AB InBev - Weak volumes, EBITDA beats, USD 1bn SBB
Q3 volumes were weaker than expected but EBITDA and EBITDA growth exceeded expectations illustrating again the resilience of AB InBev's portfolioBased on YTD EBITDA growth guidance seems conservative. AB InBev also announced a USD 1bn SBB and USD 3bn buy back of bonds. We expect to raise our 2023 EBITDA estimates by some 3 to 4%As results confirm our investment case, we reiterate our BUY rating and TP of EUR 64, based on 21x P/E and 10.5x EV/EBITDA (2024E)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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