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Investment Idea: Anheuser-Busch InBev

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Investment Idea: Anheuser-Busch InBev

  • Our recommendation for ANH SJ is overweight.
  • We believe AB InBev is a good-quality company with an attractive and sustainable operating margin and a reliable cash conversion.
  • Operating margins across the group geographies are well ahead of peers, making further efficiency-enabled outperformance less likely.
  • Despite management believing that acquisitive growth and the extraction of synergies from acquisitions is a core competency of the group, balance sheet flexibility will likely limit such growth.
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