Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€38.00	Fcw	Vyvlygdwp

AB InBev Reports Strong Q4 Despite Inflation Pressures

Philip Gorham

Feb 28, 2022

AB InBev reported a solid fourth-quarter performance, with price/mix driving revenue growth above our forecasts. Full-year revenue was also slightly above our estimate, but this has limited valuation impact and we are retaining our wide moat rating and $90 per share fair value estimate for the ADRs. We still believe there is upside to AB InBev. With strong emerging market exposure and a cost advantage in some of its scale markets, we think AB InBev should trade at multiples of normalized earnings at least as high as some of its competitors but do not expect this to happen until balance sheet leverage is reduced.

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