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Anheuser-Busch InBev SA/NV ADR BUD

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Worst Is Yet to Come but Anheuser-Busch InBev Is on Track to Meet Our Volume Estimates

Analyst Note

| Philip Gorham, CFA, FRM |

Anheuser-Busch InBev, or AB InBev, reported first-quarter results that were in line with our forecasts from a volume and revenue perspective, but with weaker margins than we had expected. We have lowered our margin assumption for first-half 2020, but this has little impact on our $96 fair value estimate for the ADRs. We expect the coronavirus pandemic to hit AB InBev harder than most consumer staples firms, but we think the business has enough liquidity to manage through the current crisis, and we continue to like the business for the long term. It's monopoly like positions and cost advantages in developing markets should ensure strong long-term cash generation that is not currently priced into the stock.

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Company Profile

Business Description

Anheuser-Busch InBev SA/NV 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.

Brouwerijplein 1
Leuven, 3000, Belgium
T +32 16276111
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Dec 31, 2019
Fiscal Year End Dec 31, 2020
Stock Type
Employees 170,000