reports
- John Klein (Head of Research)
- Nikolaas Faes
Mixed bag of performances
AB InBev reported Q2 results that reflect mixed performances. Overall revenue came in at USD15.12bn vs consensus expectation of USD15.32bn and normalised EBITDA came in at USD4.91bn vs consensus at USD4.86bn. AB InBev has maintained its outlook to grow EBITDA in line with its medium-term outlook of
- Consumer Team
- Nikolaas Faes
Brewers: FY results review and key themes for 2023
The two key investment themes for brewers in 2023 are the re-opening of on-trade in China and sliding production costs in the second half of the year:The re-opening of Chinese on-trade (after the Covid lockdown-policy was abolished) and souring consumer confidence, could spell good news for brewers
- Nikolaas Faes
Updating model post results
We have updated our model post results and outlook and have not changed our expectations for the years ahead. We expect for 2023 organic revenue growth of 9.8% and organic EBIT growth of 8.5%. In particular, we believe that AB InBev can benefit from a positive carryover of the 11.2% average price i
- Consumer Team
- Consumer Team
- Nikolaas Faes
2022 results in line with guidance
AB InBev has reported Q4 revenues of USD14.67bn (organic growth of 10.2%) which was light compared with the consensus at USD15.21bn. Normalised EBITDA of USD4.95bn (organic growth of 7.6%) was also below the consensus of USD5.06bn. Full year organic EBITDA growth of 7.2% on organic revenue growth o
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