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Anheuser-Busch InBev

ENXTBR:ABI
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ABI
ENXTBR
€139B
Market Cap
  1. Home
  2. BE
  3. Food, Beverage & Tobacco
Company description

Anheuser-Busch InBev SA/NV, a brewing company, engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks. The last earnings update was 26 days ago. More info.


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ABI Share Price and Events
7 Day Returns
-1.5%
ENXTBR:ABI
1.1%
Europe Beverage
0.5%
BE Market
1 Year Returns
5.9%
ENXTBR:ABI
11.9%
Europe Beverage
10%
BE Market
ABI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Anheuser-Busch InBev (ABI) -1.5% -15% -17.4% 5.9% -26.6% -22.8%
Europe Beverage 1.1% -5.6% -8.8% 11.9% 12.5% 20.5%
BE Market 0.5% -3.6% -2% 10% -4.8% 2.6%
1 Year Return vs Industry and Market
  • ABI underperformed the Beverage industry which returned 11.9% over the past year.
  • ABI underperformed the Market in Belgium which returned 10% over the past year.
Price Volatility
ABI
Industry
5yr Volatility vs Market

ABI Value

 Is Anheuser-Busch InBev undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Anheuser-Busch InBev to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Anheuser-Busch InBev.

ENXTBR:ABI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:ABI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6.8%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.504 (1 + (1- 29%) (73.07%))
0.843
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (0.843 * 6.8%)
6.5%

Discounted Cash Flow Calculation for ENXTBR:ABI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Anheuser-Busch InBev is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ENXTBR:ABI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.5%)
2020 13,835.77 Analyst x11 12,991.36
2021 12,600.49 Analyst x10 11,109.38
2022 15,458.90 Analyst x2 12,797.71
2023 15,785.00 Analyst x1 12,270.13
2024 16,033.79 Est @ 1.58% 11,702.86
2025 16,247.73 Est @ 1.33% 11,135.24
2026 16,437.01 Est @ 1.16% 10,577.45
2027 16,609.02 Est @ 1.05% 10,035.84
2028 16,769.06 Est @ 0.96% 9,514.14
2029 16,920.90 Est @ 0.91% 9,014.37
Present value of next 10 years cash flows $111,148.00
ENXTBR:ABI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $16,920.90 × (1 + 0.77%) ÷ (6.5% – 0.77%)
$297,587.52
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $297,587.52 ÷ (1 + 6.5%)10
$158,535.48
ENXTBR:ABI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $111,148.00 + $158,535.48
$269,683.48
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $269,683.48 / 1,959.38
$137.64
ENXTBR:ABI Discount to Share Price
Calculation Result
Exchange Rate USD/EUR
(Reporting currency to currency of ENXTBR:ABI)
0.904
Value per Share
(EUR)
= Value per Share in USD x Exchange Rate (USD/EUR)
= $137.64 x 0.904
€124.38
Value per share (EUR) From above. €124.38
Current discount Discount to share price of €71.16
= -1 x (€71.16 - €124.38) / €124.38
42.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Anheuser-Busch InBev is available for.
Intrinsic value
43%
Share price is €71.16 vs Future cash flow value of €124.38
Current Discount Checks
For Anheuser-Busch InBev to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Anheuser-Busch InBev's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Anheuser-Busch InBev's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Anheuser-Busch InBev's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Anheuser-Busch InBev's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:ABI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $4.84
ENXTBR:ABI Share Price ** ENXTBR (2019-11-20) in EUR €71.16
ENXTBR:ABI Share Price converted to USD reporting currency Exchange rate (EUR/ USD) 1.107 $78.74
Europe Beverage Industry PE Ratio Median Figure of 58 Publicly-Listed Beverage Companies 21.37x
Belgium Market PE Ratio Median Figure of 89 Publicly-Listed Companies 16.85x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Anheuser-Busch InBev.

