Analyse aandeel Anheuser-Busch InBev

De wereldwijde schaalgrootte en distributie van Anheuser-Busch InBev is indrukwekkend. Het is 's werelds grootste bierbrouwer met 17 merken die elk per jaar USD 1 miljard omzet genereren. (Engelstalig rapport)

Philip Gorham 03 november, 2014 | 15:48
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INVESTMENT THESIS

Anheuser-Busch InBev has one of the widest moats and is among the most efficient operators in our consumer defensive coverage universe. Vast global scale and near-monopoly dominance in several Latin American markets give AB InBev a significant cost advantage, even over other brewing giants such as SABMiller. This plays out in the firm's excess returns on invested capital and best-in-class profitability. AB InBev generates mid-30s EBIT margins, well above the next profitable firm, SABMiller with high 20s margins. Driving AB InBev's profitability is its majority stake in Ambev, the Latin American brewer that generates a whopping 50% EBIT margin in beer in Brazil.

AB InBev leads the industry in its operational performance as well as financial performance. It boasts best-in-class operating and cash cycles, asset turnover ratios, and working capital management. It delays payments to trade creditors 17% longer than its closest rival SABMiller, and it converts around 30% of its revenue to free cash flow, more than 3 times that of the number-two player.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Anheuser-Busch InBev SA/NV47,91 EUR-1,61Rating
Heineken NV91,76 EUR-0,04Rating

Over de auteur

Philip Gorham  

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