AB InBev FIRST LOOK:2Q EBITDA resilient, FY guidance kept despite Bud Light woes
2Q EBITDA performance was resilient and up 5% y/y, despite an 28% drop in the US on Bud Light woes. ABI maintained FY guidance of 4-8% EBITDA growth with consensus at the low end of that range (+4.4%) and KBCS below (+2.3%). Despite the uncertainty on the US market, 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 still 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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