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Anheuser-Busch InBev

WBAG:ABIN
Snowflake Description

Moderate growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ABIN
WBAG
€156B
Market Cap
  1. Home
  2. AT
  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 27 days ago. More info.


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ABIN Share Price and Events
7 Day Returns
2%
WBAG:ABIN
0%
Europe Beverage
3.4%
AT Market
1 Year Returns
-6.5%
WBAG:ABIN
6%
Europe Beverage
-2%
AT Market
ABIN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Anheuser-Busch InBev (ABIN) 2% 6.9% 23.8% -6.5% - -
Europe Beverage 0% 3.6% 18.5% 6% 1.2% 37.6%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • ABIN underperformed the Beverage industry which returned 6% over the past year.
  • ABIN underperformed the Market in Austria which returned -2% over the past year.
Price Volatility
ABIN
Industry
5yr Volatility vs Market

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.

WBAG:ABIN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 30 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

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 WBAG:ABIN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.8%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.604 (1 + (1- 29%) (62.79%))
0.916
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (0.916 * 6.8%)
6.74%

Discounted Cash Flow Calculation for WBAG:ABIN 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.

WBAG:ABIN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.74%)
2019 11,509.32 Analyst x16 10,783.03
2020 12,253.06 Analyst x16 10,755.42
2021 12,938.64 Analyst x10 10,640.51
2022 15,657.00 Analyst x1 12,063.52
2023 17,066.00 Analyst x1 12,319.37
2024 18,121.56 Est @ 6.19% 12,255.86
2025 18,933.88 Est @ 4.48% 11,997.18
2026 19,556.97 Est @ 3.29% 11,610.00
2027 20,037.40 Est @ 2.46% 11,144.57
2028 20,412.62 Est @ 1.87% 10,636.83
Present value of next 10 years cash flows $114,206.28
WBAG:ABIN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $20,412.62 × (1 + 0.51%) ÷ (6.74% – 0.51%)
$329,562.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $329,562.42 ÷ (1 + 6.74%)10
$171,731.92
WBAG:ABIN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $114,206.28 + $171,731.92
$285,938.20
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $285,938.20 / 1,959.38
$146.26
WBAG:ABIN Discount to Share Price
Calculation Result
Exchange Rate USD/EUR
(Reporting currency to currency of ENXTBR:ABI)
0.89
Value per Share
(EUR)
= Value per Share in USD x Exchange Rate (USD/EUR)
= $145.93 x 0.89
€129.82
Non-primary Listing Adjustment Factor 1 share in WBAG:ABIN represents 0.99775x of ENXTBR:ABI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99775x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 129.82 x 0.99775
€129.53
Value per share (EUR) From above. €129.53
Current discount Discount to share price of €79.66
= -1 x (€79.66 - €129.53) / €129.53
38.5%

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
39%
Share price is €79.66 vs Future cash flow value of €129.53
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, but not 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
WBAG:ABIN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $2.21
ENXTBR:ABI Share Price ** ENXTBR (2019-04-18) in EUR €79.84
ENXTBR:ABI Share Price converted to USD reporting currency Exchange rate (EUR/ USD) 1.124 $89.75
Europe Beverage Industry PE Ratio Median Figure of 50 Publicly-Listed Beverage Companies 22.92x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

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

** Primary Listing of Anheuser-Busch InBev.

WBAG:ABIN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 89.75 ÷ 2.21

40.58x

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

  • Anheuser-Busch InBev is overvalued based on earnings compared to the Europe Beverage industry average.
  • Anheuser-Busch InBev is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does Anheuser-Busch InBev's expected growth come at a high price?
Raw Data
WBAG:ABIN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 40.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 30 Analysts
18.9%per year
Europe Beverage Industry PEG Ratio Median Figure of 30 Publicly-Listed Beverage Companies 2.33x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:ABIN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 40.58x ÷ 18.9%

2.15x

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
WBAG:ABIN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $32.96
ENXTBR:ABI Share Price * ENXTBR (2019-04-18) in EUR €79.84
ENXTBR:ABI Share Price converted to USD reporting currency Exchange rate (EUR/ USD) 1.124 $89.75
Europe Beverage Industry PB Ratio Median Figure of 57 Publicly-Listed Beverage Companies 2.16x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:ABIN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 89.75 ÷ 32.96

2.72x

* 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 1/6, 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.

