AB InBev Conference call feedback
Below are the highlights from the conference call. We remind that 3Q adj EBITDA increased by 4.1% which was slightly better than our and consensus forecasts while ABI maintained its FY guidance of 4-8% EBITDA growth. The outlook on the US market remains uncertain although there are some green shoots on market shares. Overall, we still appreciate ABI for its leadership positions in the global beer market, high intrinsic profitability and LT growth prospects in its emerging markets businesses. Deleveraging is on track and with valuation multiples attractive, we maintain our BUY rating and € 75 TP.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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