Summary of Q323 results EBITDA at USD5,431m was +2.1% ahead of co. cons. and EBIT at USD4,027m was +0.8% ahead of co. cons. As to the LFL development, we note that ABInBev reported +5.0% LFL sales growth reflecting a -3.4% volume decline and +9.0% rev/hl growth. Excluding Argentina, Q3 LFL sales would have grown by +1.6%. LFL EBITDA grew by +4.1%. Basic underlying EPS at USD0.86 was +1.6% ahead of co. cons. News We highlight that ABInBev commented that its value share losses in the US are showing some signs of recovery. Earnings We make relatively modest adjustments to our earnings estimates. Investment thesis We believe that the market will slowly come to positively view ABInBev as a large cash return generator. Rating and target price We maintain our Outperform rating and EUR64 target price. 15 questions for management Argentina is materially distorting the LFL performance of the group, why not embrace the price-capping practice that is embraced by most of your European staples'' peers?