AB INBEV: Green shoots arising
ABI’s share price is still well below the levels seen a few years ago, as investors have been worried a.o. on the high debt leverage, US market share pressure and FX volatility impacting results of some important emerging markets businesses (with Brazil being the most important example). We see a number of green shoots arising which are expected to result in a clear acceleration of the organic volume performance and in a double digit EPS CAGR over the next four years. Furthermore, the upcoming APAC listing can unlock value, we believe. BUY, € 105 TP.AB Effectenbeteiligungen AG is an Austria-based company that invests in European companies. The Company is engaged in the investment in undervalued small-cap and micro-cap companies, in medium-sized companies with a growth potential, as well as in pre-initial public offering (IPO) companies. In the fiscal year ended on December 31, 2009, AB Effectenbeteiligungen AG's portfolio included Rhoen Kliniken AG, a Germany-based hospital operator, Realtime Technology AG, a Germany-based provider of visualization technologies and services for industrial applications in the automobile, aviation and consumer goods sectors and RIB Software AG, a Germany-based specialist in building construction, plant engineering and infrastructure management software.
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