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
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

Philip Gorham

Morningstar | ABI Updated Forecasts and Estimates from 06 Mar 2019

Anheuser-Busch InBev has one of the strongest cost advantages in our consumer defensive coverage and is among the most efficient operators. Vast global scale and near-monopoly dominance in several Latin American and African markets give AB InBev significant fixed cost leverage and pricing power in procurement, especially following the acquisition of SABMiller in late 2016. This plays out in the firm's excess returns on invested capital and best-in-class operating and cash cycles, asset turnover ratios, and working capital management. AB InBev delays payments to trade creditors more than 20% lo...

Philip Gorham

Morningstar | AB InBev Hits a Sticky Patch, but Developing Markets Provide Long-Term Growth Runway

Anheuser-Busch InBev has one of the strongest cost advantages in our consumer defensive coverage and is among the most efficient operators. Vast global scale and near-monopoly dominance in several Latin American and African markets give AB InBev significant fixed cost leverage and pricing power in procurement, especially following the acquisition of SABMiller in late 2016. This plays out in the firm's excess returns on invested capital and best-in-class operating and cash cycles, asset turnover ratios, and working capital management. AB InBev delays payments to trade creditors more than 20% lo...

Philip Gorham

AB InBev Hits a Sticky Patch, but Developing Markets Provide Long-Term Growth Runway

AB InBev reported fourth-quarter and full-year results that were very close to our forecasts, closing the book on a difficult year with a relatively stable quarter. With organic growth above most of the broader consumer staples sector, and because 2019 guidance is also close to our forecasts, we are maintaining our $118 fair value estimate for the ADRs. Despite the rally in the stock year-to-date, we still believe there is material upside to AB InBev, although we recognize that the upside is dep...

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

Coffee, Croissants & Credit/AB InBev and KPN

S&P put AB InBev's (ABIBB) A- rating on CreditWatch Negative last night after close of business. Deleveraging has been consistently below expectations due to a variety of factors, most notably currency headwinds and weak market conditions in both Brazil and the US. S&P could lower the rating by one notch if the company does not come up with a clear plan to bring leverage down or if the rating agency is not convinced the plan is sufficient to lower leverage to 4x by the end of 2019 and to the 3.5x-4x range by the end of 2020. S&P aims to resolve the CreditWatch within 90 days. We believe yester...

Philip Gorham

Morningstar | ABI Updated Forecasts and Estimates from 06 Mar 2019

Anheuser-Busch InBev has one of the strongest cost advantages in our consumer defensive coverage and is among the most efficient operators. Vast global scale and near-monopoly dominance in several Latin American and African markets give AB InBev significant fixed cost leverage and pricing power in procurement, especially following the acquisition of SABMiller in late 2016. This plays out in the firm's excess returns on invested capital and best-in-class operating and cash cycles, asset turnover ratios, and working capital management. AB InBev delays payments to trade creditors more than 20% lo...

Philip Gorham

Morningstar | AB InBev Hits a Sticky Patch, but Developing Markets Provide Long-Term Growth Runway

Anheuser-Busch InBev has one of the strongest cost advantages in our consumer defensive coverage and is among the most efficient operators. Vast global scale and near-monopoly dominance in several Latin American and African markets give AB InBev significant fixed cost leverage and pricing power in procurement, especially following the acquisition of SABMiller in late 2016. This plays out in the firm's excess returns on invested capital and best-in-class operating and cash cycles, asset turnover ratios, and working capital management. AB InBev delays payments to trade creditors more than 20% lo...

Philip Gorham

AB InBev Hits a Sticky Patch, but Developing Markets Provide Long-Term Growth Runway

AB InBev reported fourth-quarter and full-year results that were very close to our forecasts, closing the book on a difficult year with a relatively stable quarter. With organic growth above most of the broader consumer staples sector, and because 2019 guidance is also close to our forecasts, we are maintaining our $118 fair value estimate for the ADRs. Despite the rally in the stock year-to-date, we still believe there is material upside to AB InBev, although we recognize that the upside is dep...

