AB InBev Feedback conference call
Below are the highlights from the conference call. Despite weaker than expected 4Q volumes (-1.9% y/y), ABI reported 10% organic EBITDA growth which was 3% above our forecast and 2% above CSS. FY25 guidance of 4-8% organic EBITDA growth is in line with mid term guidance. We still see ABI as the undisputed leader in the beer space, with leading market shares in many markets, ongoing digitization and premiumization trends allowing to generate healthy free cash flows. Valuation remains attractive with EV/EBITDA25e at c. 9x and FCF yield25e at 7.2% and prompts us to reiterate BUY rating and € 65 target price.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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