NV (BUD)

Executive Summary

Anheuser-Busch InBev is the world’s largest brewer, with roughly 27 percent of global beer volume, a portfolio anchored by Budweiser, Bud Light, Stella Artois, Corona (ex-US), Modelo Especial (in Mexico), Michelob Ultra, and a long tail of regional megabrands. The investment case here is meaningfully more nuanced than it was three years ago: the financial machine is working again — Q1 2026 delivered $5.4 billion of normalized EBITDA up 5.3 percent organically, underlying EPS hit a record first-quarter print of $0.97, free cash flow ran at an $11 billion-plus annualized clip in 2025, and the balance sheet is approaching the company’s long-stated 2x net debt / EBITDA target.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers