Summary of Q322 results LFL sales, volumes and EBITDA were all modestly ahead of co. consensus expectations. To be more specific, LFL sales growth was +12.1% (co. cons: +10.2%) reflecting +3.7% volume growth (co. cons: +2.2%) and +8.0% rev/hl growth (co. cons: +7.8%). From a geographical perspective, South America was a particular standout with +27.0% LFL sales growth (co. cons: +20.2%) driven by pricing (+23.4%). EBITDA at USD5,313m was c.0.8% ahead of co. consensus and LFL EBITDA growth at +6.5% was +1.3% ahead of co. consensus. News We highlight that ABInBev is very enthused on the activation plans in place for the forthcoming first Southern Hemisphere summer FIFA world cup. Earnings We revise our FY22e by c.(1)%. Our FY23e and FY24e EPS are revised by (2)-(3)% as a consequence of both FX and an increase in estimated finance costs. Investment thesis ABInBev is inexpensive and is relatively underweight in Europe which is the region that we worry about most from a consumer trends perspective. Rating and target price We maintain our Outperform rating. Our target price moves from EUR61 to EUR60. 15 questions for management You appeared somewhat more confident on this call than you have done over previous quarters, what is the basis for this?