In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...
The call floated on a convincing positive tone, despite the sentiment in the European market. The company gave more details than normal. They are committed to change the perception of the market about the total value creation generated by a hybrid company Developer/JV Investor. The JV is now reported separately in the statements as an EPRA accounting entity. This makes it easy to compare the JV with other REITS. However, the CFO made it perfectly clear that an EPRA profit on the VGP consolidated...
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