AllAnalyst Report
logoMorningstarMay 06, 2021

Anheuser-Busch InBev SA/NV: Strong Q1 for AB InBev; Pulling Forward Our Rebound Assumptions, but Margin Recovery Still Key

Symbols
BUD
Sector(s)
Consumer Defensive
Rating
Current Price
$78.60
Fair Value
Economic Moat
Stewardship
Summary

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. After the SABMiller acquisition, the company's portfolio now contains five of the top 10 beer brands by sales and 18 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and U.S.-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev and in 2016 acquired SABMiller.

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Analyst Profile

Philip Gorham

Director
Philip Gorham, CFA, FRM, is director of equity research for Ibbotson Associates Japan, Inc., a wholly owned subsidiary of Morningstar, Inc. He covers the European consumer staples sector, spanning beverages, tobacco, food, and home and personal-care products.Gorham rejoined Morningstar in 2014 after serving as an equity analyst and associate director of equity research for the consumer staples sector from 2008 to 2011. From 2011 to 2013, he was an equity analyst for Federated Investors, covering the consumer sector for the firm’s global core equity and mid-cap growth funds. Previously, he was a market risk analyst for the Royal Bank of Scotland in the United Kingdom.Gorham holds a bachelor’s degree in economics from the University of Sunderland and master’s degrees in business administration and accounting from the University of North Carolina. He also holds the Chartered Financial Analyst® and Financial Risk Manager® designations. He is a member of the CFA Institute and the Global Association of Risk Professionals and is an affiliate member of the Market Technicians Association.