AB InBev FIRST LOOK: solid start of the year with 1Q EBITDA +5.4%
Despite the continued impact from Bud Light in the US, 1Q EBITDA was up 5.4% and above our and CSS forecasts (of respectively +0.2% and +1.9%). Comparatives will significantly ease in the US going forward and ABI reiterated FY24 guidance of 4-8% EBITDA growth (KBCS +6%, CSS +8%). 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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