ENXTBR:ABI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTBR:ABI Share Price ÷ EPS (both in USD)

= 78.74 ÷ 4.84

16.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Anheuser-Busch InBev is good value based on earnings compared to the Europe Beverage industry average.
  • Anheuser-Busch InBev is good value based on earnings compared to the Belgium market.
Price based on expected Growth
Does Anheuser-Busch InBev's expected growth come at a high price?
Raw Data
ENXTBR:ABI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
3.8%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.82x
Belgium Market PEG Ratio Median Figure of 39 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

ENXTBR:ABI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.28x ÷ 3.8%

4.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Anheuser-Busch InBev is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Anheuser-Busch InBev's assets?
Raw Data
ENXTBR:ABI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $35.84
ENXTBR:ABI Share Price * ENXTBR (2019-11-20) in EUR €71.16
ENXTBR:ABI Share Price converted to USD reporting currency Exchange rate (EUR/ USD) 1.107 $78.74
Europe Beverage Industry PB Ratio Median Figure of 72 Publicly-Listed Beverage Companies 2.1x
Belgium Market PB Ratio Median Figure of 113 Publicly-Listed Companies 1.55x
ENXTBR:ABI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTBR:ABI Share Price ÷ Book Value per Share (both in USD)

= 78.74 ÷ 35.84

2.2x

* Primary Listing of Anheuser-Busch InBev.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Anheuser-Busch InBev is overvalued based on assets compared to the Europe Beverage industry average.
X
Value checks
We assess Anheuser-Busch InBev's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Anheuser-Busch InBev has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

ABI Future Performance

 How is Anheuser-Busch InBev expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Anheuser-Busch InBev expected to grow at an attractive rate?
  • Anheuser-Busch InBev's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Anheuser-Busch InBev's earnings growth is positive but not above the Belgium market average.
  • Anheuser-Busch InBev's revenue growth is positive but not above the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:ABI Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:ABI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 3.8%
ENXTBR:ABI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 3.3%
Europe Beverage Industry Earnings Growth Rate Market Cap Weighted Average 7.2%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 8%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:ABI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:ABI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 60,887 20,275 11,939 5
2022-12-31 58,808 19,526 11,091 6
2021-12-31 56,666 17,906 10,059 17
2020-12-31 54,461 16,276 9,057 20
2019-12-31 53,188 15,630 9,992 19
2019-11-20
ENXTBR:ABI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 54,364 9,577
2019-06-30 54,084 16,134 7,469
2019-03-31 54,113 6,920
2018-12-31 54,619 14,663 4,368
2018-09-30 54,969 6,944
2018-06-30 56,427 14,837 8,042
2018-03-31 56,595 7,609
2017-12-31 56,444 15,430 7,968
2017-09-30 56,046 5,286
2017-06-30 52,415 11,675 3,788
2017-03-31 49,039 2,438
2016-12-31 45,517 10,110 1,193

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Anheuser-Busch InBev's earnings are expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
  • Anheuser-Busch InBev's revenue is expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:ABI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Anheuser-Busch InBev Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:ABI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.93 6.12 5.73 2.00
2022-12-31 5.50 5.69 5.27 3.00
2021-12-31 5.02 6.07 4.50 13.00
2020-12-31 4.52 5.40 4.16 14.00
2019-12-31 4.97 5.47 3.89 12.00
2019-11-20
ENXTBR:ABI Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 4.84
2019-06-30 3.78
2019-03-31 3.51
2018-12-31 2.21
2018-09-30 3.52
2018-06-30 4.07
2018-03-31 3.86
2017-12-31 4.04
2017-09-30 2.69
2017-06-30 2.01
2017-03-31 1.36
2016-12-31 0.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Anheuser-Busch InBev is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Anheuser-Busch InBev's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Anheuser-Busch InBev has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ABI Past Performance

