Anheuser-InBev (AB InBev) probably has another five or so years to prove that being a massively dominant global beer group makes good financial sense. Despite making steady progress extracting the synergies from the 2016 acquisition of SABMiller, the enlarged group’s results have been on the disappointing side since. The operating efficiencies are there but consumers across the globe — with a few notable exceptions — seem to have lost their appetite for beer. The AB InBev share price remains significantly below the R2,000 level at which it listed on the JSE back in 2016.The US continues to haunt the group’s performance. That market, which is the most valuable in the world in terms of profit pool, is unlikely ever to produce the sort of returns enjoyed in the heyday of Anheuser-Busch. AB InBev is continuing to lose market share in the US, particularly with its Bud Light and Budweiser brands. Consumers in China appeared to be more excited about Budweiser, particularly in the second qu...

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