Anheuser-Busch InBev S.A. / N.V. : Re-rating to historical level justified; TP raised to € 68; Outperform reiterated
>US and China weak and dividend the positive surprise in Q4 2022 - Although volume growth fell short in Q4 2022 (down materially in the US and in China), Anheuser-Busch InBev’s (ABI) organic sales growth was as forecast in Q4 2022. Organic EBITDA growth came in at 7.6%, which was ahead of both our forecast and consensus. Underlying EPS came in much higher than expected, mainly because of lower taxation following the higher distribution of interest on shareholders’ equ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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