November 12, 2024 07:57 GMT
CONSUMER STAPLES: AB Inbev (ABIBB: A3/A-) Tender (x2)
CONSUMER STAPLES
Low cash px tender targeting the $ long-end and capped at $3b total. For ref. 1H net leverage was at net 3.4x/$70.4b (down -0.3x yoy) vs. target 2x. Q3 earnings were fine and equity payouts still going at pace; ~$3b in the 1H and another $2b/1yr buyback programme now active.
Reminder AB Inbev is in permanent deleveraging post its mammoth $107b acquisition of SABMiller in 2016.
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