Pullback in AB InBev Offers Compelling Opportunity for Long-Term Investors
Both the Belgium-traded ordinary shares and the ADRs of Anheuser-Busch have fallen by over 20% over the past two months, underperforming the derating consumer staples sector, which has declined 6% over the same period, as measured by the S&P Consumer Staples Index. During that time, we have seen nothing that changes our opinion of the power of the business to earn economic profits in the long term, and we are reiterating our $126 fair value estimate for the ADRs, but raising our valuation of...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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