Anheuser-Busch InBev
currently appears to be fairly valued to slightly undervalued: The forward P/E ratio stands at 13.55, but the stock price is still trading below Morningstar’s fair value estimate of 70 EUR; at the same time, rising EPS, an increasing EBITDA margin, and a solid dividend support this outlook.
The current share price is clearly below both fair-value estimates, although Morningstar’s EUR 70 estimate appears more conservative and is therefore the most robust basis for valuation.
For 2025, AB InBev reported earnings growth and rising operating profitability; the EBITDA margin improved by 101 basis points, underscoring the quality of the results.
The dividend was raised to a total of 1.15 EUR per share for 2025, with a payout ratio of 37.83 percent; this is conservative enough to fundamentally enable further growth.
The stock has performed well over 1, 3, and 5 years, even though long-term historical volatility remains high; the 5-year gain does, however, indicate a decent degree of relative stabilization.
Momentum is therefore neutral to slightly weak, as the price is below the medium-term averages, but the RSI shows no signs of overheating.
Overall Assessment
AB InBev is fundamentally well-positioned: growth in EPS and EBITDA, improved margins, moderate dividends, and a forward P/E ratio in the mid-teens point to a reasonable risk-reward ratio.
