Anheuser-Busch Stock Gets Upgraded on Debt Outlook -- Barrons.com
Anheuser-Busch Stock Gets Upgraded on Debt Outlook -- Barrons.com
DJ Anheuser-Busch Stock Gets Upgraded on Debt Outlook -- Barrons.com
DJ Anheuser-Busch股票因債務前景上調-Barrons.com
By Teresa Rivas
特蕾莎·裏瓦斯(Teresa Rivas)著
Anheuser-Busch InBev stock has underperformed lately, but RBC Capital Markets argues that the pessimism is overdone.
百威英博(Anheuser-Busch InBev)的股票最近表現不佳，但加拿大皇家銀行資本市場(RBC Capital Markets)認為，這種悲觀情緒有些過頭了。
Where we were: Anheuser-Busch InBev (ticker: BUD) recently recommitted to lowering its debt profile.
我們所處的位置：百威英博(代碼：BUD)最近再次承諾降低其債務狀況。
Where we're headed: RBC says the move is a prudent one, and the lagging shares can make up some distance.
我們的方向：加拿大皇家銀行表示，此舉是謹慎的，落後的股票可以彌補一些距離。
Budweiser may be the king of beers, but heavy is the head that wears the crown.
百威啤酒可能是啤酒之王，但戴着王冠的人的頭很重。
Shares of Anheuser-Busch InBev have lost more than a third of their value in the past 12 months. Part of the problem is sales: North American beer volumes have been lumpy of late, while weakness in emerging markets has also been a problem. AB InBev is hardly the only beer maker to take a hit.
百威英博(Anheuser-Busch InBev)的股價在過去12個月裏縮水超過三分之一。部分問題是銷售：北美的啤酒銷量最近參差不齊，而新興市場的疲軟也是一個問題。百威英博(AB InBev)並不是唯一家受到打擊的啤酒製造商。
Another issue is its balance sheet: AB InBev halved its dividend in October, in part to give it more flexibility to pay down debt. That may be a wise long-term move, but it was an unwelcome change for a company that was at one time one of the most generously yielding firms in the industry.
另一個問題是其資產負債表：百威英博(AB InBev)在10月份將股息減半，部分原因是為了讓其在償還債務方面有更大的靈活性。這可能是一個明智的長期舉措，但對於一家曾經是業內收益最豐厚的公司之一的公司來説，這是一個不受歡迎的變化。
However, the company is serious about deleveraging, as evidenced by its recent "corporate debt diet," including selling new bonds to allow the company to pay down its debt over a longer period.
然而，該公司對去槓桿化是認真的，最近的“公司債務減肥法”就證明了這一點，包括出售新債券，讓公司能夠在更長的時間內償還債務。
Some investors are still wary, but RBC Capital Markets' James Edwardes Jones argues the "dangers of AB InBev's indebtedness have been overstated." He upgraded the shares to Top Pick status, from Outperform, with a $75 price target on Tuesday.
一些投資者仍持謹慎態度，但加拿大皇家銀行資本市場(RBC Capital Markets)的詹姆斯·愛德華茲·瓊斯(James Edwardes Jones)認為，“百威英博負債的危險被誇大了。”週二，他將該股的評級從強於大盤上調至最佳，目標價為75美元。
AB InBev was down 1.2% to $72.79 in recent trading.
百威英博在最近交易中下跌1.2%，報72.79美元。
His increased bullishness rests on the recent refinancing, which he calls sensible. The decision "has replaced peaks of debt repayment with a smoother schedule which, at current exchange rates, should be doable from free cash flow, while significant appreciation in the U.S. dollar would be manageable."
他日益看好的是最近的再融資，他認為這是明智的。這一決定“用更平穩的時間表取代了償債高峯，在目前的匯率下，這應該可以通過自由現金流來實現，而美元的大幅升值將是可控的。”
AB InBev gets a lot of its business from emerging markets, but its debt is largely in U.S. dollars and euros. Thus, the strong U.S. dollar has meant little movement on its leverage, while cash flows take a hit because of sales in weaker currencies.
百威英博的很多業務來自新興市場，但其債務主要是美元和歐元。因此，強勢美元意味着其槓桿幾乎沒有變動，而現金流則因為以疲軟貨幣出售而受到打擊。
That said, Jones argues that the new repayment schedule gives him more confidence in the firm's leverage, even if the dollar continues to appreciate. He believes "the level of debt is comfortably under control given AB InBev's relatively non-cyclical nature."
儘管如此，瓊斯辯稱，新的還款時間表讓他對公司的槓桿更有信心，即使美元繼續升值。他認為，“考慮到百威英博相對非週期性的特點，債務水平在可控範圍內。”
Jones said investors can think about the stock's valuation in terms of price-to-earnings ratio, which is cheap compared with the sector -- rather than enterprise value to earnings before interest, taxes, depreciation, and amortization, which is relatively expensive.
瓊斯説，投資者可以根據市盈率來考慮該股的估值，與該行業相比，市盈率較低，而不是企業價值與利息、税項、折舊及攤銷前利潤(EBITDA)之比，後者相對較高。
The company isn't the only alcohol provider to struggle in the past year. Changing consumer tastes have favored premium and craft brews, leaving some bigger brands in the lurch -- yet another example of how consumer staples stocks have been thrown for a loop and have lost some of their safe-haven luster.
在過去的一年裏，該公司並不是唯一一家苦苦掙扎的酒類供應商。不斷變化的消費者品味青睞優質和精釀啤酒，讓一些較大的品牌陷入困境--這是消費品類股陷入困境、失去一些避險光彩的又一個例子。
Make the Connection
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Constellation Brands (STZ) has been getting upgrades too.
星座品牌(STZ)也在不斷升級。
Not every analyst is optimistic about AB InBev.
並非所有分析師都對百威英博持樂觀態度。
Write to Teresa Rivas at teresa.rivas@barrons.com
寫信給Teresa Rivas，電子郵件：teresa.rivas@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
January 22, 2019 11:28 ET (16:28 GMT)
2019年1月22日美國東部時間11：28(格林尼治標準時間16：28)
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