AB InBev FIRST LOOK: 4Q growth in line, FY24 guidance in line with mid term ambition
4Q organic growth rates were close to our and consensus figures with actual figures slightly below forecasts given a bigger than expected impact from FX/hyperinflation accounting. FY24 guidance of 4-8% EBITDA growth is in line with the mid term growth ambition while we and CSS are respectively at +8% and +9% respectively. 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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