Reasons commonly given to avoid ABInBev: it is highly levered; it has EM focused profits and DM focused debt; Bud Light US will not recover; it will return to the acquisition trial. What if... What if ABInBev were not highly levered, what if the Fed were on the verge of a pivot (driving more EM FX appetite), what if consensus already assumes Bud Light US does not recover, what if consolidation has played. What if ABInBev started to return its prodigious FCF to shareholders...