TGM's two-stage DCF values Anheuser-Busch InBev SA/NV (BUD) between $58.39 and $135.53 depending on assumptions, with a base case of $88.83. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth), fading to 2.5% long-run; the discount rate (8.1%) reflects its beta.
What would today's price require?
$80.99 is justified only if free cash flow grows about +7.2% a year (fading to 2.5% long-run) at a 8.1% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 5.8%/yr | 9.1% | $58.39 |
| Base case | 8.8%/yr | 8.1% | $88.83 |
| Optimistic | 11.8%/yr | 7.1% | $135.53 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 8, 2026 · assumptions not provided | $73.77 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$80.99
Market-Implied Growth
+7.2%/yr
vs +12.7% 5Y actual
Model Scenario Range
$58.39 – $135.53
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for BUD (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $9.9B · 1.97B shares · net debt $61.4B
Estimated Fair Value
$88.83
+9.7% vs $80.99
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 8.8%/yr FCF growth and 10-year horizon fixed. Green = above today's $80.99; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.1% | $121 | $137 | $158 | $185 | $223 |
| 7.1% | $93.01 | $103 | $116 | $131 | $151 |
| 8.1% | $73.52 | $80.56 | $88.83 | $98.72 | $111 |
| 9.1% | $59.19 | $64.26 | $70.09 | $76.87 | $84.85 |
| 10.1% | $48.22 | $52.02 | $56.31 | $61.20 | $66.82 |
