AB InBev - Challenging Q4, but a strong 2024 expected
Q4 results to be depressed by the Bud Light saga and Argentine peso devaluation. Nevertheless, we expect full year organic EBITDA growth of 6.5%, in line with the company's guidance. Given the ongoing deleverage we foresee dividend to be raised from EUR 0.75 to EUR 1.00 We reiterate our Buy rating as we are very optimistic on the earnings growth for 2024 and 2025 further deleveraging the company. However, as it is early in the year, with market condition still challenging and Bud Light still being depressed, we expect AB InBev to stay within its medium-term guidance of 4-8% EBITDA growth.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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