Framework Journal · one stock, one dated entry

Recorded 2026-08-05 · Permanent

Anheuser-Busch InBev SA/NV ADR logoAnheuser-Busch InBev SA/NV ADR BUD

Outside both standards

An entry written while the outcome is still unknown. It will be scored by what the market does next, and it will never be edited to look cleverer than it was.

In plain words · Anheuser-Busch InBev SA/NV produces and sells beer in North America, Middle Americas, South America, Europe, the Middle East, Africa, and the Asia Pacific.

The label
Markup

read at $85.18

Anheuser-Busch InBev SA/NV ADR holds its Markup at $85.18.

PHINPOOPSC
  • PHPhase · the trend structure carries the Markup label
  • INInsiders · no filings inside 60 days, left as found
  • POPositioning · no disclosures inside 60 days, left as found
  • OPOptions · no verdict drawn today, left as found
  • SCScreen · does not pass the values gate
  • edge confirmed
  • edge broken
  • edge forming

Each arm is one independent read. Conviction is not a single call, it is how many edges converge.

The investor read · the season, not the day

As held on the ledger · 2026-08-05
PhaseMarkup
Quantitative stateThe statistical read favours the sellers, held for 18 days
Price$85.18
Valuation18.36 trailing · 17.17 forward price to earnings
Values screenFAIL · score 30.0
Beta0.79

The opportunity · what the numbers say it is worth

Read at
$85.18
18.36 P/E · 17.17 fwd
Our fair value
$87.18
2% discount
Analyst target (avg)
$96.50
+13% to current
Target low $85.00Analyst target rangeTarget high $111.00
▲ current $85.18 · | average target

Price history & projections · where it has been, where the models see it going

$116$82$48TODAY5y agoPROJECTIONAnalyst high$111.00 +37%Analyst avg$96.50 +19%Our fair value$87.18 +7%Conservative$76.50 -6%

The valuation journey · where the price sits against fair value and the Street

Current
$85.18
you are here
Conservative
$76.50
-10%
Analyst avg
$96.50
+13%
Our fair value
$87.18
+2%
Analyst high
$111.00
+30%

Green marks levels above today's price, red below; the shaded band is the gap between the price and our fair value.

Reading the gap · Our more conservative model reads it as roughly fairly valued here, while the Street is more bullish — a quality-at-a-fair-price name rather than a deep-value one.

Revenue growth11.00%
Profit margin14.90%
Debt to equity71.88
Analyst consensusBuy · 10 covering

Fair value and rating are our own model estimates; target range reflects third-party analyst estimates. Analysis, not advice.

The values screen, explained · five checks, plain English

This company is excluded by both standards. There are two widely recognised ways to check whether a company is suitable for a Muslim investor. It fails on both:

The common standard · AAOIFI
Used by most halal investing apps
✗ DOES NOT PASS
Our stricter standard · asset-based
The one Titan applies
✗ DOES NOT PASS

Why it fails. The problem is its excluded industry: beverages - brewers. Because both standards agree on this, it is a clear exclusion, not a borderline case.

What these two standards are, and how they differ →

  • Business activity Excluded industry: Beverages - Brewers Fail
  • Debt load Interest-bearing debt is of its assets, above the one-third ceiling the screen allows. Fail
  • Interest-bearing cash Interest-bearing cash and securities are of assets, above the one-third limit. Fail
  • Receivables Money owed to the company is of assets, above the 49% limit. Fail
  • Revenue purity of revenue comes from non-compliant sources, over the 5% line. Fail

Every security is read against two recognised standards: our stricter asset-based screen (ratios measured against total assets) and the more widely used market-value standard (measured against market capitalisation). Where they agree we say so plainly; where they part ways — almost always on the debt check — we show both readings and mark it, because that disagreement is the finding, not a fault. We report the score; you and your scholar make the call.

The business, in plain words · what the numbers mean

Beer Flows Daily But Ethics Block the Door

Picture the Friday night pint poured in pubs from Brussels to São Paulo. The cash moves straight to this brewer, which turns out volume across every major continent. Revenue is up 12 percent and the forward multiple sits at 16.4 times, yet none of that matters once the ethical screen lights up red.

We pass without hesitation. The business sits in an excluded industry and that single fact overrides the 19 percent gap to our fair value and the buy-rated analyst targets around 94 dollars. Narrow moat or not, the screen exists to keep us out of sectors we have already ruled off-limits.

Even defensive staples carry their own pressures, from shifting consumer tastes to rising input costs that can squeeze the 12 percent profit margin. Currency moves across its global footprint add another layer of noise. Analysis, not advice.

The fundamentals · plain-English read
Forward P/E17.2x
priced for continued growth
Trailing P/E18.4x
reasonably valued
Revenue growth11.0%
steady growth
Profit margin14.9%
thin but positive margins
Return on equity11.4%
a modest return on shareholder capital
Debt to equity0.72
moderate, manageable leverage
Current ratio0.66
below 1 — short-term bills exceed liquid assets
Beta0.79
steadier than the market
Market cap$167.8B
Employees137,000

The risks · The things to watch: its business and earnings are exposed to Belgium and to currency swings.

Plain-English interpretation of our own screen data. Analysis, not advice.

Latest news · what the market is reading on BUD

Headlines from third-party outlets, linked for reference — not our reporting, not advice.

Related securities · others in BUD's space worth a look

Screened names in the same industry · explore each on its own page.

The trader read · the latest dated commentary

The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis. Entered 2026-07-30 · Distribution

The dated journal · newest first, never edited

2026-07-30 Distribution · changed $81.66 +0.0% Entry 10

The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-28 Markup $81.66 +0.0% Entry 9

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-27 Markup $81.66 +0.0% Entry 8

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-26 Markup $81.66 +0.0% Entry 7

The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-25 Markup · changed $81.66 +1.4% Entry 6

The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-24 Distribution $80.57 +0.0% Entry 5

The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-23 Distribution $80.57 -2.8% Entry 4

The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93. It reported earnings in this window, a natural checkpoint for the thesis.

2026-07-18 Distribution $82.91 +0.0% Entry 3

The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (10 analysts) rates it buy, with a mean price target of $93.

2026-07-03 Distribution $82.91 +0.0% Entry 2

The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.

2026-07-02 Distribution $82.91 Entry 1

The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.

Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.

What holding actually paid · price plus dividends

If $1,000 had been placed · historical, not a promise
PeriodPrice thenPrice returnDivs per share$1,000 becameTotal return
1 month $79.86 +1.6% · $1,016 +1.6%
2 months $74.62 +8.7% $1.17 $1,103 +10.3%
3 months $70.89 +14.4% $1.17 $1,161 +16.1%
6 months $62.45 +29.9% $1.17 $1,317 +31.7%
1 year $69.29 +17.1% $1.17 $1,188 +18.8%
2 years $59.66 +36.0% $2.30 $1,398 +39.8%
3 years $52.65 +54.1% $3.17 $1,601 +60.1%
5 years $72.93 +11.2% $4.54 $1,174 +17.4%

Historical returns from market close data. Past performance does not guarantee future results.

This entry now belongs to the ledger. Whatever BUD does next, these words stay.

Anheuser-Busch InBev SA/NV ADR · BUD · Markup · $85.18
Recorded 2026-08-05 · before the outcome · scored mechanically

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