AB INBEV: Green shoots arising ABI BB
AB InBev successfully closed the $ 11bn sale of its Australian subsidiary. In the meantime, the gradual loosening of COVID-19 related lockdown measures in many countries raise some hope that beer consumption has seen a bottom and is about to start a clear sequential uptrend. In combination with a gradual rebound in some important emergency market currencies in recent weeks, we believe these are important positive elements for investor sentiment around AB InBev. Valuation on our more normalized 2021 forecasts remains appealing, with a P/E21E multiple of 15.1x and a FCF yield21E of 8.1%. We reiterate our BUY rating and € 80 target price.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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