Unlike the Carlsberg report, ABI’s Q3 gave us something substantial to sink our teeth into. Although volumes failed to meet the street’s expectations, primarily due to the Bud Light backlash, this is not what we would emphasize. The announcement of the share buyback was welcomed by investors. As highlighted in our latest teaser about the company, reverting to a net debt to EBITDA ratio of 3.0x would undoubtedly bring a big smile to investors’ faces.
