Martins, FranciscoMaeseneer, Celine Lucie a de2022-08-182025-01-042021-01-222021-01-04http://hdl.handle.net/10362/143106This report, which is part of the consolidated AB InBev Equity Research Report covers two main subjects. In the first part, a performance analysis is conducted on the historical metrics of the company and those of selected comparable peers. The second part of the report covers the intrinsic and relative valuation calculation based on the Discounted Cash Flow and the multiples approach. Regarding intrinsic valuation, the forecasted free cash flows, the different discount rates and the terminal value -including terminal capital structure, terminal WACC and growth rate -provide a 12-months target share price of €67.26. A scenario analysis offers an upside potential of~25.00% on this target price. Relative valuation provides a target price of €59.55with a range of [€35.52; €81.15]. Overall the recommendation to BUY AB InBev’s shares is given to investors.engAb InbevBeermarketPerformanceValuationmaster thesis202792927