Summary of Q221 results Q2 LFL sales at +27.6% was ahead of consensus expectation (+24.1%) driven by strength in South America and the Middle Americas. Turning to profits, headline EBITDA was also modestly (c.+2%) ahead of consensus expectation but this includes a c.5% (USD226m) benefit from Brazilian tax credits. LFL EBITDA growth at +31.0% (which does not include the tax credit) was below consensus expectation at +35.3% with the main driver of the weaker than expected profit growth being North America where LFL EBITDA declined -0.6% in Q2 (cons. +6.8%) due to higher supply chain costs and variable pay accruals. News We highlight that the new CEO''s focus will be to take a customer and consumer centric approach and to invest in accelerating what is working, which includes: category development; premiumisation; health and wellness; beyond beer and the digital transformation. Earnings We revised our FY21e/FY22e/FY23e EPS by -6%, -3% and -3%. Investment thesis While we are not great fans of the beer sector, we are mindful that ABInBev is a relatively highly leveraged re-opening beneficiary. Rating and target price We maintain our Neutral rating. Our target price moves from EUR68 to EUR62 reflecting our estimate revisions and a 1 point reduction in our target EV/EBIT multiple. 15 questions for management If we purely focus upon the beer category, what do you believe the momentum market growth rate of ABInBev would be in a post Covid world?