AB InBev (Jefferies) | Vlaamse Federatie van Beleggers
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(43) ABI BB Company Update 25 October 2018 Exhibit 1: ABI – 3Q18 Actual vs Company Compiled Consensus vs Jefferies Volumes (thousand hl) % organic growth Revenue % organic growth Normalized EBITDA % organic growth Normalized EBIT % organic growth Non-recurring items above EBIT Net Finance Costs Non-Recurring Finance Costs Share of Results of Associates Normalised Tax Expense Normalized Effective Tax Rate Profit for the period * attributable to equity holders of ABI * attributable to NCI Normalized Profit to ABI Holders Weighted Average # of Shares Normalized EPS Dividends Per Share (in EUR) Net Debt Net Debt/EBITDA Volume (thousand hl) North America % organic growth Latin America West % organic growth Latin America North % organic growth Latin America South % organic growth EMEA % organic growth Asia Pacific % organic growth GEHC AB InBev % organic growth. 2017 3Q18 2018E 2019E Actual Jeff Cons Actual Act vs cons Jeff Cons Diff Jeff Cons 612,571 149,110 149,512 146,187 -2.2% 573,628 575,315 -0.3% 574,515 581,440 0.2% 1.3% 2.0% 0.2% 0.7% 1.0% 0.6% 1.4% 56,444 13,744 13,972 13,282 -4.9% 54,766 54,995 -0.4% 54,719 55,628 5.1% 5.3% 6.2% 4.5% 5.0% 5.3% 5.0% 5.1% 22,084 5,565 5,742 5,358 -6.7% 22,124 22,541 -1.8% 22,338 23,292 13.4% 6.8% 9.9% 7.5% 6.9% 8.6% 6.3% 7.2% 17,814 4,559 4,762 4,308 -9.5% 17,932 18,314 -2.1% 18,144 19,124 16.5% 6.8% 10.5% 7.1% 7.6% 9.5% 6.5% 7.5% (662) (80) (75) (55) (300) (346) (200) (150) (5,814) (1,805) (1,720) (1,787) 3.9% (5,868) (5,619) 4.4% (4,312) (4,368) (693) (20) (225) (595) (450) (795) 430 90 90 32 321 404 372 424 (2,748) (771) (775) (650) -16.2% (3,137) (3,156) -0.6% (3,320) (3,530) 22.9% 28.0% 24.6% 25.3% 26.0% 25.5% 24.0% 24.2% 9,183 2,001 2,021 1,254 8,523 8,891 10,596 11,374 7,996 1,618 1,667 956 6,831 7,366 -7.3% 8,965 9,900 1,187 383 364 299 1,692 1,462 15.7% 1,630 1,523 2,020 1,614 -20.1% 7,556 8,450 -10.6% 9,254 10,048 7,967 1,690 1,975 1,975 1,974 1,974 1,974 1,975 1,971 1,974 4.04 0.86 1.02 0.82 -20.3% 3.83 4.25 -10.0% 4.69 5.10 3.60 2.00 3.60 3.60 2.00 104,390 4.7x. 100,121 103,004 4.5x 4.6x. 2017 3Q18 Actual Jeff Cons Actual Act vs cons Jeff 113,496 30,109 30,109 29,985 -0.4% 110,659 -0.1% -0.5% -2.5% -3.3% 0.0% 110,625 28,712 28,852 28,462 -1.4% 115,603 1.6% 2.5% 3.0% 1.6% 4.5% 119,374 27,664 28,363 27,204 -4.1% 116,987 1.5% -2.5% -2.0% -0.3% -1.0% 34,062 7,811 7,967 7,444 -6.6% 34,914 2.0% -5.1% 2.5% 5.9% 0.0% 131,692 22,853 22,689 21,803 -3.9% 90,238 2.9% 4.1% 1.3% 0.9% 3.0% 101,986 31,658 31,813 31,290 -1.6% 104,026 2.5% 0.8% 2.0% 0.5% 2.0% 1,336 304 306 -100.0% 1,202 -2.2% 573,628 612,571 149,110 149,512 146,187 2.0% 0.2% -1.8% 0.7% 0.2% 1.3%. 2018E Cons 110,540 -2.7% 116,157 4.9% 117,879 -1.1% 35,274 3.5% 89,698 1.2% 104,556 2.5% 1,184 575,315 1.0%. 95,151 4.3x. 99,974 4.2x. Diff Jeff 0.1% 108,445 -2.0% -0.5% 120,227 4.0% -0.8% 115,817 -1.0% -1.0% 35,263 1.0% 0.6% 88,992 1.5% -0.5% 104,546 0.5% 1.6% 1,225 -0.3% 574,515 0.6%. 