  How has Anheuser-Busch InBev performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Anheuser-Busch InBev's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Anheuser-Busch InBev's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Anheuser-Busch InBev's 1-year earnings growth exceeds its 5-year average (37.9% vs -4.8%)
  • Anheuser-Busch InBev's earnings growth has exceeded the Europe Beverage industry average in the past year (37.9% vs 4.5%).
Earnings and Revenue History
Anheuser-Busch InBev's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Anheuser-Busch InBev Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:ABI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 54,364.00 9,577.00 16,761.00
2019-06-30 54,084.00 7,469.00 15,249.00
2019-03-31 54,113.00 6,920.00 16,929.00
2018-12-31 54,619.00 4,368.00 17,212.00
2018-09-30 54,969.00 6,944.00 17,722.00
2018-06-30 56,427.00 8,042.00 18,511.00
2018-03-31 56,595.00 7,609.00 18,265.00
2017-12-31 56,444.00 7,968.00 18,200.00
2017-09-30 56,046.00 5,286.00 18,354.00
2017-06-30 52,415.00 3,788.00 17,348.00
2017-03-31 49,039.00 2,438.00 16,349.00
2016-12-31 45,517.00 1,193.00 15,284.00
2016-09-30 42,038.00 3,130.00 13,946.00
2016-06-30 42,305.00 3,948.00 13,829.00
2016-03-31 42,551.00 5,724.00 13,651.00
2015-12-31 43,604.00 8,273.00 13,850.00
2015-09-30 44,899.00 8,512.00 13,912.00
2015-06-30 45,762.00 9,636.00 14,052.00
2015-03-31 46,911.00 10,525.00 14,405.00
2014-12-31 47,063.00 9,216.00 14,509.00
2014-09-30 46,756.00 9,208.00 14,310.00
2014-06-30 46,245.00 9,075.00 14,007.00
2014-03-31 44,631.00 13,715.00 13,394.00
2013-12-31 43,195.00 14,394.00 12,714.00
2013-09-30 41,771.00 13,694.00 11,952.00
2013-06-30 40,312.00 13,063.00 11,652.00
2013-03-31 39,595.00 7,628.00 11,214.00
2012-12-31 39,758.00 7,160.00 11,401.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Anheuser-Busch InBev has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Anheuser-Busch InBev used its assets more efficiently than the Europe Beverage industry average last year based on Return on Assets.
  • Anheuser-Busch InBev has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Anheuser-Busch InBev's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Anheuser-Busch InBev has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ABI Health

 How is Anheuser-Busch InBev's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Anheuser-Busch InBev's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Anheuser-Busch InBev's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Anheuser-Busch InBev's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Anheuser-Busch InBev's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Anheuser-Busch InBev Company Filings, last reported 1 month ago.

ENXTBR:ABI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 78,131.00 112,741.00 8,266.00
2019-06-30 78,131.00 110,658.00 8,266.00
2019-03-31 71,904.00 110,413.00 7,161.00
2018-12-31 71,904.00 110,209.00 7,161.00
2018-09-30 75,564.00 116,995.00 7,974.00
2018-06-30 75,564.00 116,795.00 7,974.00
2018-03-31 80,220.00 117,515.00 11,776.00
2017-12-31 80,220.00 117,302.00 11,776.00
2017-09-30 83,479.00 119,765.00 10,322.00
2017-06-30 83,479.00 119,544.00 10,322.00
2017-03-31 81,425.00 123,250.00 14,238.00
2016-12-31 81,425.00 123,016.00 14,238.00
2016-09-30 37,737.00 108,686.00 62,032.00
2016-06-30 37,737.00 108,563.00 62,032.00
2016-03-31 45,719.00 49,466.00 6,978.00
2015-12-31 45,719.00 49,579.00 6,978.00
2015-09-30 51,443.00 51,504.00 6,784.00
2015-06-30 51,443.00 51,370.00 6,784.00
2015-03-31 54,257.00 51,122.00 8,658.00
2014-12-31 54,257.00 50,989.00 8,658.00
2014-09-30 57,250.00 55,511.00 8,845.00
2014-06-30 57,250.00 55,377.00 8,845.00
2014-03-31 55,308.00 49,126.00 9,962.00
2013-12-31 55,308.00 48,991.00 9,962.00
2013-09-30 51,967.00 50,350.00 6,920.00
2013-06-30 51,967.00 50,214.00 6,920.00
2013-03-31 45,441.00 45,017.00 13,878.00
2012-12-31 45,453.00 44,200.00 13,878.00
  • Anheuser-Busch InBev's level of debt (141.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (96.7% vs 141.6% today).
  • Debt is not well covered by operating cash flow (14.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess Anheuser-Busch InBev's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Anheuser-Busch InBev has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

