Anheuser-Busch InBev

Anheuser-Busch Inbev is engaged in the brewing of beer. Co. manages a portfolio of well over 200 brands that includes brands such as Budweiser, Stella Artois and Beck's; multi-country brands such as Leffe and Hoegaarden; and other brands such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler. Co. also produces and distributes soft drinks, particularly in Latin America. Co.'s operations are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies.
  • TickerABI
  • ISINBE0974293251
  • ExchangeEuronext Brussels
  • SectorBeverages
  • CountryBelgium
ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP, AB InBev, Vodafone and Shell

Strategy: ECB purchases revive, albeit modestly

ING
ING Helpdesk

Benelux Morning Notes

a.s.r.: Appointment of new Supervisory Board chairman. AB InBev: To lose one Chief may seem a misfortune; to lose both looks like carelessness. Colruyt: Ceases selling non-food through Collishop. Staffing: Manpower - a small net positive 4Q20 outcome but not suggesting a V-shape. Vopak: Highlights from ING Benelux Conference London

ING
Alyssa Gammoudy

AB InBev/2Q20 results: further deterioration in credit metrics

This morning AB InBev[de] reported a mixed set of 2Q20 results. As expected, revenue and volumes are down but the 0.7% volume growth in June is very comforting for operational performance going forward. On the other hand the leverage ratio jumped back to 4.8x, as expected but still a negative. Revenue in the second quarter declined by 17.7% and volumes were down 17.1%. The combined revenue of Global Brands (Budweiser, Stella Artois and Corona) declined by 16.6% and EBITDA for the quarter was US$3,414m, a drop of 34.1%. The EBITDA margin contracted by 825bp to 33.2%. At the end of June net debt...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Credit Suisse, BBVA , AB InBev, Telefónica, Orange, Enel, EDF & European oil & gas majors

Financials: Strong report from Credit Suisse, CET1 ratio guided back towards 12% by end-2020. BBVA reports another quarter with high provisions, but capital metrics improve

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Flaming June. AEGON: Expanding partnership with Santander in Spain. ArcelorMittal: Solid 2Q20 EBITDA and NFD beat. Econocom: Better net debt, supportive sales and debt guidance. H1 earnings low quality. Euronext: Another quarter another beat (6% on EBTIDA). Ontex: The King is dead, long live the King. Ordina: 2Q20 beat, strong cash flow, underlying revenue trends up despite Covid-19. Royal Dutch Shell: Underlying better? Keep an eye on quality. Telenet Group: Better EBITDA on lower sales, all guidance confirmed

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Posit...

Matthieu DRIOL

Analyse court terme - ANHEUSER-BUSH INBEV : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 61,09 €, puis 59,07 €. Le franchissement de 78,85 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ANHEUSER-BUSH INBEV : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €61.09, then €59.07. Passing €78.85 would question the continuation of the fall.

Matthieu DRIOL

Short term view - ANHEUSER-BUSH INBEV : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €61.09, then €59.07. Passing €78.85 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - ANHEUSER-BUSH INBEV : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 61,09 €, puis 59,07 €. Le franchissement de 78,85 € remettrait en cause la suite de la baisse.

Anheuser-Busch In Bev Nv: 1 director bought

A director at Anheuser-Busch In Bev Nv bought 1,000,786 shares at 44.600EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The...

ING
ING Helpdesk

Benelux Morning Notes

a.s.r.: Appointment of new Supervisory Board chairman. AB InBev: To lose one Chief may seem a misfortune; to lose both looks like carelessness. Colruyt: Ceases selling non-food through Collishop. Staffing: Manpower - a small net positive 4Q20 outcome but not suggesting a V-shape. Vopak: Highlights from ING Benelux Conference London

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Flaming June. AEGON: Expanding partnership with Santander in Spain. ArcelorMittal: Solid 2Q20 EBITDA and NFD beat. Econocom: Better net debt, supportive sales and debt guidance. H1 earnings low quality. Euronext: Another quarter another beat (6% on EBTIDA). Ontex: The King is dead, long live the King. Ordina: 2Q20 beat, strong cash flow, underlying revenue trends up despite Covid-19. Royal Dutch Shell: Underlying better? Keep an eye on quality. Telenet Group: Better EBITDA on lower sales, all guidance confirmed

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Waiting for the storm. Ahold Delhaize: Bumper results. Air France-KLM: 1Q20 weak but best quarter in FY20. ArcelorMittal: 1Q20 better than expected earnings and cash, taking the right measures. BAM: Weak 1Q and not so much due to Covid-19 yet. Basic-Fit: Gym closures in NL extended to 1 September. DSM: Superhero. Euronav: Strong 1Q20 beat, even stronger 2Q outlook. Groupe Bruxelles Lambert: Drop in net result vs. spike in cash earnings. KPN: VodafoneZiggo reports strong Q1, cuts its 2020 OCF guidance. Van Lanschot Kempen: Market dislocation results in net loss for...

