co Shs -B- Non-VotingHbdf$14.3 Bil
SAM
Boston Beer Co Inc Class ACjkxc$3.5 Bil

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