In recent months, the USD has strengthened significantly vs. almost all of AB InBev's most important currencies. The negative translation has a direct impact on our estimates, which could get worse by transactional and macro impact. In addition, it also slows the deleveraging process. Based on this we have substantially reduced our estimates.We see no reason for a re-rating despite the historically low valuation. Assuming multiples to remain stable on a 12m basis we arrive at a TP of EUR 57.5 vs. EUR 68 previously. We cut out rating from Buy to Hold.
