AB InBev
3Q organic growth was slightly above expectations with absolute revenue and EBITDA figures in line with consensus. The bottom of the FY22 EBITDA guidance range was raised to 6-8%, which was already incorporated in KBCS & consensus forecasts prior to the results release. We have slightly upped our organic growth forecast for FY22 EBITDA from 6.8% to 7.2%. We continue to appreciate ABI for its leadership position in the global beer market, high intrinsic profitability and LT growth prospects in its emerging markets businesses (roughly 70% of group total), with premiumization and digitization important profitability levers. We continue to consider valuation is attractive and maintain our BUY rating.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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