Q3 volumes were weaker than expected but EBITDA and EBITDA growth exceeded expectations illustrating again the resilience of AB InBev's portfolioBased on YTD EBITDA growth guidance seems conservative. AB InBev also announced a USD 1bn SBB and USD 3bn buy back of bonds. We expect to raise our 2023 EBITDA estimates by some 3 to 4%As results confirm our investment case, we reiterate our BUY rating and TP of EUR 64, based on 21x P/E and 10.5x EV/EBITDA (2024E)
