AB InBev saw revenues grow by 8.2% in the fourth quarter of 2017, with its global brands business a real highlight, showing 17.8% growth.

AB InBevChristopher Rossbach, chief investment officer at London-based private investment office, J Stern & Co, said: “The business also continues to deliver cost savings and synergies following the merger with SAB, delivering $381m in the fourth quarter alone to take savings to $1.3bn for 2017. Since the takeover, it has achieved total cost savings of $2.1bn. However, management indicated that they are determined to grow revenues, not just keep on cutting costs, talking about category expansion and strategy.

“Looking ahead, the company is guiding for a slightly softer first quarter — quite conservative after the last quarter’s figures — which is likely to do with the timing of marketing expenses for the World Cup this year blamed.

“Nonetheless, they had a reasonable fourth quarter, and should have a few tailwinds at their back now enabling the business to press on in 2018. The stock has been out of favour, but, as the market has shown since it announced its results, the numbers are supportive of our long-term investment case.”

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