ABI Dividends

 What is Anheuser-Busch InBev's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.49%
Current annual income from Anheuser-Busch InBev dividends. Estimated to be 2.62% next year.
If you bought €2,000 of Anheuser-Busch InBev shares you are expected to receive €50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Anheuser-Busch InBev's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.11%).
  • Anheuser-Busch InBev's dividend is below the markets top 25% of dividend payers in Belgium (4.41%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:ABI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Europe Beverage Industry Average Dividend Yield Market Cap Weighted Average of 52 Stocks 2.2%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 76 Stocks 3.5%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.1%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.1%
Belgium Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:ABI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.42 2.00
2022-12-31 2.51 4.00
2021-12-31 2.12 20.00
2020-12-31 2.00 23.00
2019-12-31 1.97 23.00
2019-11-20
ENXTBR:ABI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-28 1.963 2.283
2018-10-25 2.025 2.782
2018-04-25 4.076 4.423
2017-03-22 3.860 3.379
2017-03-02 3.787 3.532
2016-10-28 3.735 3.621
2016-04-27 3.912 3.189
2015-10-30 3.803 3.258
2015-02-26 3.158 2.799
2014-04-30 3.253 3.298
2013-10-31 1.602 1.595
2013-07-31 1.574 1.635
2013-02-27 2.172 2.356
2012-07-31 1.550 1.796
2012-04-13 1.550 2.136
2012-03-08 1.563 2.207
2011-03-03 1.013 1.913
2010-04-29 0.454 0.912
2009-09-14 0.350 0.705
2009-04-27 0.366 1.061

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Anheuser-Busch InBev's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Anheuser-Busch InBev's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Anheuser-Busch InBev afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Anheuser-Busch InBev has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

ABI Management

 What is the CEO of Anheuser-Busch InBev's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Carlos de Brito
COMPENSATION $2,600,000
AGE 59
TENURE AS CEO 13.9 years
CEO Bio

Mr. Carlos Alves de Brito has been the Chief Executive Officer of Anheuser-Busch InBev SA/NV since December 2005 and serves as its Member of Executive Board of Management. Mr. de Brito served as Sales Director of Cervejarias Kaiser Brasil S/A. He served as Zone President for North America Region of Anheuser-Busch InBev from January 2005 to December 2005. He served as Chief Executive Officer of Companhia De Bebidas Das Americas - AMBEV and Ambev S.A. since January 2004. He served as the Chief Executive Officer for North America at Ambev S.A. since 2005. He served as Chief Operating Officer for Brazilian Operations of Ambev S.A. since 2004. He served as the Chief Operating Officer of Ambev S.A. from 1999 to 2003. He served as Director of Operations of Ambev S.A. from 2002 to 2004 and also served as its Operations Executive Officer since 2000. He joined AmBev in 1989. He joined Brahma in 1989 and held various management positions during his tenure. He previously worked at Shell Oil and Daimler Benz. He has been Co-Chairman of Anheuser-Busch InBev since December 27, 2005. He has been a Co-Chairman of Ambev S.A. since 2006. He is a member of the board of directors of Ambev and of the Advisory Board of Grupo Modelo. He served as Co-Chairman of Companhia de Bebidas Das Americas and Ambev S.A. since 2006. He has been a Director of Africa Board at Anheuser-Busch InBev SA/NV since October 10, 2016. He is also an Advisory Council Member of the Stanford Graduate School of Business and serves on the Advisory Board of the Tsinghua University School of Economics and Management. Mr. de Brito holds Degree in Mechanical Engineering from the Federal University of Rio de Janeiro and MBA from Stanford University.

CEO Compensation
  • Carlos's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Carlos's remuneration is about average for companies of similar size in Belgium.
Management Team Tenure

Average tenure and age of the Anheuser-Busch InBev management team in years:

5.8
Average Tenure
48.5
Average Age
  • The average tenure for the Anheuser-Busch InBev management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Carlos de Brito

TITLE
CEO & Member of Executive Management Board
COMPENSATION
$3M
AGE
59
TENURE
13.9 yrs

Felipe Dutra

TITLE
CTO, Chief Financial & Solutions Officer and Member of Executive Management Board
AGE
54
TENURE
5.8 yrs

Bernardo Pinto Paiva

TITLE
Member of Executive Management Board
AGE
51

Pedro De Sá Earp

TITLE
Chief Marketing & ZX Ventures Officer and Member of Executive Management Board
AGE
42
TENURE
4.8 yrs

Tony Milikin

TITLE
Chief Procurement & Sustainability Officer and Member of Executive Management Board
AGE
58

Michel Doukeris

TITLE
Member of Executive Management Board
AGE
46

Ricardo Tadeu

TITLE
Chief Sales Officer & Member of Executive Management Board
AGE
43
TENURE
6.4 yrs

David Almeida

TITLE
Chief People & Transformation Officer and Member of Executive Management Board
AGE
43
TENURE
3.9 yrs