2019E Cons 108,548 -2.0% 119,834 3.0% 119,717 2.0% 35,957 1.0% 89,849 2.0% 106,618 2.0% 1,229 581,440 1.4%. Revenue North America % organic growth Latin America West % organic growth Latin America North % organic growth Latin America South % organic growth EMEA % organic growth Asia Pacific % organic growth GEHC AB InBev % organic growth. Actual 15,588 -1.8% 9,238 7.5% 9,775 6.1% 3,363 26.1% 10,344 6.3% 7,804 7.5% 332 56,444 5.1%. Jeff 4,182 2.0% 2,511 7.5% 1,921 3.0% 613 23.0% 2,153 4.0% 2,279 5.5% 84 13,744 5.3%. Cons 4,186 1.9% 2,509 7.5% 1,974 7.5% 616 23.0% 2,231 5.7% 2,292 6.0% 83 13,972 6.2%. Actual Act vs cons 4,162 -0.6% 1.4% 2,472 -1.5% 6.3% 1,960 -0.7% 3.7% 175 -71.6% 13.8% 2,095 -6.1% 4.8% 2,310 0.8% 5.2% 107 28.9% 13,282 -4.9% 4.5% -1.7%. Jeff 15,523 -0.5% 10,135 9.5% 9,030 4.5% 2,884 24.0% 8,532 2.8% 8,318 5.0% 346 54,766 5.0%. Cons 15,510 -0.7% 10,098 9.5% 9,119 5.8% 3,032 22.9% 8,532 4.2% 8,396 6.0% 355 54,995 5.3%. Diff 0.1%. Normalized EBITDA North America % organic growth Latin America West % organic growth Latin America North % organic growth Latin America South % organic growth EMEA % organic growth Asia Pacific % organic growth GEHC AB InBev % organic growth. Actual 6,329 1.3% 4,512 16.0% 4,180 4.5% 1,595 20.1% 3,349 17.9% 2,695 31.2% (577) 22,084 13.4%. Jeff 1,681 -2.0% 1,235 11.5% 801 7.0% 313 30.0% 844 4.7% 809 10.1% (122) 5,565 6.8%. Cons 1,715 0.1% 1,273 14.3% 859 13.4% 313 29.4% 891 12.5% 845 14.5% (118) 5,742 9.9%. Actual Act vs cons 1,671 -2.6% -2.2% 1,303 2.4% 17.6% 841 -2.1% 11.6% 72 -77.0% 14.4% 786 -11.8% -0.9% 849 0.4% 14.6% (164) 39.0% 5,358 -6.7% 7.5% -2.4%. Jeff 6,077 -4.0% 5,086 12.6% 4,044 9.5% 1,420 30.0% 3,117 3.5% 2,968 8.2% (589) 22,124 6.9%. Cons Diff 6,145 -1.1% -2.8% 5,134 -0.9% 13.7% 4,095 -1.2% 11.4% 1,437 -1.2% 30.0% 3,249 -4.1% 7.2% 3,030 -2.0% 10.6% (618) -4.8% 22,541 -1.8% 8.6%. 0.4% -1.0% -4.9% 0.0% -0.9% -2.7% -0.4%. Diff -1.2% -1.6% -4.1% -5.1%. -1.3%. -6.0%. -9.4% 7.1% -7.9% -8.1%. Diff -0.1% 0.3% -3.3% -1.9% -1.0% -1.9% -0.3% -1.2%. Jeff 15,503 0.0% 10,795 8.0% 8,792 6.0% 2,679 20.0% 8,281 5.0% 8,309 4.5% 359 54,719 5.0%. Cons Diff 15,521 -0.1% 0.1% 10,685 1.0% 7.0% 9,338 -5.8% 6.6% 3,045 -12.0% 19.5% 8,592 -3.6% 6.0% 8,545 -2.8% 6.0% 365 -1.8% 55,628 -1.6% 5.1%. Jeff 6,069 0.0% 5,485 9.3% 3,938 6.0% 1,320 20.0% 3,087 6.1% 3,033 6.8% (594) 22,338 6.3%. Cons Diff 6,173 -1.7% 0.7% 5,573 -1.6% 9.3% 4,129 -4.6% 7.0% 1,312 0.6% 17.5% 3,351 -7.9% 7.7% 3,181 -4.6% 8.4% (611) -2.7% 23,292 -4.1% 7.2%. Source: Jefferies estimates, company consensus page 2 of 6. Please see important disclosure information on pages 3 - 6 of this report.. Edward Mundy, ACA, Equity Analyst, +44 (0)20 7029 8476, emundy@jefferies.com.
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(77) 78! IB Serv./Past 12 Mos.. JIL Mkt Serv./Past 12 Mos.. Rating. Count. Percent. Count. Percent. Count. Percent. BUY HOLD UNDERPERFORM. 1163 814 122. 55.41% 38.78% 5.81%. 94 14 0. 8.08% 1.72% 0.00%. 15 0 0. 1.29% 0.00% 0.00%. page 4 of 6. Please see important disclosure information on pages 3 - 6 of this report.. Edward Mundy, ACA, Equity Analyst, +44 (0)20 7029 8476, emundy@jefferies.com.
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(99) ABI BB Company Update 25 October 2018 6 * * C+** * * +* M 5 <6* < <6. < *< *8B *866 * < < * 6* M # C * 6*< * 6 *< * M5 C#>* 6**+ +6 # 6* * 6866991* 66 C 2< . +* * 6 * 5 6* < *C 6 + 6 * #: 8B +**B- T *6 *86699 . *866 66 * 6 . +* 6*# >* 6 * 6 * * 6 * 6 # 6 6 6 <6 < 6 #L E * * 66 . * 6< 6< # >** 6 6 * 6 6 #H-. * . * * +* C + * 66*12# *. *6*866 * 666*+6*866 # >* 6 6* < 6 * B A M# . 6* 6* E +**+ 6* * #866 * < < 6 6 < < 6 1 *+2< 6* <6* 6*6 * #>* E + < < < + 6 * 6 6 #H*866 . * * 6 < < <E < < < . < <E < 6<1 6 2 . +* 6* < # 6 66 * <* #>* * 6 * 6 6 < * # 866 * < < < 6#- * #>* *6 < +**+ 6866# H*866 6 <66 < 6 *6. 6 < +* 6 < . 6 6* #H* * * + 866*
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