Anheuser-Busch InBev

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.
  • TickerABI
  • ISINBE0974293251
  • ExchangeEuronext Brussels
  • SectorBeverages
  • CountryBelgium

Analysts

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/CSPP+, Santander and AB InBev

Strategy: Steeper on vagueness, preferred senior on CSPP+

Philip Gorham

Morningstar | Asahi Goes Down Under, but Deal Looks Marginally Better for AB InBev

Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We believe Asahi is eyeing the opportunity to leverage Carlton & United Breweries' production capacity and ...

Philip Gorham

Asahi Goes Down Under, but Deal Looks Marginally Better for AB InBev

Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We b...

ING
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Philip Gorham

Morningstar | Asahi Goes Down Under, but Deal Looks Marginally Better for AB InBev

Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We believe Asahi is eyeing the opportunity to leverage Carlton & United Breweries' production capacity and ...

Philip Gorham

Asahi Goes Down Under, but Deal Looks Marginally Better for AB InBev

Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We b...

ING
Research Department

Benelux Morning Notes

AB InBev: You beauty, right on target. Accell: Solid 1H results, leverage ratio drops to 1.7x. Acomo: Not so nuts. Befimmo: Still bridging the gap. Belgian telecoms: OBEL's new Love Duo packs priced at €15 discount to the Love packs. Beter Bed: Financing secured to execute MC disposal. Cofinimmo: Killing the zombie. Gecina: Hikes guidance, steady growth. Wereldhave: WHA Belgium reports 1H19. Wessanen: Slow food movement

Philip Gorham

Morningstar | ABI Pulls Asia IPO as Investors Balk at Rich Valuation

AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders hoping the company would accelerate its balance-sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to see what would change investors' minds on the valuation. In our initial valuation estimate, we estimate...

Philip Gorham

ABI Pulls Asia IPO as Investors Balk at Rich Valuation

AB InBev pulled its planned IPO of its Asia business, blaming "prevailing market conditions" for its decision. This is clearly a setback for shareholders, hoping the company would accelerate its balance sheet deleveraging, but we applaud management for holding out for a value-creating price. As we had not adjusted our valuation for the potential IPO, we reiterate our $126 fair value estimate for the ADRs. It seems unlikely AB InBev will revisit the planned IPO soon because it is difficult to see...

1 director bought

A director at Anheuser-Busch In Bev Nv bought 6,250 shares at 71.930EUR and the significance rating of the trade was 97/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/03/2019

Contrairement aux rémunérations de CEO, la moyenne des sommes versées aux présidents de conseil d’administration dans les large caps suivies chez Oddo BHF a connu une hausse de 4.9% entre 2013 et 2017. Les disparités entre les sociétés relèvent principalement de contextes nationaux et d’une perception du rôle de président(e) très différents selon les pays, même si la situation actionnariale et sectorielle peut, pour certaines valeurs, avoir une influence. Cf. étude publiée hier. - ...

Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/14/2019

From our discussions with over 180 companies, we noted a reasonably positive tone, but the view of the cycle is considerably less optimistic than a year ago, as in one notch lower: the sense of acceleration or improvement in momentum seen a year ago is no longer there. 1/ A number of sectors have seen a slowdown in volumes without signalling this as a catastrophe: in industrial services (such as transportation and TT), automotive equipment suppliers, electronics and other segments whe...

Bruno Cavalier ...
  • Fatma Agnès Hamdani
  • Jean-Baptiste Rouphael
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/01/2019

De nos échanges avec plus de 180 sociétés, il ressort une tonalité raisonnablement positive, mais si la perception du cycle est sensiblement moins optimiste qu’il y a 1 an, comme un cran en-dessous : la logique d’accélération ou d’appréciation du momentum observé il y a un an n’est plus. 1/ Un certain nombre de secteurs observent un ralentissement de volumes sans catastrophisme : dans les services industriels (comme le transport ou le TT), les équipementiers auto, l’électronique et d...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2018

...

Anheuser-Busch InBev

Anheuser-Busch InBev

Anheuser-Busch InBev

For ANHEUSER-BUSCH INBEV SA, the environment deterioration entails a downgrade to Neutral

ANHEUSER-BUSCH INBEV SA (BE), a company active in the Brewers industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date April 16, 2019, the closing price was EUR 78.99 and its expected value was estimated at EUR 72.59.

Anheuser-Busch InBev

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/CSPP+, Santander and AB InBev

Strategy: Steeper on vagueness, preferred senior on CSPP+

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev

AB InBev abandons IPO plan, expect weakness in the curve

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Deutsche Bank, AB InBev

Deutsche Bank may look into absorbing some of its buffers to finance its restructuring, a credit negative

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev, Coca-Cola HBC, UniCredit, TI and DSM

AB InBev (ABIBB) reported first quarter results that were strong, albeit somewhat short of consensus estimates. Revenue came in at US$12,589m, set against consensus of US$12,644m. Revenue fell 3.8% against the 1Q18 reference base, which includes the effects of lease accounting under IFRS16 and hyperinflation accounting for Argentina. Guidance for 2019 was left unchanged as the company continues to expect strong revenue and EBITDA growth. AB InBev further confirmed that it is actively pursuing the listing of a minority stake in the Asia Pacific business on the Hong Kong Stock Exchange.

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

MarketLine Department

Asahi Group Holdings Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Asahi Group Holdings Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Asahi Group Holdings Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive a...

MarketLine Department

San Miguel Corp - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's San Miguel Corp Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by San Miguel Corp since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Hig...

MarketLine Department

Harboes Bryggeri A/S - Strategy, SWOT and Corporate Finance Report

Summary Harboes Bryggeri A/S - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Harboes Bryggeri A/S (Harboes) is a producer and marketer of alcoholic and non-alcoholic beverages. The company's product portfolio includes beers, soft drinks, packaged water, juices, ciders, syrups, energy drinks and malt beverages. Harboes markets its products under various brands su...

Expert Corporate Governance Service (ECGS)

Anheuser-Busch Inbev - AGM 24 April 2019

Overall, Anheuser-Busch Inbev ("AB InBev") is in compliance with the Belgian regulations, relating to the organization and procedures of the Annual General Meeting. Directors, Olivier Goudet, Stéfan Descheemaeker, Carlos Sicupira and Alexandre Behring resigned. Hence, Under ITEMS 9a, 9b, 9c and 9d, four nominations are proposed for them to be replaced. Due to a lack of independence on the board (33%), ECGS recommends to vote OPPOSE to the re-election of all directors: Martin J. Barrington (ITEM 9e), William F. Gifford (ITEM 9f) and Alejandro Santo Domingo Dávila (ITEM 9g). In ITEM 11a, the ...

Anheuser-Busch – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Matthieu DRIOL

Analyse court terme - ANHEUSER-BUSH INBEV : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 61,09 €, puis 59,07 €. Le franchissement de 78,85 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ANHEUSER-BUSH INBEV : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €61.09, then €59.07. Passing €78.85 would question the continuation of the fall.

Matthieu DRIOL

Short term view - ANHEUSER-BUSH INBEV : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €61.09, then €59.07. Passing €78.85 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - ANHEUSER-BUSH INBEV : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 61,09 €, puis 59,07 €. Le franchissement de 78,85 € remettrait en cause la suite de la baisse.

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