📡 ABInBev $ABI posted this morning 4Q & FY21 numbers.
FY21:
· Sales +15.6% LfL vs +14.7% CSS, with volumes +9.6% and prices +6%.
· EBITDA +11.8% LfL vs +11.4% CSS.
· Slowest growth in EBITDA than sales means margin compression.
$ABI.BE $BUD
FY21:
· Sales +15.6% LfL vs +14.7% CSS, with volumes +9.6% and prices +6%.
· EBITDA +11.8% LfL vs +11.4% CSS.
· Slowest growth in EBITDA than sales means margin compression.
$ABI.BE $BUD
4Q21:
· Sales +12% LFL (vs +9% CSS); being +4% vols and +8% pricing.
· EBITDA $4.9bn (-3.6% vs -5.2% CSS).
Positive commercial momentum, gaining share in main markets. Good evol of premium segment (better mix), partially offsets the pressure in raw materials and logistics costs.
· Sales +12% LFL (vs +9% CSS); being +4% vols and +8% pricing.
· EBITDA $4.9bn (-3.6% vs -5.2% CSS).
Positive commercial momentum, gaining share in main markets. Good evol of premium segment (better mix), partially offsets the pressure in raw materials and logistics costs.
· Net debt/EBITDA declined from 4.78X in 2020 to 3.96X in 2021 due to the bouble efffect of debt reduction and higher EBITDA. Still, the company is quite financially leveraged.
· It comes back to paying dividends, with a proposal of 50c/sh in charge of 2021 results.
· It comes back to paying dividends, with a proposal of 50c/sh in charge of 2021 results.
· Expects FY22 EBITDA to grow in-line with its medium term outlook of 4/8% (vs +6.6% CSS), and revenues growing ahead of EBITDA with a "healthy" combination of volume and price.
· This means there will be further margin compression, affected by cost inflation.
· This means there will be further margin compression, affected by cost inflation.
High levels of debt and low ability to protect margins makes me have no position on the stock.
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