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

Anheuser-Busch | Slowing pains

Over the past decade, Anheuser-Busch InBev (ABI) has made c. USD180bn worth of acquisitions with cheap debt (c.4% average interest rate). Thereafter, the Group implemented an aggressive strategy of cost optimisation, which reduced operating costs per hectolitre by 13% to USD21/hl (USD.27/hl peer group average). Through its aggressive strategy, ABI has increased underlying earnings from USD2.90/share to USD4.38/share in a market that is slowing down and becoming increasingly fragmented. We do not believe further acquisitions will be part of the Group's growth strategy. We forecast earnings ...

Philip Gorham

Morningstar | In Line 1Q for AB InBev as Potential IPO Could Signal Change in Strategy in Asia

AB InBev reported first-quarter results broadly in line with our expectations, although organic revenue growth of 5.9% was slightly more skewed to volume growth than we had anticipated. We have tweaked our near-term assumptions marginally, and lowered our revenue forecasts for foreign exchange headwinds, but we are reiterating our $118 fair value estimate for the ADRs as well as our wide moat rating. Management acknowledged rumours it is considering a potential minority stake listing of the Asia Pacific business, which we would regard as a net positive, valuation notwithstanding. Despite a str...

Philip Gorham

In Line 1Q for AB InBev as Potential IPO Could Signal Change in Strategy in Asia

AB InBev reported first-quarter results broadly in line with our expectations, although organic revenue growth of 5.9% was slightly more skewed to volume growth than we had anticipated. We have tweaked our near-term assumptions marginally, and lowered our revenue forecasts for foreign exchange headwinds, but we are reiterating our $118 fair value estimate for the ADRs as well as our wide moat rating. Management acknowledged rumours it is considering a potential minority stake listing of the Asia...

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
Research Department

Benelux Morning Notes

AB InBev: Slow boat to China. Adecco: 1Q19 results beat; quality beat and improved pricing. DSM: Pearls before swine. Kendrion: Automotive continues to be weak. PostNL: 1Q19 in line, 2019 outlook reiterated, mid term Parcels guidance encouraging. SBM Offshore: Liza Unity decided, more to follow. Sligro: Increasing its market position in the Dutch foodservice market. Solvay: Solid results on tough comps and headwinds, outlook slightly lowered. Vonovia: Boosts guidance and explains itself

Anheuser-Busch | Slowing pains

Over the past decade, Anheuser-Busch InBev (ABI) has made c. USD180bn worth of acquisitions with cheap debt (c.4% average interest rate). Thereafter, the Group implemented an aggressive strategy of cost optimisation, which reduced operating costs per hectolitre by 13% to USD21/hl (USD.27/hl peer group average). Through its aggressive strategy, ABI has increased underlying earnings from USD2.90/share to USD4.38/share in a market that is slowing down and becoming increasingly fragmented. We do not believe further acquisitions will be part of the Group's growth strategy. We forecast earnings ...

Philip Gorham

Morningstar | In Line 1Q for AB InBev as Potential IPO Could Signal Change in Strategy in Asia

AB InBev reported first-quarter results broadly in line with our expectations, although organic revenue growth of 5.9% was slightly more skewed to volume growth than we had anticipated. We have tweaked our near-term assumptions marginally, and lowered our revenue forecasts for foreign exchange headwinds, but we are reiterating our $118 fair value estimate for the ADRs as well as our wide moat rating. Management acknowledged rumours it is considering a potential minority stake listing of the Asia Pacific business, which we would regard as a net positive, valuation notwithstanding. Despite a str...

Philip Gorham

In Line 1Q for AB InBev as Potential IPO Could Signal Change in Strategy in Asia

AB InBev reported first-quarter results broadly in line with our expectations, although organic revenue growth of 5.9% was slightly more skewed to volume growth than we had anticipated. We have tweaked our near-term assumptions marginally, and lowered our revenue forecasts for foreign exchange headwinds, but we are reiterating our $118 fair value estimate for the ADRs as well as our wide moat rating. Management acknowledged rumours it is considering a potential minority stake listing of the Asia...

ING
Research Department

Benelux Morning Notes

AB InBev: Slow boat to China. Adecco: 1Q19 results beat; quality beat and improved pricing. DSM: Pearls before swine. Kendrion: Automotive continues to be weak. PostNL: 1Q19 in line, 2019 outlook reiterated, mid term Parcels guidance encouraging. SBM Offshore: Liza Unity decided, more to follow. Sligro: Increasing its market position in the Dutch foodservice market. Solvay: Solid results on tough comps and headwinds, outlook slightly lowered. Vonovia: Boosts guidance and explains itself

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...

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

...

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

Anheuser-Busch InBev

Anheuser-Busch InBev

Anheuser-Busch InBev

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.

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.

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...

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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