AB InBev: Big Q4 miss

NEUTRAL, Fair Value EUR111 (+7%)
News published on February Thursday 25, 2016
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We reiterate our Buy rating following the conference call held yesterday. Despite some headwinds for Worldline’s revenues, management is confident it can double lfl sales growth in 2016 and 2017 thanks to market share gains in Managed Services, the gradual turnaround in Consulting & Systems Integration and still strong demand in Big Data & Cyber-security. While the integration of Bull was a success, cost and revenue synergies on Xerox ITO and Unify have been reiterated.

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