Philip Gorham

Morningstar | In Line 4Q for ABI Amid Slow Progress to Deleveraging

AB InBev reported fourth-quarter and full-year results that were very close to our forecasts, closing the book on a difficult year with a relatively stable quarter. With organic growth above most of the broader consumer staples sector, and because 2019 guidance is also close to our forecasts, we are maintaining our $118 fair value estimate for the ADRs. Despite the rally in the stock year-to-date, we still believe there is material upside to AB InBev, although we recognize that the upside is dependent upon margin improvement in Brazil and balance sheet deleverage, neither of which are likely t...

Philip Gorham

In Line 4Q for ABI Amid Slow Progress to Deleveraging

AB InBev reported fourth-quarter and full-year results that were very close to our forecasts, closing the book on a difficult year with a relatively stable quarter. With organic growth above most of the broader consumer staples sector, and because 2019 guidance is also close to our forecasts, we are maintaining our $118 fair value estimate for the ADRs. Despite the rally in the stock year-to-date, we still believe there is material upside to AB InBev, although we recognize that the upside is dep...

1 director bought

A director at Anheuser-Busch In Bev Nv bought 259,000 shares at 67.290EUR and the significance rating of the trade was 100/100. 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 ...

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 SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ANHEUSER-BUSCH INBEV SA (BE), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 15, 2019, the closing price was EUR 63.54 and its potential was estimated at EUR 69.06.

Anheuser-Busch InBev

Anheuser-Busch InBev

Anheuser-Busch InBev

Anheuser-Busch InBev

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

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

Coffee, Croissants & Credit/AB InBev and KPN

S&P put AB InBev's (ABIBB) A- rating on CreditWatch Negative last night after close of business. Deleveraging has been consistently below expectations due to a variety of factors, most notably currency headwinds and weak market conditions in both Brazil and the US. S&P could lower the rating by one notch if the company does not come up with a clear plan to bring leverage down or if the rating agency is not convinced the plan is sufficient to lower leverage to 4x by the end of 2019 and to the 3.5x-4x range by the end of 2020. S&P aims to resolve the CreditWatch within 90 days. We believe yester...

ING
Job Veenendaal

AB InBev/Solid end to a troubled year/STABLE

AB InBev delivered a good final quarter to a year that saw some bumps in the road. The 3Q18 results, which also saw a halving and rebasing of the dividend, caused spreads to underperform peers. Despite the absence of any significant deleveraging, today's results should provide some relief, helped by management's upbeat outlook for the year ahead.

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

Coffee, Croissants & Credit/AB InBev, Carrefour and Engie

AB InBev (ABIBB) published its FY18 report card this morning, which we view as a mild positive for spreads. Revenue was up 5.3% in organic terms in 4Q18 to US$14,250m (consensus: +4.4%), taking FY18 growth to 4.8%. Revenue growth was driven mostly by pricing as revenue per hectolitre grew 4.7% (constant geographic basis), while total volumes increased by only 0.3% (both FY18). Own beer volumes were up 0.8%. Normalized EBITDA grew 7.9% in the full year with a 118bp margin expansion. This metric increased 10% organically in 4Q, a strong beat of the +6.5% consensus estimate.

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

Coffee, Croissants & Credit/AB InBev, Proximus and Orsted

AB InBev (ABIBB) was again in the limelight last Friday after its tender offer announcement and 6-tranche debt issue of the prior day. After the debt deal garnered much demand and AB InBev upsized the deal size to US$15.5bn from the initially targeted US$10bn, on Friday the company also upsized the tender offer to a grand total of US$16.5bn (initially US$11bn), indicating a US$1bn reduction in gross debt. With this exercise, AB InBev has kicked the can down the road as it moved a substantial part of its upcoming redemptions further out the curve.

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

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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...

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.

Matthieu DRIOL

Analyse moyen 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 59,07 €, puis 52,64 €. Le franchissement de 91,50 € remettrait en cause la suite de la baisse.

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