Pete Kraemer

TITLE
Chief Supply Officer & Member of Executive Management Board
AGE
54

Jan Craps

TITLE
Member of Executive Management Board
AGE
42
Board of Directors Tenure

Average tenure and age of the Anheuser-Busch InBev board of directors in years:

5.1
Average Tenure
56.5
Average Age
  • The tenure for the Anheuser-Busch InBev board of directors is about average.
Board of Directors

Marty Barrington

TITLE
Independent Chairman
COMPENSATION
$54K
AGE
66
TENURE
0.6 yrs

Jabu Mabuza

TITLE
Chairman of Africa Board
AGE
61
TENURE
3.1 yrs

Alexandre Van Damme

TITLE
Non-Executive Director
COMPENSATION
$93K
AGE
57
TENURE
27.8 yrs

Marcel Telles

TITLE
Non-Executive Director
COMPENSATION
$105K
AGE
69
TENURE
15.8 yrs

Martha Burns

TITLE
Non-Executive Independent Director
COMPENSATION
$161K
AGE
61
TENURE
4.6 yrs

Sabine Chalmers

TITLE
Independent Director
AGE
54
TENURE
0.6 yrs

Claudio Moniz Garcia

TITLE
Director
AGE
51
TENURE
0.6 yrs

Grégoire de Spoelberch

TITLE
Non-Executive Director
COMPENSATION
$81K
AGE
53
TENURE
12.8 yrs

Arthur Cornet de Ways-Ruart

TITLE
Non-Executive Director
COMPENSATION
$75K
AGE
51
TENURE
8.6 yrs

María Asunción Aramburuzabala Larregu

TITLE
Non-Executive Non-Independent Director
COMPENSATION
$75K
AGE
56
TENURE
5.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Anheuser-Busch InBev's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Anheuser-Busch InBev has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ABI News

Simply Wall St News

How Should Investors React To Anheuser-Busch InBev SA/NV's (EBR:ABI) CEO Pay?

According to our data, Anheuser-Busch InBev SA/NV has a market capitalization of €168b, and pays its CEO total annual compensation worth US$2.6m. … Thus we can conclude that Carlos de Brito receives more in total compensation than the median of a group of large companies in the same market as Anheuser-Busch InBev SA/NV. … We examined the amount Anheuser-Busch InBev SA/NV pays its CEO, and compared it to the amount paid by other large companies.

Simply Wall St -

Anheuser-Busch InBev SA/NV's (EBR:ABI) Earnings Dropped -7.1%, Did Its Industry Show Weakness Too?

After reading Anheuser-Busch InBev SA/NV's (EBR:ABI) most recent earnings announcement (30 June 2019), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … Check out our latest analysis for Anheuser-Busch InBev Was ABI's recent earnings decline indicative of a tough track record? … I suggest you continue to research Anheuser-Busch InBev to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for ABI’s future growth?

Simply Wall St -

How Much Of Anheuser-Busch InBev SA/NV (EBR:ABI) Do Institutions Own?

Insider Ownership Of Anheuser-Busch InBev The definition of company insiders can be subjective, and does vary between jurisdictions. … Our information suggests that Anheuser-Busch InBev SA/NV insiders own under 1% of the company. … Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual.

Simply Wall St -

Anheuser-Busch InBev SA/NV (EBR:ABI): Immense Growth Potential?

After Anheuser-Busch InBev SA/NV's (EBR:ABI) earnings announcement in March 2019, it seems that analyst forecasts are fairly optimistic, as a 45% increase in profits is expected in the upcoming year, against the past 5-year average growth rate of -15%. … To understand the overall trajectory of ABI's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … ENXTBR:ABI Past and Future Earnings, July 24th 2019 From the current net income level of US$4.4b and the final forecast of US$7.0b by 2022, the annual rate of growth for ABI’s earnings is 5.5%.

Simply Wall St -

What Does Anheuser-Busch InBev SA/NV's (EBR:ABI) P/E Ratio Tell You?

Check out our latest analysis for Anheuser-Busch InBev How Do You Calculate Anheuser-Busch InBev's P/E Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS) Or for Anheuser-Busch InBev: P/E of 25.34 = $88.86 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $3.51 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … How Does Anheuser-Busch InBev's Debt Impact Its P/E Ratio?

