Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€63.00	Shsrk	Rpjvnczwk

Anheuser-Busch InBev Earnings: North America Volume Weighs in Q4, but It Could Regain Share in 2024

Philip Gorham

Feb 29, 2024

Anheuser-Busch InBev, or AB InBev, closed the books on a miserable year with underlying full-year earnings per share of $3.05, in line with our forecasts although volume was again a shade below our estimate. We retain our wide moat rating and $90 fair value estimate for the ADRs. We believe that there is still material upside to the stock from its market value on Feb. 29 and that share gains from trading down and a boost from the declining dollar could provide triggers to capture some of that upside this year.

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