Report
Nikolaas Faes

AB INBEV - BUY | EUR100 vs. EUR112 (+38%) Model maintenance post results

AB INBEV - BUY | EUR100 vs. EUR112 (+38%)
Model maintenance post results

Stock was down 10.4% after yesterday’s results
Focus on organic figures distracts from the harsh reality
Dividend slashed by 50%
Lowering our earnings outlook
Underlyings
AB Effectenbeteiligungen AG

AB Effectenbeteiligungen AG is an Austria-based company that invests in European companies. The Company is engaged in the investment in undervalued small-cap and micro-cap companies, in medium-sized companies with a growth potential, as well as in pre-initial public offering (IPO) companies. In the fiscal year ended on December 31, 2009, AB Effectenbeteiligungen AG's portfolio included Rhoen Kliniken AG, a Germany-based hospital operator, Realtime Technology AG, a Germany-based provider of visualization technologies and services for industrial applications in the automobile, aviation and consumer goods sectors and RIB Software AG, a Germany-based specialist in building construction, plant engineering and infrastructure management software.

Anheuser-Busch InBev SA/NV

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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Nikolaas Faes

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