Report
Wim Hoste

AB InBev FIRST LOOK: 3Q EBITDA +7.1%, FY guidance range narrowed up

On the back of a softer than expected 3Q volume performance but a better than expected revenue/hl growth, organic EBITDA growth reached +7.1%, which was roughly in line with our forecast and slightly below consensus (+8.6%), with however actual figures lower than expected on FX impact. ABI narrowed its FY24 EBITDA growth guidance range from 4-8% to 6-8% (KBCS +7.7%, CSS +8.6%). 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.
Underlying
Anheuser-Busch InBev SA/NV

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.

Provider
KBC Securities
KBC Securities

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Analysts
Wim Hoste

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