Future Performance

 How is Anheuser-Busch InBev expected to perform in the next 1 to 3 years based on estimates from 30 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
18.9%
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 0.5%.
Growth vs Market Checks
  • Anheuser-Busch InBev's earnings growth is expected to exceed the Austria market average.
  • Anheuser-Busch InBev's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:ABIN Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:ABIN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 30 Analysts 18.9%
WBAG:ABIN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 30 Analysts 3.5%
Europe Beverage Industry Earnings Growth Rate Market Cap Weighted Average 12.1%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*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
WBAG:ABIN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 30 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:ABIN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 64,447 21,639 14,014 5
2022-12-31 62,799 20,133 12,861 7
2021-12-31 60,561 19,681 11,028 23
2020-12-31 58,038 18,092 10,059 30
2019-12-31 55,565 16,188 9,324 29
WBAG:ABIN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 54,619 14,663 4,368
2018-09-30 54,969 6,944
2018-06-30 56,427 14,634 8,043
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
2016-09-30 42,038 3,130
2016-06-30 42,305 11,860 3,948
2016-03-31 42,551 5,724

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Anheuser-Busch InBev's earnings are expected to grow by 18.9% yearly, however this is not considered high growth (20% yearly).
  • Anheuser-Busch InBev's revenue is expected to grow by 3.5% 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
WBAG:ABIN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 30 Analyst Estimates (S&P Global) See Below

All data from Anheuser-Busch InBev Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:ABIN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 6.96 7.63 6.29 2.00
2022-12-31 6.39 6.95 5.83 2.00
2021-12-31 5.54 6.30 4.83 11.00
2020-12-31 5.02 5.81 4.45 19.00
2019-12-31 4.67 5.34 4.12 18.00
WBAG:ABIN Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 2.21
2018-09-30 3.52
2018-06-30 4.08
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
2016-09-30 1.91
2016-06-30 2.41
2016-03-31 3.50

*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 3/6, 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.

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 and the most recent earnings are below average.
  • Anheuser-Busch InBev's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Anheuser-Busch InBev's 1-year earnings growth is negative, it can't be compared to the Europe Beverage industry average.
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 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:ABIN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
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 8,043.00 18,205.00
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
2012-09-30 39,345.00 7,337.00 11,104.00
2012-06-30 39,293.00 7,047.00 11,053.00

*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 less efficiently than the Europe Beverage industry average last year based on Return on Assets.
  • Anheuser-Busch InBev's use of capital deteriorated 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 0/6, 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.

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 3 months ago.

WBAG:ABIN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 71,904.00 110,413.00 7,161.00
2018-09-30 75,564.00 117,835.00 7,974.00
2018-06-30 75,564.00 117,835.00 7,974.00
2018-03-31 80,220.00 117,515.00 11,776.00
2017-12-31 80,220.00 117,515.00 11,776.00
2017-09-30 83,479.00 119,765.00 10,322.00
2017-06-30 83,479.00 119,765.00 10,322.00
2017-03-31 81,425.00 123,250.00 14,238.00
2016-12-31 81,425.00 123,250.00 14,238.00
2016-09-30 37,737.00 108,686.00 62,032.00
2016-06-30 37,737.00 108,686.00 62,032.00
2016-03-31 45,719.00 49,466.00 6,978.00
2015-12-31 45,719.00 49,705.00 6,978.00
2015-09-30 51,443.00 51,504.00 6,784.00
2015-06-30 51,443.00 51,504.00 6,784.00
2015-03-31 54,257.00 51,122.00 8,658.00
2014-12-31 54,257.00 51,122.00 8,658.00
2014-09-30 57,250.00 55,511.00 8,845.00
2014-06-30 57,250.00 55,511.00 8,845.00
2014-03-31 55,308.00 49,126.00 9,962.00
2013-12-31 55,308.00 49,126.00 9,962.00
2013-09-30 51,967.00 50,350.00 6,920.00
2013-06-30 51,967.00 50,350.00 6,920.00
2013-03-31 45,441.00 45,017.00 13,878.00
2012-12-31 45,453.00 44,341.00 13,878.00
2012-09-30 41,722.00 40,667.00 3,793.00
2012-06-30 41,722.00 40,667.00 3,793.00
  • Anheuser-Busch InBev's level of debt (153.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (88.8% vs 153.6% today).
  • Debt is not well covered by operating cash flow (13.3%, 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.

