In recent week, most currencies weakened vs the USD. Especially, the MXN depreciated. With Mexico, together with the US, being AB InBev's largest EBITDA contributor, the impact on EBITDA and consequently EPS is significant. The lower estimates have also a small impact on leverage.For the time being we have assumed only the translation effect, but there could be a negative transaction impact in 2025, which has to absorbed by pricing. Based on our reduced estimates, we lower our 12m TP from EUR 68 to 64. Buy reiterated.
