Anheuser-Busch InBev's Steady Earnings Growth and Dividend Profile May Suggest Undervaluation

Anheuser-Busch InBev's share price has been steady but muted over the past year, with a 1-year total shareholder return of 6.43%. Despite this, the company's earnings growth and dividend profile are strong, and it trades at a sizeable discount to analyst targets. The most popular narrative suggests the stock is undervalued, with ongoing operational optimization supporting margin expansion and increased free cash flow. However, sustained volume softness in emerging markets and high leverage are key risks to this narrative.