AB InBev - Bud Light and Argentina dominating results
Volumes and absolute EBITDA figures came in below expectations, organic growth figures exceeded. Bud Light and Argentina hyperinflation had a large impact on the results. Deleverage continued, but dividend proposal is below expectation. Outlook for EBITDA growth of 4-8% in 2024 is line and there is room to exceed. However, given slightly lower base we expect estimates to come down marginally. Buy and TP of EUR 68 maintained.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.
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