Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€28.00	Ptdp	Zntvtsnkq

Anheuser-Busch InBev Reports Solid Q2 but Investors Can’t Shake Concerns Over U.S.

Philip Gorham

Jul 29, 2022

Anheuser-Busch InBev beat our estimates of volume, revenue and EBIT growth in the second quarter and first half of the year. Latin America performed well, supported by the reopening of the on-premises channel in Brazil, while Asia was soft, in no small part to the tighter COVID-19 restrictions still being implemented in China. We continue to think AB InBev is undervalued and that the scale of the business and its strong relationships with its vendors make this a high-quality franchise. We reiterate our $90 fair value estimate for the ADRs.

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