AB InBev - A good start to the year
• Q1 24 results exceeding expectations, with a good performance in most regions with stable to higher market shares• EBITDA increased by 5.4% organically, providing confidence that FY growth will land at the higher end of the 4-8% range, or even above. Hence, we expect consensus EBITDA estimate to rise by 1-2% based on these numbers• We reiterate our Buy recommendation and 12m TP of EUR 68Anheuser-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.
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