Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€22.00	Bfnt	Dsvycphhl

Anheuser-Busch InBev Earnings: Green Shoots of Optimism That the Worst of Inflation May Be Over

Philip Gorham

Nov 1, 2023

Anheuser-Busch InBev reported a quite strong third quarter that showed signs that its algorithm may be reverting to our medium-term forecast. The green shoots of optimism offered by this report that inflationary pressures may be easing and that margins stabilizing are good news. We retain our wide moat rating and $90 fair value estimate for the ADRs, but we raise our valuation of the Brussels-traded share class to EUR 85 from EUR 83 due to the slightly stronger U.S. dollar. We believe there is still material upside to the stock from its market value on Oct. 31.

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