Anheuser-Busch InBev SA/NV

“AB InBev possesses a genuine wide moat — scale, captive distribution, and premium brands — but a decade of SABMiller-driven over-leverage, Bud Light brand damage, and below-WACC returns have converted structural advantages into a slow-compounding, debt-servicing machine. At 15.6x forward earnings the deleveraging story is already priced in, leaving investors with ~5% CAGR base-case returns, no margin of safety against a demand/credit stress scenario, and a controlling-shareholder governance structure that subordinates minority interests. Capital is better deployed in businesses with stronger reinvestment flywheels and cleaner balance sheets.”