AB INBEV: Rock solid 1Q results and momentum improving ABI BB
AB InBev reported much stronger than expected 1Q results, with double digit organic volume and EBITDA growth beating our and consensus forecasts. With easy comparables for 2Q and the roll out of COVID-19 vaccination campaigns gaining pace in ao the US and Europe, we believe investor sentiment on the beer category and ABI is set to further improve. We continue to appreciate AB InBev for its leadership position in the global beer industry, premium profitability and solid LT growth prospects coming from its sizeable emerging markets businesses (which represent around 70% of group total). With valuation still attractive, we maintain our BUY rating and € 80 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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