Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€37.00	Qfjj	Ktmkcdggyx

AB InBev Earnings: Diverse Portfolio Is Favorable; 2024 Outlook Confirmed; Shares Undervalued

Ioannis Pontikis ,

Aug 1, 2024

Wide-moat Anheuser-Busch InBev reported second-quarter of 2024 results, showing a slightly larger decline in volumes and lower revenue growth than anticipated by company-compiled consensus. However, due to solid cost management, AB InBev achieved 10% normalized EBITDA growth in second-quarter 2024 compared with the same quarter last year and 8% growth for the first six months, aligning with the company’s guidance of 4%-8% EBITDA growth for 2024. EPS reached USD 0.9, comfortably surpassing consensus of USD 0.85. We keep our fair value estimate of EUR 83/share.

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