Just as Brazil Recovers, U.S. Gets Sick in Tough Quarter for ABI; Shares Fairly Valued
AB InBev missed our revenue expectations in the third quarter due to soft volumes in North America, but a solid performance by Ambev came to the rescue to a certain degree. We are retaining our $126 fair value estimate for the ADRs, along with our wide economic moat rating. The market now appears to have regained confidence in both Brazil and the SABMiller acquisition, although attention will now turn to weakness in the U.S. After a strong rally this year, the stock is now trading close to our f...
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