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STOCK COMPARISON

Anheuser Busch Inbev SA vs Heineken: Fair Value & Quality

Both stocks run through our valuation models. Here is how Anheuser Busch Inbev SA (ABI) and Heineken (HEIA) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Heineken as the less overvalued of the two: Anheuser Busch Inbev SA trades at €69.04 versus a fair value of €60.24 (-13%), while Heineken trades at €73.02 versus €65.06 (-11%).
Anheuser Busch Inbev SA
ABI.BR · EUR · Consumer Staples
-13%
upside to fair value
overvalued
Price€69.04
Fair Value€60.24
Quality62/100
Heineken
HEIA.AS · EUR · Consumer Staples
-11%
upside to fair value
overvalued
Price€73.02
Fair Value€65.06
Quality62/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Anheuser Busch Inbev SAHeineken
Valuation
22.4×P/E (TTM)22.9×
2.62×P/S (TTM)1.73×
1.83×P/B2.77×
11.2×EV/EBITDA10.9×
1.87×PEG1.39×
−12.7%Fair value upside−10.9%
1.7%Dividend yield2.6%
—Dividend per share€1.92
Profitability
27%Operating margin13%
1.29×EBIT margin trend (5Y)1.16×
9%Return on equity10%
5%Return on assets4%
Growth
12%Revenue growth (YoY)-3%
0.9%Avg. growth/yr (3Y)0.0%
4.8%Avg. growth/yr (5Y)7.8%
+9.7%Value creation/yr−4.0%
Balance & size
3.9×Interest coverage (EBIT/interest)5.3×
0.83×Debt / equity0.84×
$160BMarket cap$50B
mixedGrowth qualitymixed

Anheuser Busch Inbev SA leads: 8 to 7 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Anheuser Busch Inbev SAof which business quality 59 · market factors 71 Heinekenof which business quality 57 · market factors 64
ProfitabilityMargins and returns on capital today
32
36
Quality GrowthAre margins and returns improving?
46
51
CashflowEarnings quality: real cash, not paper profit
85
60
Fin. StrengthBalance sheet, leverage, solvency risk
35
40
InvestmentDisciplined investing over empire-building
80
87
Low VolatilityCalm price path (market factor)
80
91
MomentumPrice trend over the last 3–12 months (market factor)
61
52
52W MomentumDistance to the 52-week high (market factor)
77
54
Net IssuanceBuybacks instead of dilution
96
90

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAnheuser Busch Inbev SAPrice €69.04HeinekenPrice €73.02
DCF Models-15%below the price€58.57-21%below the price€57.50
Earnings-Based-31%below the price€47.80-66%below the price€24.79
Dividend Discountn/a-48%below the price€38.27
Multiples+10%close to the price€75.97-11%close to the price€65.20
Asset-Based-50%below the price€34.20-70%below the price€21.67
Growth DCF-21%below the price€54.60-18%below the price€59.57
Economic Profit-33%below the price€46.53-56%below the price€32.47
Growth Earnings+2%close to the price€70.50-18%below the price€60.00
Minimum-50%below the price€34.20-70%below the price€21.67
Maximum+10%close to the price€75.97-11%close to the price€65.20
Median-21%below the price€54.60-34%below the price€47.89
Geometric mean-22%below the price€53.79-43%below the price€41.59

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Anheuser Busch Inbev SA: 14 of 23 models see the stock below the current price.

Heineken: 22 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Anheuser Busch Inbev SA
Bear €36.14Fair Value €60.24Bull €78.91
€69.04 = current price (white tick)
Heineken
Bear €34.90Fair Value €65.06Bull €89.04
€73.02 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Anheuser Busch Inbev SA · Consumer Staples

Quality score62 · above median
Fair value upside-13% · below median

Heineken · Consumer Staples

Quality score62 · above median
Fair value upside-11% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Heineken as the less overvalued of the two: Anheuser Busch Inbev SA trades at €69.04 versus a fair value of €60.24 (-13%), while Heineken trades at €73.02 versus €65.06 (-11%).

See the full analysis →
Anheuser Busch Inbev SA · Heineken

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.