Summary of Q421 results Q4 LFL sales growth at +12.1% was ahead of co. consensus (+8.5%), principally due to higher revenue/hl (+8.1% vs. co. cons. at +5.2%). Revenue/hl in both EMEA and South America came materially ahead of co. consensus expectations. Turning towards the bottom-line, LFL EBITDA growth at +5.0% was 100bp ahead of co. consensus, EBITDA at USD4,882m was c.1.6% ahead of co. consensus and underlying EPS at USD0.74 was c.3.4% ahead of co. consensus. DPS at EUR0.50 was in-line with co. consensus and in keeping with last year''s payment. News We highlight that ABInBev''s headline ND/EBITDA is now below 4x for the first time since the acquisition of SAB Miller in 2016. Earnings We revise our FY22e/FY23e/FY24e EPS by c.+1-2%. Investment thesis While ABInBev is making good progress, given the size of the business and the dominance of some of its positions, we believe that navigating through the changes that we are seeing in the beer industry may be more challenging for ABInBev than some of its peers. Rating and target price We maintain our Neutral rating; our target price moves from EUR60 to EUR62. 15 questions for management You appear to be implicitly guiding that FY22 will be the 4th consecutive year of organic EBITDA margin contraction; when do you expect margins will start to increase?