•    On August 3, AB InBev will publish its Q2-23 results, which are heavily impacted by the Bud Light saga. Question mark will be whether AB InBev will maintain its FY23 guidance. CSS expects 4.4% growth EBITDA growth, we 3.3%  •    No matter the exact impact, the market has taken the view of a structural adverse USD 1.2bn EBITDA impact. In our view this is more than reflected in current valuation. Hence, we maintain our Buy rating, but lower our TP from EUR 68 to EUR 64 to reflect our lower estimates and as the market needs time to digest