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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Anheuser-Busch InBev    ABI   BE0974293251

ANHEUSER-BUSCH INBEV

(ABI)
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Anheuser Busch InBev : Files Application for Hong Kong IPO of Its Asian Beer Business

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09/11/2019 | 09:23pm EDT

By P.R.Venkat

Anheuser-Busch InBev SA (ABI.BT) is planning to tap the Hong Kong market again to list its Asian beer business after calling off its nearly $10 billion initial public offering two months ago.

Budweiser Brewing Co. APAC Ltd. which will be the listed entity on the Hong Kong bourse if the IPO is successful said Thursday that there is no assurance that the company will proceed with the offering.

The draft prospectus filed Thursday didn't detail the size of the offering or the timing of the IPO.

J.P. Morgan and Morgan Stanley are advising the company on the IPO.

Budweiser Brewing, which sells beers such as Budweiser, Stella Artois, Corona and Hoegaarden, had in July cited market conditions for calling off the Hong Kong IPO, which, if successful, would have been the year's biggest IPO.

People familiar with the IPO plans had said in July that several prospective investors found the deal expensive and valuations high.

Since calling off the deal, the parent AB InBev, the world's biggest brewer, has been looking to sell some of its assets. In July, the company agreed to sell its Australian unit to Asahi Group Holdings Ltd. for $11.3 billion.

AB InBev, which makes one out of every four beers sold world-wide, owns hundreds of brands in dozens of countries after a global buying spree that gave it Budweiser, Stella Artois and Corona. But those deals saddled the Belgian brewer with about $100 billion in debt; meanwhile, beer sales have slowed in the U.S. and other major markets.

Write to P.R. Venkat at venkat.pr@wsj.com

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Financials (USD)
Sales 2019 55 277 M
EBIT 2019 18 451 M
Net income 2019 11 051 M
Debt 2019 96 218 M
Yield 2019 2,04%
P/E ratio 2019 17,9x
P/E ratio 2020 19,8x
EV / Sales2019 5,17x
EV / Sales2020 4,83x
Capitalization 189 B
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 104,57  $
Last Close Price 96,66  $
Spread / Highest target 25,8%
Spread / Average Target 8,18%
Spread / Lowest Target -37,2%
EPS Revisions
Managers
NameTitle
Carlos Alves de Brito Chief Executive Officer
Olivier Goudet Chairman
Luis Felipe Pedreira Dutra Leite Chief Financial & Solutions Officer
Martin J. Barrington Non-Executive Director
William F. Gifford Non-Executive Director
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