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10 Sep 2019
Brewers | Lasting forever
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Brewers | Lasting forever
Royal Unibrew A/S (RBREW:CSE), 0 | AB INBEV (ABI:EBR), 0 | Molson Coors Beverage Company Class B (0K2K:LON), 0 | Heineken Holding N.V. (HEIO:WBO), 0 | Carlsberg AS Class B (CARL:WBO), 0
- Published:
10 Sep 2019 -
Author:
Nikolaas Faes -
Pages:
36
In this research we analyze in depth the past and future organic revenue growth rates of the brewers. Over the past five years, AB InBev’s 4.9% annual organic revenue growth and Heineken’s 4.5%, look spectacular. However, as both have nearly 40% of their revenues from high-inflation countries, their inflation-corrected organic revenue growth rate has been a disappointing at 0.5% and 0.7%, respectively; well below the 2.1% that Royal Unibrew managed but better than the -1.4% from Carlsberg and the -3% from Molson Coors