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Anheuser-Busch InBev SA/NV ADR BUD Stock Quote

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AB InBev a High Quality Franchise That Will Unlock Value by Deleveraging

Business Strategy and Outlook

| Philip Gorham, CFA, FRM |

Anheuser-Busch InBev, or AB InBev, has been acquisitive, having made transformative deals for Interbrew and Anheuser-Busch, and more recently acquiring Grupo Modelo, Oriental Brewery, and SABMiller. Management's strategy is to buy brands with a promising growth platform, expand distribution, and ruthlessly squeeze costs from the business. The payback period for the SABMiller deal has been much longer than usual, however, despite management executing well on costs. Since the deal, one road bump after another has caused EBITDA growth to slow; from craft beer in the U.S. to slowing demand in South Africa to the shutdown of the on-trade during the coronavirus, and net debt/EBITDA stood at 4.6 times at the end of 2021. We expect the merger and acquisition, M&A, playbook to be on hold for a year or two more until AB InBev deleverages its balance sheet.

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Business Description

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. After the SABMiller acquisition, the company's portfolio now contains five of the top 10 beer brands by sales and 18 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and U.S.-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev and in 2016 acquired SABMiller.

Brouwerijplein 1
Leuven, 3000, Belgium
T +32 16276111
Industry Beverages - Brewers
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 169,000

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