Stock ABI ANHEUSER-BUSCH INBEV SA/NV
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Financials Anheuser-Busch InBev SA/NV

Equities

ABI

BE0974293251

Brewers

Market Closed - Euronext Bruxelles
Other stock markets
 11:35:00 2024-04-26 am EDT 		5-day change 1st Jan Change
56.12 EUR +0.11% Intraday chart for Anheuser-Busch InBev SA/NV +2.11% -3.94%
Apr. 25 Altria tops first quarter sales on higher pricing, robust demand for smokeless alternatives RE
Apr. 24 AB INBEV : Jefferies gives a Buy rating ZD

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 159,729 136,433 122,332 119,403 128,108 118,794 - -
Enterprise Value (EV) 1 255,441 219,349 198,494 189,116 195,681 181,054 175,153 169,237
P/E ratio 17.6 x 99.5 x 26.5 x 20.7 x 24.3 x 17.8 x 15.5 x 13.8 x
Yield 1.79% 0.88% 0.92% 1.32% 1.37% 1.93% 2.31% 2.54%
Capitalization / Revenue 3.05 x 2.91 x 2.25 x 2.07 x 2.16 x 1.91 x 1.83 x 1.75 x
EV / Revenue 4.88 x 4.68 x 3.66 x 3.27 x 3.3 x 2.92 x 2.69 x 2.49 x
EV / EBITDA 12.1 x 12.7 x 10.3 x 9.53 x 9.8 x 8.42 x 7.68 x 7.02 x
EV / FCF 31.1 x 30.9 x 21.7 x 23.2 x 22.7 x 19.6 x 17.1 x 15.1 x
FCF Yield 3.22% 3.24% 4.61% 4.3% 4.41% 5.1% 5.86% 6.63%
Price to Book 2.14 x 2.05 x 1.77 x 1.65 x 1.59 x 1.4 x 1.32 x 1.24 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 59.91 59.91 59.91
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 62,110 65,038 67,841
EBITDA 1 21,078 17,321 19,209 19,843 19,976 21,496 22,800 24,104
EBIT 1 16,421 12,723 14,438 14,768 14,590 16,077 17,218 18,345
Operating Margin 31.38% 27.14% 26.59% 25.56% 24.57% 25.88% 26.47% 27.04%
Earnings before Tax (EBT) 1 12,776 2,079 8,463 9,525 9,125 11,750 13,277 14,935
Net income 1 9,171 1,405 4,670 5,969 5,341 6,817 7,803 8,756
Net margin 17.53% 3% 8.6% 10.33% 8.99% 10.98% 12% 12.91%
EPS 2 4.620 0.7000 2.280 2.910 2.650 3.359 3.861 4.331
Free Cash Flow 1 8,222 7,110 9,159 8,138 8,627 9,239 10,262 11,219
FCF margin 15.71% 15.17% 16.87% 14.08% 14.53% 14.87% 15.78% 16.54%
FCF Conversion (EBITDA) 39.01% 41.05% 47.68% 41.01% 43.19% 42.98% 45.01% 46.54%
FCF Conversion (Net income) 89.65% 506.05% 196.12% 136.34% 161.52% 135.53% 131.51% 128.13%
Dividend per Share 2 1.460 0.6112 0.5570 0.7950 0.8864 1.154 1.386 1.522
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 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 14,367 15,448 30,351 15,661 15,554 31,727 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 4,789 5,386 - 5,693 5,463 - - -
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 3,499 4,050 - 4,299 4,010 - - -
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% 24.35% 26.22% - 27.45% 25.78% - - -
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 1,851 - 5,802 - - 7,038 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 3,364 937 - - - - - - -
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% 6.52% - - - - - - -
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 0.4700 - 1.660 - - 2.020 1.830 2.360
Dividend per Share 2 0.5616 - - - - 0.5570 0.5570 - - - - - - - - 0.7500 0.2200 - - - - - 0.4575 0.5720 - - -
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 - - - - - - - -
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 62,260 56,359 50,443
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.541 x 4.787 x 3.965 x 3.513 x 3.383 x 2.896 x 2.472 x 2.093 x
Free Cash Flow 1 8,222 7,110 9,159 8,138 8,627 9,239 10,262 11,219
ROE (net income / shareholders' equity) 13.1% 5.3% 8.37% 8.4% 6.88% 8.33% 9.23% 9.7%
ROA (Net income/ Total Assets) 3.9% 0.61% 2.58% 2.77% 2.47% 3.43% 4.01% 4.36%
Assets 1 235,274 231,531 181,169 215,285 216,147 198,721 194,781 200,614
Book Value Per Share 2 38.20 34.00 34.20 36.50 40.60 42.70 45.40 48.40
Cash Flow per Share 2 6.610 5.450 7.370 6.610 6.580 6.630 7.250 8.230
Capex 1 5,174 3,781 5,640 5,160 4,638 4,649 5,112 5,262
Capex / Sales 9.89% 8.07% 10.39% 8.93% 7.81% 7.49% 7.86% 7.76%
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
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
59.91 USD
Average target price
71.92 USD
Spread / Average Target
+20.05%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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