Anheuser-Busch InBev SA/NV

ENXTBR:ABI Stock Report

Market Cap: €103.2b

Anheuser-Busch InBev Valuation

Is ABI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ABI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ABI (€52.24) is trading below our estimate of fair value (€175.74)

Significantly Below Fair Value: ABI is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for ABI?

Key metric: As ABI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ABI. This is calculated by dividing ABI's market cap by their current earnings.
What is ABI's PE Ratio?
PE Ratio16.6x
EarningsUS$6.53b
Market CapUS$108.51b

Price to Earnings Ratio vs Peers

How does ABI's PE Ratio compare to its peers?

The above table shows the PE ratio for ABI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.1x
LOTB Lotus Bakeries
65.7x12.4%€9.4b
ABEV3 Ambev
14x8.3%R$195.5b
HEIA Heineken
37.2x25.2%€39.4b
HEIO Heineken Holding
31.7xn/a€17.1b
ABI Anheuser-Busch InBev
16.6x10.5%€103.2b

Price-To-Earnings vs Peers: ABI is good value based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (37.1x).


Price to Earnings Ratio vs Industry

How does ABI's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ABI 16.6xIndustry Avg. 17.1xNo. of Companies7PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ABI is good value based on its Price-To-Earnings Ratio (16.6x) compared to the European Beverage industry average (17.1x).


Price to Earnings Ratio vs Fair Ratio

What is ABI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ABI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio23.9x

Price-To-Earnings vs Fair Ratio: ABI is good value based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (23.9x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ABI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€52.24
€69.44
+32.9%
9.8%€84.93€55.63n/a23
Nov ’25€55.14
€68.23
+23.7%
9.4%€82.61€54.11n/a23
Oct ’25€60.32
€67.33
+11.6%
9.6%€80.87€54.24n/a23
Sep ’25€55.30
€65.97
+19.3%
10.3%€80.99€54.33n/a23
Aug ’25€56.34
€66.78
+18.5%
10.0%€82.96€55.25n/a24
Jul ’25€54.44
€67.04
+23.1%
9.9%€83.91€55.52n/a25
Jun ’25€57.62
€67.18
+16.6%
9.2%€83.42€55.20n/a25
May ’25€56.16
€66.99
+19.3%
10.0%€84.27€55.76n/a24
Apr ’25€56.46
€66.23
+17.3%
10.0%€84.96€54.48n/a24
Mar ’25€55.78
€65.08
+16.7%
10.5%€84.79€53.64n/a25
Feb ’25€57.43
€65.26
+13.6%
10.1%€82.72€53.67n/a25
Jan ’25€58.42
€62.81
+7.5%
10.8%€81.11€48.62n/a25
Dec ’24€58.25
€62.95
+8.1%
11.1%€81.66€48.95n/a25
Nov ’24€53.38
€64.31
+20.5%
10.9%€84.78€48.73€55.1426
Oct ’24€52.51
€66.07
+25.8%
10.8%€85.96€52.04€60.3228
Sep ’24€51.96
€64.10
+23.4%
11.3%€83.22€50.38€55.3028
Aug ’24€51.52
€63.51
+23.3%
11.6%€82.08€50.00€56.3428
Jul ’24€51.83
€63.91
+23.3%
10.7%€82.95€52.89€54.4426
Jun ’24€50.32
€65.30
+29.8%
12.7%€84.35€40.52€57.6227
May ’24€59.10
€64.04
+8.4%
13.0%€81.96€39.47€56.1627
Apr ’24€61.33
€62.81
+2.4%
13.6%€82.44€39.70€56.4626
Mar ’24€56.62
€64.22
+13.4%
14.0%€88.65€40.61€55.7828
Feb ’24€55.02
€62.16
+13.0%
13.9%€86.04€39.42€57.4328
Jan ’24€56.27
€60.66
+7.8%
12.6%€75.08€40.44€58.4228
Dec ’23€56.89
€61.60
+8.3%
14.3%€80.13€41.14€58.2529
Nov ’23€51.59
€63.90
+23.9%
16.2%€85.39€43.28€53.3828

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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