Anheuser‑Busch InBev (AB InBev)

• One of the 500 FT Wilshire companies
• Topmost and only from Belgium
• Market Cap of USD 97 billion
• Employs 144000 people across 50 countries 
• Revenue of USD 59.380 billion. EBITDA of ~20 billion, 
• North Am 15% vol, 25% rev (Premium)
• Middle Am 26% vol, 29% rev (Premium)
• South Am 28% vol, 21% rev 
• EMEA 16% vol, 15% rev
• APAC 15% vol, 10% rev
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• 584 million hecto litres volume (top 40 account for 1.6 billion hectolitres)
• "Each year, more than 2 billion consumers around the world choose our beers." 
• The largest beer company in the world (Brands include Budweiser, Corona, 500 brands)
• Competitors-  Heineken has revenue of USD 33 billion, Carlsberg group ($10 billion), Molson Coors ($11 billion) (mainly North Am), Asahi Group ($18 billion)(Japan and Asia), China Resources Snow Breweries Co., Ltd.(top 4, USD 19 billion)
• Apparently, top 4 companies account for ~60% of the beer market (??? check) -
• maybe in volume (top 4 of top 40) as per one report.
• in value terms these add up to ~120 billion out of 800 billion+ market
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• Beer market
• The market is interesting. Expanding in value terms though volume may not as much
• The total size of the market is $840 billion (est)
• Czech Republic largest per capita beer consumption. China largest market in world by total volume. (22%), followed by US (10.6%). Brazil is third largest.
• Total beer bottles 303 billion annual volume (633 ml bottles)
• The combined output of the world’s “top 40” brewing groups in 2024 was about 1,639 mhl.
• Total beer world consumption ~192billion kilolitres or 1,920 mhl
• Top 4 brewers - 1100-1200 mhl.
• AB InBev (2024): ~575.7 mhl
• Heineken (2024): ~242.6 mhl
• Estimating China Resources Snow (CRB): ~170–180 mhl
• Carlsberg Group: ~120 mhl 
• GM of 55.25% (up from 53.87%)
• EBITDA margin 25.87%
• 0.65% sales growth
• Negative Working Capital cycle (68 days inventory, 32 days debtors, 320 days creditors)
• Cash conversion cycle is negative (high numbe of days negative)
• Amazon has a negative CCC
• Some mega retail companies have similar
• Two interesting aspects in the company - BEES and DTC
• We have transformed our route to market, enabled by BEES, a global business-to-business digital commerce platform created by AB InBev. In 2024, BEES transacted approximately 49 billion USD of gross merchandise value (GMV) in 28 countries.
• In 2024, our omnichannel Direct-to-Consumer (DTC) ecosystem, including our digital brands Ze Delivery, Tada Delivery and PerfectDraft, as well as approximately 12,000 physical retail locations such as Modelorama in Mexico, generated 1.4 billion USD in revenue. Across 21 markets, our digital DTC business delivered approximately 76 million e-commerce orders, growing 10% from 2023, and generated approximately 560 million USD in revenue