Financials Anheuser-Busch InBev SA/NV Xetra

Equities

1NBA

BE0974293251

Brewers

Market Closed - Xetra Other stock markets 11:35:31 2024-05-13 am EDT			5-day change	1st Jan Change
60 ^EUR	+0.77%		+8.30%	+2.62%

May. 13	ANHEUSER-BUSCH INBEV : Optimism prevails
May. 13	AB INBEV : UBS sticks Neutral	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	159,729	136,433	122,332	119,403	128,108	128,448	-	-
Enterprise Value (EV) ¹	255,441	219,349	198,494	189,116	195,681	190,757	184,456	177,763
P/E ratio	17.6 x	99.5 x	26.5 x	20.7 x	24.3 x	19.4 x	16.7 x	14.8 x
Yield	1.79%	0.88%	0.92%	1.32%	1.37%	1.74%	2.1%	2.33%
Capitalization / Revenue	3.05 x	2.91 x	2.25 x	2.07 x	2.16 x	2.08 x	1.97 x	1.89 x
EV / Revenue	4.88 x	4.68 x	3.66 x	3.27 x	3.3 x	3.08 x	2.83 x	2.61 x
EV / EBITDA	12.1 x	12.7 x	10.3 x	9.53 x	9.8 x	8.85 x	8.06 x	7.33 x
EV / FCF	31.1 x	30.9 x	21.7 x	23.2 x	22.7 x	20.2 x	17.4 x	15.5 x
FCF Yield	3.22%	3.24%	4.61%	4.3%	4.41%	4.96%	5.74%	6.44%
Price to Book	2.14 x	2.05 x	1.77 x	1.65 x	1.59 x	1.52 x	1.4 x	1.32 x
Nbr of stocks (in thousands)	1,959,379	1,959,378	2,023,621	1,982,782	1,986,774	1,982,793	-	-
Reference price ²	81.52	69.63	60.45	60.22	64.48	64.78	64.78	64.78
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,329	46,881	54,304	57,786	59,380	61,869	65,088	68,073
EBITDA ¹	21,078	17,321	19,209	19,843	19,976	21,545	22,883	24,260
EBIT ¹	16,421	12,723	14,438	14,768	14,590	16,017	17,267	18,480
Operating Margin	31.38%	27.14%	26.59%	25.56%	24.57%	25.89%	26.53%	27.15%
Earnings before Tax (EBT) ¹	12,776	2,079	8,463	9,525	9,125	11,581	13,294	14,984
Net income ¹	9,171	1,405	4,670	5,969	5,341	6,768	7,807	8,819
Net margin	17.53%	3%	8.6%	10.33%	8.99%	10.94%	11.99%	12.96%
EPS ²	4.620	0.7000	2.280	2.910	2.650	3.340	3.887	4.373
Free Cash Flow ¹	8,222	7,110	9,159	8,138	8,627	9,464	10,597	11,444
FCF margin	15.71%	15.17%	16.87%	14.08%	14.53%	15.3%	16.28%	16.81%
FCF Conversion (EBITDA)	39.01%	41.05%	47.68%	41.01%	43.19%	43.92%	46.31%	47.17%
FCF Conversion (Net income)	89.65%	506.05%	196.12%	136.34%	161.52%	139.82%	135.74%	129.76%
Dividend per Share ²	1.460	0.6112	0.5570	0.7950	0.8864	1.127	1.359	1.509
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	25,777	21,298	25,583	25,832	14,274	14,198	28,472	13,235	14,793	28,027	15,091	14,668	29,759	14,213	15,120	29,333	15,574	14,473	30,047	14,547	15,608	30,351	16,277	15,402	31,727	15,272	32,024	33,546
EBITDA ¹	10,229	7,363	9,958	9,114	5,214	4,881	10,095	4,486	5,096	9,583	5,313	4,947	10,260	4,759	4,909	9,668	5,431	4,877	10,308	4,987	5,310	10,273	5,935	5,407	11,522	5,263	-	-
EBIT ¹	7,872	5,102	7,621	6,768	4,020	3,650	7,670	3,294	3,811	7,105	4,055	3,608	7,663	3,503	3,569	7,072	4,027	3,491	11,099	3,642	3,963	7,632	4,494	3,961	8,508	3,857	-	-
Operating Margin	30.54%	23.96%	29.79%	26.2%	28.16%	25.71%	26.94%	24.89%	25.76%	25.35%	26.87%	24.6%	25.75%	24.65%	23.6%	24.11%	25.86%	24.12%	36.94%	25.04%	25.39%	25.15%	27.61%	25.72%	26.82%	25.26%	-	-
Earnings before Tax (EBT) ¹	4,468	-3,252	5,331	4,305	1,374	2,784	4,158	1,023	2,696	3,718	2,513	3,294	5,807	-	1,202	3,847	2,632	2,646	5,278	2,279	2,807	4,922	3,320	2,919	6,239	-	6,385	8,093
Net income ¹	3,116	-1,900	3,305	2,458	250	1,962	2,212	95	1,597	1,692	1,433	2,844	4,277	1,639	339	1,977	1,472	1,891	3,364	1,091	1,785	2,876	1,924	1,926	3,745	-	-	-
Net margin	12.09%	-8.92%	12.92%	9.52%	1.75%	13.82%	7.77%	0.72%	10.8%	6.04%	9.5%	19.39%	14.37%	11.53%	2.24%	6.74%	9.45%	13.07%	11.2%	7.5%	11.44%	9.48%	11.82%	12.5%	11.8%	-	-	-
EPS ²	1.560	-0.9500	1.650	1.200	0.1200	0.9600	1.080	0.0500	0.7900	0.8400	0.7100	1.360	-	0.8100	0.1700	0.9800	0.7300	0.9400	1.670	0.5400	-	1.660	-	-	2.020	-	1.830	2.360
Dividend per Share ²	0.5616	-	-	-	-	0.5570	0.5570	-	-	-	-	-	-	-	-	0.7500	0.2200	-	-	-	-	-	0.4540	0.5676	-	-	-	-
Announcement Date	2/27/20	7/30/20	2/25/21	7/29/21	10/28/21	2/24/22	2/24/22	5/5/22	7/28/22	7/28/22	10/27/22	3/2/23	3/2/23	5/4/23	8/3/23	8/3/23	10/31/23	2/29/24	2/29/24	5/8/24	-	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	95,712	82,916	76,162	69,713	67,573	62,309	56,008	49,315
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.541 x	4.787 x	3.965 x	3.513 x	3.383 x	2.892 x	2.448 x	2.033 x
Free Cash Flow ¹	8,222	7,110	9,159	8,138	8,627	9,464	10,597	11,444
ROE (net income / shareholders' equity)	13.1%	5.3%	8.37%	8.4%	6.88%	8.24%	9.13%	9.61%
ROA (Net income/ Total Assets)	3.9%	0.61%	2.58%	2.77%	2.47%	3.38%	4%	4.36%
Assets ¹	235,274	231,531	181,169	215,285	216,147	200,155	195,025	202,343
Book Value Per Share ²	38.20	34.00	34.20	36.50	40.60	42.70	46.10	49.10
Cash Flow per Share ²	6.610	5.450	7.370	6.610	6.580	5.950	7.170	8.060
Capex ¹	5,174	3,781	5,640	5,160	4,638	4,573	5,048	5,192
Capex / Sales	9.89%	8.07%	10.39%	8.93%	7.81%	7.39%	7.75%	7.63%
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Anheuser-Busch InBev SA/NV

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

64.78 USD

Average target price

72.13 USD

Spread / Average Target

+11.34%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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