AB InBev's 1Q Good Enough, but Upside Requires Quick Turnaround in Brazil
Bears will point to weakness in Brazil and the U.S. as justification for the sell-off in AB InBev's shares over the past six months, but this was a reasonable first quarter that demonstrated there is more to the story than those two markets. We are encouraged by evidence of continued premiumisation and by management's upbeat outlook. We remain constructive on the shares and reiterate our wide moat rating and our $126 fair value estimate for the ADRs.ÂFor all investors' concerns about AB InBev's...
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