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AB Inbev (A3/A-): 4Q Results

CONSUMER STAPLES

Slightly soft quarter on N America volumes, but outlook reassuring for credit. Neutral for spreads.

  • Revenues -8% lower than consensus. Organic growth also missed. Adj. EBITDA -9% lower than estimates, but only marginally lower YoY.
  • Leverage marginally lower at 3.4x vs 3.5x YoY. FY FCF increased +4% YoY, +7% ahead of expectations.
  • FY24 EBITDA expected to grow 4-8%, in line with MT outlook. Capex $4-4.5bn, better than $5.2bn consensus.
  • Upgraded by Moody’s and S&P last year.
  • Call 15.00 CET https://event.webcasts.com/starthere.jsp?ei=1642287&tp_key=c37581dc10

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