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Anheuser-Busch InBev SA/NV ADR BUD

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Brito Reported to Be Edging Closer to Exit Door at AB InBev; Departure Could Signal Culture Shift

Analyst Note

| Philip Gorham, CFA, FRM |

The Financial Times has reported that Carlos Brito plans to step down as CEO of Anheuser-Busch InBev, or AB InBev, next year. If this happens, we would expect the medium-term strategy to be little changed, so we make no changes to our estimates or $96 fair value estimate for the ADRs. The change could, however, be more significant from a cultural perspective.

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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.

Contact
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

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