Financials Anheuser-Busch InBev SA/NV Berne S.E.

Equities

ABIT

BE0974293251

Brewers

Delayed Berne S.E. 5-day change 1st Jan Change
- CHF -.--% Intraday chart for Anheuser-Busch InBev SA/NV -.--% -.--%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,59,729 1,36,433 1,22,332 1,19,403 1,28,108 1,19,061 - -
Enterprise Value (EV) 1 2,55,441 2,19,349 1,98,494 1,89,116 1,95,681 1,81,307 1,75,240 1,68,557
P/E ratio 17.6 x 99.5 x 26.5 x 20.7 x 24.3 x 18 x 15.4 x 13.6 x
Yield 1.79% 0.88% 0.92% 1.32% 1.37% 1.93% 2.33% 2.58%
Capitalization / Revenue 3.05 x 2.91 x 2.25 x 2.07 x 2.16 x 1.93 x 1.85 x 1.77 x
EV / Revenue 4.88 x 4.68 x 3.66 x 3.27 x 3.3 x 2.93 x 2.72 x 2.51 x
EV / EBITDA 12.1 x 12.7 x 10.3 x 9.53 x 9.8 x 8.46 x 7.73 x 7.01 x
EV / FCF 31.1 x 30.9 x 21.7 x 23.2 x 22.7 x 19.1 x 16.5 x 14.7 x
FCF Yield 3.22% 3.24% 4.61% 4.3% 4.41% 5.24% 6.07% 6.82%
Price to Book 2.14 x 2.05 x 1.77 x 1.65 x 1.59 x 1.37 x 1.3 x 1.23 x
Nbr of stocks (in thousands) 19,59,379 19,59,378 20,23,621 19,82,782 19,86,774 20,31,018 - -
Reference price 2 81.52 69.63 60.45 60.22 64.48 58.62 58.62 58.62
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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 61,821 64,368 67,273
EBITDA 1 21,078 17,321 19,209 19,843 19,976 21,440 22,670 24,058
EBIT 1 16,421 12,723 14,438 14,768 14,590 15,891 17,046 18,259
Operating Margin 31.38% 27.14% 26.59% 25.56% 24.57% 25.71% 26.48% 27.14%
Earnings before Tax (EBT) 1 12,776 2,079 8,463 9,525 9,125 11,301 12,991 14,654
Net income 1 9,171 1,405 4,670 5,969 5,341 6,634 7,693 8,703
Net margin 17.53% 3% 8.6% 10.33% 8.99% 10.73% 11.95% 12.94%
EPS 2 4.620 0.7000 2.280 2.910 2.650 3.259 3.808 4.309
Free Cash Flow 1 8,222 7,110 9,159 8,138 8,627 9,507 10,645 11,498
FCF margin 15.71% 15.17% 16.87% 14.08% 14.53% 15.38% 16.54% 17.09%
FCF Conversion (EBITDA) 39.01% 41.05% 47.68% 41.01% 43.19% 44.34% 46.95% 47.79%
FCF Conversion (Net income) 89.65% 506.05% 196.12% 136.34% 161.52% 143.31% 138.36% 132.12%
Dividend per Share 2 1.460 0.6112 0.5570 0.7950 0.8864 1.131 1.363 1.510
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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 Q1 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 14,547 15,293 29,964 15,821 14,972 31,324 14,841 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 4,987 5,285 10,114 5,828 5,314 11,361 5,157 - -
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 3,642 4,270 7,531 4,688 4,237 8,187 3,791 - -
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% 25.04% 27.92% 25.13% 29.63% 28.3% 26.14% 25.54% - -
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 2,279 2,706 4,821 3,152 2,737 5,889 - 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 1,091 1,562 2,817 1,898 1,830 3,650 - - -
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% 7.5% 10.21% 9.4% 11.99% 12.22% 11.65% - - -
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 0.5400 0.7721 1.400 0.9370 0.9050 1.820 - 1.830 2.360
Dividend per Share 2 0.5616 - - - - 0.5570 0.5570 - - - - - - - - 0.7500 0.2200 - - - - - 0.4524 0.5656 - - - -
Announcement Date 27/02/20 30/07/20 25/02/21 29/07/21 28/10/21 24/02/22 24/02/22 05/05/22 28/07/22 28/07/22 27/10/22 02/03/23 02/03/23 04/05/23 03/08/23 03/08/23 31/10/23 29/02/24 29/02/24 08/05/24 - - - - - - - -
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 62,245 56,179 49,496
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.541 x 4.787 x 3.965 x 3.513 x 3.383 x 2.903 x 2.478 x 2.057 x
Free Cash Flow 1 8,222 7,110 9,159 8,138 8,627 9,507 10,645 11,499
ROE (net income / shareholders' equity) 13.1% 5.3% 8.37% 8.4% 6.88% 8.13% 9.05% 9.55%
ROA (Net income/ Total Assets) 3.9% 0.61% 2.58% 2.77% 2.47% 3.17% 3.97% 4.32%
Assets 1 2,35,274 2,31,531 1,81,169 2,15,285 2,16,147 2,09,067 1,94,017 2,01,682
Book Value Per Share 2 38.20 34.00 34.20 36.50 40.60 42.70 45.00 47.70
Cash Flow per Share 2 6.610 5.450 7.370 6.610 6.580 6.070 7.080 8.000
Capex 1 5,174 3,781 5,640 5,160 4,638 4,498 4,981 5,163
Capex / Sales 9.89% 8.07% 10.39% 8.93% 7.81% 7.28% 7.74% 7.67%
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
25
Last Close Price
58.62 USD
Average target price
72.16 USD
Spread / Average Target
+23.09%
Consensus
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  5. Financials Anheuser-Busch InBev SA/NV