Equity Analysis /

TBL/INTERBREW: Positive read-through from AB InBev FY17 results

    Esili Eigbe
    Esili Eigbe

    Head of Consumer Research

    Tellimer Research
    1 March 2018
    Published byTellimer Research
    AB InBev reported FY17 earnings results this morning with a strong positive read-through for its SSA businesses (TBL TZ and INTBREW NL under our coverage). Volume growth was reportedly strong in Nigeria, Tanzania, Uganda and Zambia, where the company states that volumes grew at double-digit rates. This is broadly in line with our expectations as growth in affordable beers remains strong, balanced by decent growth in premium brands as well.