AB InBev - Results broadly in line, guidance maintained
Results were broadly in line with expectations with organic EBITDA growth beating, but absolute figure in line. Most important, company maintained its guidance of organic EBITDA growth to be within the 4-8% rangeBased on the Q2 results we expect to only fine tune our estimates, but expect the share price to react positively todayWe reiterate our Buy rating with a TP of EUR 64Anheuser-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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