Another Strong Quarter in a Difficult Environment for ABI as Premiumisation Thesis Remains Intact
With two of its largest markets remaining weak, and investor focus on the integration of SABMiller, strong execution is of paramount importance to AB InBev this year, and the company delivered a solid second-quarter performance. We take encouragement from several performance metrics, most notably pricing and gross margin, and we reiterate our $126 fair value estimate for the ADRs. Though there may be earnings volatility ahead, especially in relation to Brazil, we think AB InBev's wide economic m...
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