Strong 4Q from AB InBev Shows its Strong Competitive Positioning; We Are Constructive on Shares
AB InBev posted a solid fourth quarter, with revenue just shy of our estimate but above consensus, and ahead of both at the EBIT line thanks to the speed of its cost savings. We are reiterating our $126 fair value estimate of the ADRs, as a slightly less aggressive medium-term EBIT margin assumption offsets the impact of the time value of money, and we are lowering our valuation of the Belgium-traded shares to EUR 103 from EUR 105 to account for the strength of the euro against the U.S. dollar. ...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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