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Last chance saloon. ASML: Preview of 1Q20. Boskalis: Acquires Ardent Americas. Fagron: Solid 1Q20 - Compounding slowdown offset by Brands & Essentials growth PostNL: Update on 1Q20 results, with Covid-19 impact SBM Offshore: Capixaba FPSO crew test positive TomTom: Preview of 1Q20

Jean-Christophe Dourret

Anheuser-Busch InBev : AB Inbev - 6 Apr 2020

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ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP, AB InBev, Vodafone and Shell

Strategy: ECB purchases revive, albeit modestly

ING
Alyssa Gammoudy

AB InBev/2Q20 results: further deterioration in credit metrics

This morning AB InBev[de] reported a mixed set of 2Q20 results. As expected, revenue and volumes are down but the 0.7% volume growth in June is very comforting for operational performance going forward. On the other hand the leverage ratio jumped back to 4.8x, as expected but still a negative. Revenue in the second quarter declined by 17.7% and volumes were down 17.1%. The combined revenue of Global Brands (Budweiser, Stella Artois and Corona) declined by 16.6% and EBITDA for the quarter was US$3,414m, a drop of 34.1%. The EBITDA margin contracted by 825bp to 33.2%. At the end of June net debt...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Credit Suisse, BBVA , AB InBev, Telefónica, Orange, Enel, EDF & European oil & gas majors

Financials: Strong report from Credit Suisse, CET1 ratio guided back towards 12% by end-2020. BBVA reports another quarter with high provisions, but capital metrics improve

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/AB InBev, Carlsberg, Beverages & Suez

AB InBev and Asahi group will close Carlton United transaction on 1 June

ING
Alyssa Gammoudy

Beverages/The unprecedented impact on beer

We consider the Covid-19 pandemic as credit negative for the beer segment. We expect consumption in general will slow, while the re-opening of the global economy is already positively impacting the on-trade channel. However, we foresee that off-trade will also be negatively impacted in the wake of the pandemic. It is not only doom and gloom. We also believe that the longer-term trends like premiumisation, are still valid and will lead to growth in the sector over time, albeit with a delay. We also believe that, as soon as the trade environment becomes more benign, a speedy recovery is likely.

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/14/2019

From our discussions with over 180 companies, we noted a reasonably positive tone, but the view of the cycle is considerably less optimistic than a year ago, as in one notch lower: the sense of acceleration or improvement in momentum seen a year ago is no longer there. 1/ A number of sectors have seen a slowdown in volumes without signalling this as a catastrophe: in industrial services (such as transportation and TT), automotive equipment suppliers, electronics and other segments whe...

Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Jean-Baptiste Rouphael
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/01/2019

De nos échanges avec plus de 180 sociétés, il ressort une tonalité raisonnablement positive, mais si la perception du cycle est sensiblement moins optimiste qu’il y a 1 an, comme un cran en-dessous : la logique d’accélération ou d’appréciation du momentum observé il y a un an n’est plus. 1/ Un certain nombre de secteurs observent un ralentissement de volumes sans catastrophisme : dans les services industriels (comme le transport ou le TT), les équipementiers auto, l’électronique et d...

Alfred Glaser ...
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2018

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Increased risk weighs on ANHEUSER-BUSCH INBEV SA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of ANHEUSER-BUSCH INBEV SA (BE), active in the Brewers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date May 12, 2020, the closing price was EUR 38.84 and its target price was estimated at EUR 33.71.

Expert Corporate Governance Service (ECGS)

Anheuser-Busch Inbev – AGM 3 june 2020

AB InBev Revises its Dividend Proposal and Reschedules its Annual Shareholders'Meeting   The Company has rescheduled the ordinary and extraordinary shareholders'meeting to 3 June 2020. All resolutions proposed for the meeting originally scheduled for 29 April 2020 will be set on the agenda of the Rescheduled Meeting, except that the statutory annual accounts that will be presented for approval will reflect the interim dividend of EUR 0.80 per share that was paid in November 2019, plus the revised proposed final dividend of EUR 0.50 per share.   ANNUAL GENERAL MEETING   Overall, Anheuser-...

Expert Corporate Governance Service (ECGS)

Anheuser-Busch Inbev – AGM 29 April 2020

Covid-19 Alert Considering the Covid-19 pandemic and the measures and recommendations made by public authorities in Europe and Belgium, AB-Inbev strongly encourages shareholders not to attend the Meeting in person nor to vote by proxy, but instead to vote remotely ahead of the Meeting. The Company may communicate further in relation to the date, attendance and organisation of the Meeting by way of a press release.  ANNUAL GENERAL MEETING Overall, Anheuser-Busch Inbev ("AB InBev") is compliant with the Belgian regulations, relating to the organization and procedures of the Annual General Mee...

Expert Corporate Governance Service (ECGS)

Anheuser-Busch Inbev - AGM 24 April 2019

Overall, Anheuser-Busch Inbev ("AB InBev") is in compliance with the Belgian regulations, relating to the organization and procedures of the Annual General Meeting. Directors, Olivier Goudet, Stéfan Descheemaeker, Carlos Sicupira and Alexandre Behring resigned. Hence, Under ITEMS 9a, 9b, 9c and 9d, four nominations are proposed for them to be replaced. Due to a lack of independence on the board (33%), ECGS recommends to vote OPPOSE to the re-election of all directors: Martin J. Barrington (ITEM 9e), William F. Gifford (ITEM 9f) and Alejandro Santo Domingo Dávila (ITEM 9g). In ITEM 11a, the ...

Anheuser-Busch – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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