AB InBev - CMD confirms our investment case
• At the CMD in Mexico, management gave in-depth presentations on its strategy based on 3 pillars: 1) lead and grow the category, 2) digitize and monetize the ABI ecosystem and 3) optimize its business. • This confirms that ABI is in growth mode again re the top line and it confirms our positive stance on the investment case.• We reiterate our Buy rating and TP of EUR 64, which values ABI at 20x earnings and 10.5x 2024 EV/EBITDA.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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