AB InBev's CEE Asset Sale Realises Full Price, but the Impact for Heineken Could Be More Significant
We are reiterating our EUR 118 and $126 fair value estimates for wide-moat Anheuser-Busch InBev following the news that it is to sell the Eastern European business of the former SABMiller to Asahi for EUR 7.3 billion ($7.8 billion). The sum raised was slightly above our forecast, and the sale is essentially neutral to both our valuation and our belief that AB InBev will maintain its dividend in 2017. The greater impact may be to the incumbent multinational brewers Heineken and Carlsberg, which w...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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