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
2.24%
Current annual income from Anheuser-Busch InBev dividends. Estimated to be 2.27% next year.
If you bought €2,000 of Anheuser-Busch InBev shares you are expected to receive €45 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 Austria (1.44%).
  • Anheuser-Busch InBev's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Upcoming dividend payment

Purchase Anheuser-Busch InBev before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
WBAG:ABIN 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 30 Analyst Estimates (S&P Global) See Below
Europe Beverage Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

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

WBAG:ABIN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.45 2.00
2022-12-31 2.38 2.00
2021-12-31 2.07 20.00
2020-12-31 2.02 27.00
2019-12-31 1.97 25.00
WBAG:ABIN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-28 2.014 2.432
2018-10-25 2.025 2.782
2018-04-25 4.076 4.423
2016-10-28 3.735 3.673
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
2013-02-27 2.172 2.341
2012-03-08 1.450 1.929
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
2009-04-20 3.153 10.775

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 fallen 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 not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x 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 2/6, see the detailed checks below.


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

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 $5,170,000
AGE 58
TENURE AS CEO 13.3 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.
  • Insufficient data for Carlos to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

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

5.3
Average Tenure
50.5
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
$5M
AGE
58
TENURE
13.3 yrs

Felipe Dutra

TITLE
CTO, Chief Financial & Solutions Officer and Member of Executive Management Board
AGE
53
TENURE
5.3 yrs

Miguel Patricio

TITLE
Chief of Special Global Projects-Marketing & Member of Executive Management Board
AGE
52

Bernardo Paiva

TITLE
Member of Executive Management Board
AGE
50

Stuart MacFarlane

TITLE
Zone President of Europe & Member of Executive Management Board
AGE
51

Pedro De Sá Earp

TITLE
Chief Marketing & ZX Ventures Officer and Member of Executive Management Board
AGE
41
TENURE
4.2 yrs

Tony Milikin

TITLE
Chief Procurement & Sustainability Officer and Member of Executive Management Board
AGE
57

Michel Doukeris

TITLE
Member of Executive Management Board
AGE
45

Ricardo Tadeu

TITLE
Chief Sales Officer & Member of Executive Management Board
AGE
42
TENURE
5.8 yrs

David Almeida

TITLE
Chief People Officer & Member of Executive Management Board
AGE
42
TENURE
3.3 yrs
Board of Directors Tenure

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

9.5
Average Tenure
57
Average Age
  • The tenure for the Anheuser-Busch InBev board of directors is about average.
Board of Directors

Olivier Goudet

TITLE
Chairman of the Board
COMPENSATION
$179K
AGE
54
TENURE
4 yrs

Jabu Mabuza

TITLE
Chairman of Africa Board
AGE
60
TENURE
2.5 yrs

Alexandre Van Damme

TITLE
Non-Executive Director
COMPENSATION
$95K
AGE
56
TENURE
27.3 yrs

Marcel Telles

TITLE
Non-Executive Director
COMPENSATION
$105K
AGE
68
TENURE
15.3 yrs

Martha Burns

TITLE
Non-Executive Independent Director
COMPENSATION
$161K
AGE
60
TENURE
4 yrs

Stéfan Descheemaeker

TITLE
Non-Executive Director
COMPENSATION
$81K
AGE
58
TENURE
11 yrs

Carlos da Veiga Sicupira

TITLE
Non-Executive Director
COMPENSATION
$83K
AGE
70
TENURE
15.3 yrs

Grégoire de Spoelberch

TITLE
Non-Executive Director
COMPENSATION
$83K
AGE
52
TENURE
12.3 yrs

Arthur Cornet de Ways-Ruart

TITLE
Non-Executive Director
COMPENSATION
$75K
AGE
50
TENURE
8 yrs

María Aramburuzabala Larregu

TITLE
Non-Executive Non-Independent Director
COMPENSATION
$75K
AGE
55
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month 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.

News

Simply Wall St News

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
ABIN
Exchange: WBAG
Founded: 1366
€156,436,848,581
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
172,603
Anheuser-Busch InBev employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:47
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/22
Last earnings reported: 2018/12/31
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.