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Anheuser-Busch InBev SA/NV ADR BUD

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AB InBev's Q3 Better Than Expected Amid Lockdowns and Inflation

Analyst Note

| Philip Gorham, CFA, FRM |

In what will be welcome good news for shareholders, Anheuser-Busch InBev reported a decent third quarter, with price/mix driving revenue growth and gross margins higher than our estimates, which were above PitchBook consensus. If the higher prices passed through in the third quarter stick for the rest of the year, it's likely gross margin degradation will not be quite as pronounced as we had feared. We have slightly increased our full-year revenue and margin estimates, but this has no impact on our $90 per-share fair value estimate. We continue to believe AB InBev is a significantly undervalued high-quality business with a cost leadership position in the beer industry. With high levels of debt on its balance sheet, however, earnings are likely to be more sensitive to bad news, and the stock may continue to be volatile should inflation linger or economic growth slow.

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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