Anheuser-Busch InBev SA/NV

DB:1NBA Stock Report

Market Cap: €105.7b

Anheuser-Busch InBev Valuation

Is 1NBA 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 1NBA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1NBA (€53.78) is trading below our estimate of fair value (€180.34)

Significantly Below Fair Value: 1NBA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1NBA?

Key metric: As 1NBA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1NBA. This is calculated by dividing 1NBA's market cap by their current earnings.
What is 1NBA's PE Ratio?
PE Ratio17x
EarningsUS$6.53b
Market CapUS$111.16b

Price to Earnings Ratio vs Peers

How does 1NBA's PE Ratio compare to its peers?

The above table shows the PE ratio for 1NBA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
KUL Kulmbacher Brauerei Aktien-Gesellschaft
23.7xn/a€140.4m
HEIA Heineken
38x25.2%€40.3b
ABEV3 Ambev
14.3x8.4%R$200.2b
2502 Asahi Group Holdings
14.5x6.9%JP¥2.5t
1NBA Anheuser-Busch InBev
17x10.5%€105.7b

Price-To-Earnings vs Peers: 1NBA is good value based on its Price-To-Earnings Ratio (17x) compared to the peer average (22.8x).

Price to Earnings Ratio vs Industry

How does 1NBA's PE Ratio compare vs other companies in the European Beverage Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
1NBA 17.0xIndustry Avg. 17.2xNo. of Companies9PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 1NBA is good value based on its Price-To-Earnings Ratio (17x) compared to the European Beverage industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is 1NBA'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.

1NBA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17x
Fair PE Ratio27x

Price-To-Earnings vs Fair Ratio: 1NBA is good value based on its Price-To-Earnings Ratio (17x) compared to the estimated Fair Price-To-Earnings Ratio (27x).

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 1NBA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€53.78
€69.76
+29.7%
9.8%€85.15€55.77n/a23
Nov ’25€54.96
€68.23
+24.2%
9.4%€82.61€54.11n/a23
Oct ’25€60.30
€67.33
+11.7%
9.6%€80.87€54.24n/a23
Sep ’25€55.46
€65.97
+18.9%
10.3%€80.99€54.33n/a23
Aug ’25€55.92
€66.78
+19.4%
10.0%€82.96€55.25n/a24
Jul ’25€54.76
€67.04
+22.4%
9.9%€83.91€55.52n/a25
Jun ’25€57.46
€67.18
+16.9%
9.2%€83.42€55.20n/a25
May ’25€56.46
€66.99
+18.6%
10.0%€84.27€55.76n/a24
Apr ’25€56.43
€66.23
+17.4%
10.0%€84.96€54.48n/a24
Mar ’25€55.69
€65.08
+16.9%
10.5%€84.79€53.64n/a25
Feb ’25€57.33
€65.26
+13.8%
10.1%€82.72€53.67n/a25
Jan ’25€58.29
€62.81
+7.8%
10.8%€81.11€48.62n/a25
Dec ’24€58.21
€62.95
+8.1%
11.1%€81.66€48.95n/a25
Nov ’24€53.63
€64.31
+19.9%
10.9%€84.78€48.73€54.9626
Oct ’24€51.60
€66.07
+28.0%
10.8%€85.96€52.04€60.3028
Sep ’24€52.26
€64.10
+22.6%
11.3%€83.22€50.38€55.4628
Aug ’24€51.93
€63.51
+22.3%
11.6%€82.08€50.00€55.9228
Jul ’24€51.88
€63.91
+23.2%
10.7%€82.95€52.89€54.7626
Jun ’24€50.30
€65.30
+29.8%
12.7%€84.35€40.52€57.4627
May ’24€58.65
€64.04
+9.2%
13.0%€81.96€39.47€56.4627
Apr ’24€61.55
€62.81
+2.1%
13.6%€82.44€39.70€56.4326
Mar ’24€56.45
€64.22
+13.8%
14.0%€88.65€40.61€55.6928
Feb ’24€54.65
€62.16
+13.7%
13.9%€86.04€39.42€57.3328
Jan ’24€56.24
€60.66
+7.9%
12.6%€75.08€40.44€58.2928
Dec ’23€56.79
€61.60
+8.5%
14.3%€80.13€41.14€58.2129
Nov ’23€51.85
€63.90
+23.2%
16.2%€85.39€43.28€53.6328

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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