2024-03-24 13:00:00 ET
Summary
- We remain optimistic about BUD's long-term prospects, attributed to the bottoming headwinds in the North American sales and stabling market share by FQ4'23.
- Its global portfolios generate robust growth as well, as the management pulls multiple levers to drive volume growth, market share expansion, and balanced financial performance.
- At the same time, BUD continues to invest in the high growth spirits-based ready-to-drink/ zero beer segments as consumers increasingly demand healthier and expanded beverage options.
- Despite the North American market headwinds, shareholder returns remain excellent based on the recently raised annual dividends and consistent share repurchases.
- As a result of the well-balanced prospects, we believe that BUD may deliver a more than decent capital appreciation over the next few years.
We previously covered Anheuser-Busch InBev SA/NV ( BUD ) in November 2023, discussing its (still) impacted sales volume in the North American region, with losses intensifying as the management had to provide financial assistance to its wholesalers.
Then again, we had maintained our Buy rating, with the management's successful marketing efforts in other regions contributing to its excellent FY2023 guidance and the promising consensus forward estimates through FY2025....
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Anheuser-Busch InBev: North American Headwinds Bottoming - Long-Term Recovery Ahead