Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Anheuser-Busch InBev (BUD): Initiation of Coverage- Scaling Premiumization & Digital Ecosystems –What’s the Impact, Outlook & its 5 Strategic Levers?
Anheuser-Busch InBev’s Q3 2024 results highlighted its ability to balance growth and profitability through premiumization and operational efficiency, with revenue rising 2% and normalized EBITDA growing 7%. While total volume declined 2%, revenue per hectoliter rose 5%, reflecting effective pricing and product mix strategies. Growth was led by Brazil, South Africa, and North America, where brands like Michelob ULTRA and Busch Light drove share gains, while premium brands contributed 57% of Europe’s revenue. BEES, AB InBev’s digital B2B platform, delivered 14% GMV growth and accelerated its marketplace model, offering significant monetization potential. Challenges persisted in China, with a 16% revenue decline due to on-premise softness, and in Mexico, where weather and economic pressures constrained volumes. However, EBITDA margin expansion across 4 of 5 regions showcased the company’s resilience, supported by rigorous cost management and pricing discipline. Looking forward, AB InBev’s premium and non-alcoholic innovations, expanding BEES penetration, and deleveraging progress strengthen its long-term growth outlook. While near-term challenges in key markets like China remain, the firm’s structural advantages and consistent execution position it for sustained profitability and valuation re-rating. Can AB InBev sustain premiumization momentum and capitalize on digital transformation while navigating macroeconomic and competitive pressures?
