Anheuser-Busch InBev

: “The King of Beers”

Abstract

The aim of this thesis is to value Anheuser-Busch InBev equity, the #1 brewer in the world
headquartered in Belgium, in order to achieve an intrinsic share value and compare it to the market
price as of the 31th December of 2017.
However, the valuation of any company is not an exact science. To do so, a literature review was
carried with the goal of setting and applying best practices to Anheuser-Busch InBev’s valuation.
Following that assessment, several valuation methodologies were conducted leading to different
results. Based on self-knowledge and in the insights absorbed in literature, I assigned weights to
the methods according to their relevance and accuracy to calculate an estimated share value as of
today. Alongside, a sensitivity analysis was performed with the purpose of assessing the impact of
several inputs on Anheuser-Busch InBev’s share value. As reference and validation, a research
analyst consensus was also taken into account to establish the final target price.
The ultimate output is a 12-month forward price with a hold recommendation as the share value is
close to the current market share price of Anheuser-Busch InBev.

Date of Award	15 May 2018
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Henrique Miguel Ribeiro Guimarães Bonfim (Supervisor)