Independent equity research
Is Anheuser-Busch InBev SA/NV (BUD) a Buy, Hold or Sell?
Anheuser-Busch InBev SA/NV — our independent, AI-built valuation and rating, in brief.
HOLD (trim into strength)
12-mo fair value
$86.00
To fair value
+10%
By · report dated 2026-09-01 · fair value derived independently of the market price.
The thesis, in brief
At ~9.8x EV/EBITDA BUD already prices the move from 2.86x to ~2.1x leverage; +0.8% volumes and a fading FX tailwind leave 4-5% USD EBITDA growth against a 6.6% ROIC on an 8.5% WACC. Wrong if organic EBITDA holds above 7% and China returns to growth, taking the multiple past 11x
How we value it
We value Anheuser-Busch InBev SA/NV using FCF DCF at 8.5% WACC on a blended country ERP, cross-checked on EV/EBITDA vs six drinks peers; ROIC vs WACC. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Anheuser-Busch InBev SA/NV report
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