Simply Wall St -

Anheuser-Busch InBev (EBR:ABI) Takes On Some Risk With Its Use Of Debt

Importantly, Anheuser-Busch InBev SA/NV (EBR:ABI) does carry debt. … This deficit is considerable relative to its very significant market capitalization of US$176.9b, so it does suggest shareholders should keep an eye on Anheuser-Busch InBev's use of debt. … Over the most recent three years, Anheuser-Busch InBev recorded free cash flow worth 51% of its EBIT, which is around normal, given free cash flow excludes interest and tax.

Simply Wall St -

Are Anheuser-Busch InBev SA/NV’s (EBR:ABI) Returns Worth Your While?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Anheuser-Busch InBev: 0.089 = US$18b ÷ (US$232b - US$34b) (Based on the trailing twelve months to March 2019.) So, Anheuser-Busch InBev has an ROCE of 8.9%. … How Anheuser-Busch InBev's Current Liabilities Impact Its ROCE Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

When Should You Buy Anheuser-Busch InBev SA/NV (EBR:ABI)?

Great news for investors – Anheuser-Busch InBev is still trading at a fairly cheap price. … What’s more interesting is that, Anheuser-Busch InBev’s share price is theoretically quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

How Does Anheuser-Busch InBev SA/NV (EBR:ABI) Fare As A Dividend Stock?

While Anheuser-Busch InBev's 2.4% dividend yield is not the highest, we think its lengthy payment history is quite interesting. … Anheuser-Busch InBev has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Anheuser-Busch InBev's is paying out more than half its income as dividends, but at least the dividend is covered both by reported earnings and cashflow.

Simply Wall St -

Are Investors Undervaluing Anheuser-Busch InBev SA/NV (EBR:ABI) By 35%?

In this article we are going to estimate the intrinsic value of Anheuser-Busch InBev SA/NV (EBR:ABI). … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

ABI Company Info

Description

Anheuser-Busch InBev SA/NV, a brewing company, engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks. The company offers a portfolio of approximately 500 beer brands, including Budweiser, Corona, and Stella Artois; Beck’s, Castle, Castle Lite, Hoegaarden, and Leffe; and Aguila, Antarctica, Bud Light, Brahma, Cass, Cristal, Harbin, Jupiler, Michelob Ultra, Modelo Especial, Quilmes, Victoria, Sedrin, and Skol. It has operations in North America, Latin America West, Latin America North, Latin America South, Europe, Africa, and the Asia Pacific. The company was founded in 1366 and is headquartered in Leuven, Belgium.

Details
Name: Anheuser-Busch InBev SA/NV
ABI
Exchange: ENXTBR
Founded: 1366
€139,429,435,684
1,959,379,366
Website: http://www.ab-inbev.com
Address: Anheuser-Busch InBev SA/NV
Brouwerijplein 1,
Leuven,
Flemish Brabant, 3000,
Belgium
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTBR ABI New Ordinary Shares Euronext Brussels BE EUR 01. Dec 2000
OTCPK BUDF.F New Ordinary Shares Pink Sheets LLC US USD 01. Dec 2000
DB 1NBA New Ordinary Shares Deutsche Boerse AG DE EUR 01. Dec 2000
XTRA 1NBA New Ordinary Shares XETRA Trading Platform DE EUR 01. Dec 2000
LSE 0RJI New Ordinary Shares London Stock Exchange GB EUR 01. Dec 2000
SWX ABIT New Ordinary Shares SIX Swiss Exchange CH CHF 01. Dec 2000
BIT ABI New Ordinary Shares Borsa Italiana IT EUR 01. Dec 2000
WBAG ABIN New Ordinary Shares Wiener Boerse AG AT EUR 01. Dec 2000
BMV ANB * New Ordinary Shares Bolsa Mexicana de Valores MX MXN 01. Dec 2000
JSE ANH New Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 01. Dec 2000
BATS-CHIXE ABIB New Ordinary Shares BATS 'Chi-X Europe' GB EUR 01. Dec 2000
NYSE BUD ADR EAH REP 1 ORD NPV New York Stock Exchange US USD 01. Jul 2009
DB ITKA ADR EAH REP 1 ORD NPV Deutsche Boerse AG DE EUR 01. Jul 2009
Number of employees
Current staff
Staff numbers
175,000
Anheuser-Busch InBev employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/20 22:16
End of day share price update: 2019/11/20 00:00
Last estimates confirmation: 2019/11/20
Last earnings filing: 2019/10/25
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.