百威拟借助香港上市提升亚洲收购能力

英国《金融时报》 莱拉•阿布德 布鲁塞尔报道
2019.07.01 12:00

百威英博(Anheuser-Busch InBev)掌门人押注,拟议的亚洲上市将有助于这家全球最大的啤酒酿造商在这个快速增长的地区通过收购实现扩张。

据知情人士透露,自6月中旬以来,该公司一直在与投资者会面,以评估百威亚太公司(Budweiser APAC)在香港进行首次公开发行(IPO)的需求,并根据价格和市场状况于7月份决定是否继续推进IPO。

在比利时举行的媒体见面会上被问及上市事宜时,百威英博首席执行官薄睿拓(Carlos Brito)认为,潜在出售亚洲业务少数股权,是效仿该公司在过去20年里利用巴西上市子公司安贝夫(AmBev)帮助说服拉美啤酒公司所有者将业务出售给百威英博的做法。

“上市的首要理由是,在地区拥有一个被视为更接近当地市场的平台,并与地区的发展建立联系,这可能对当地集团具有吸引力,”他向英国《金融时报》表示。卖方可能会觉得,与某个当地实体(而非全球实体)联姻、并以股票形式获得支付“更踏实”。

“这就是我们在拉美看到的情况,所以我们押注,同样的模式也可能在亚洲奏效,”在过去近15年担任百威淡爽(Bud Light)和时代啤酒(Stella Artois)酿造商首席执行官的薄睿拓表示。

在3G资本(3G Capital)背后的巴西亿万富翁的支持下,薄睿拓领导的百威英博利用廉价债务,对分散的全球酿造业进行了整合,并通过无情的成本削减迅速提升被收购企业的利润率,将这种模式发挥到极致。

该公司最近完成的大型交易——以790亿英镑收购南非的SABMiller——使其杠杆率大幅上升,截至2018年底的债务规模达到1025亿美元,净债务与税息折旧及摊销前利润(EBITDA)之比达到4.6倍。

分析师们表示,如果百威英博推进亚洲IPO,其可能筹集50亿至100亿美元,筹资所得将用于削减债务。

尽管此次IPO的牵头银行之一摩根大通(JPMorgan)对百威英博亚洲业务的估值为630亿美元至770亿美元,但没有参与此次IPO的杰富瑞(Jefferies)和伯恩斯坦研究公司(Bernstein Research)认为,该业务的估值为450亿美元至550亿美元。

百威亚太公司包括快速增长的中国业务、以及更为成熟且盈利的澳大利亚和韩国业务。IPO文件显示,澳大利亚和韩国业务对去年85亿美元营收的贡献率接近三分之二,对28亿美元EBITDA的贡献率略高于50%。

但随着新兴中产阶层的啤酒消费由本土品牌转向百威(Budweiser)等被定位为高端品牌的外国啤酒,中国预计将成为业务增长的主要推动力。

译者/何黎

原文:Budweiser owner wants Asia listing to boost acquisitions

By Leila Abboud in Brussels

The head of Anheuser-Busch InBev is betting that a planned public listing in Asia will help the world’s largest brewer expand in the fast-growing region via acquisitions. 

The company has been meeting investors since mid-June to gauge demand for the  initial public offering  of Budweiser APAC in Hong Kong, according to people familiar with the process, and will decide whether to press ahead in July, depending on price and market conditions. 

Asked about the listing at a press event in Belgium, AB InBev chief executive Carlos Brito likened the potential sale of a minority stake in its Asian business to how the company used AmBev, its Brazilian listed subsidiary, to help convince owners of beer companies in Latin America to sell to AB InBev over the past 20 years. 

“The number one reason to do the listing is to have a platform in the region that is seen as closer to those markets and connected to what the region will do, since that’s something that can be attractive to local groups,” he told the Financial Times. Sellers feel “more comfortable” joining forces with and being paid in shares of a local entity, rather than a global one. 

“That’s what we saw in Latin America, so we’re betting that the same model could work in Asia,” said Mr Brito, who has led the maker of Bud Light and Stella Artois for nearly 15 years. 

Backed by the Brazilian billionaires behind 3G Capital, Mr Brito’s AB InBev used cheap debt to  consolidate the fragmented global brewing industry and perfected a model of ruthless cost-cutting to rapidly boost margins at the acquired businesses. 

Its most recent large deal, the £79bn acquisition of SABMiller, left it highly leveraged, carrying $102.5bn in debt at the end of 2018, giving it a net debt-to-ebitda ratio of 4.6 times. 

If AB InBev pushes ahead with the Asia IPO, it could raise $5bn to $10bn that will be used to cut debt, analysts said. 

Although JPMorgan, one of the lead banks on the IPO, has valued the Asia unit at $63bn to $77bn, Jefferies and Bernstein Research, which are not involved in the process, reckon it is worth $45bn to $55bn.

Budweiser APAC includes a fast-growing business in China, as well as a more mature, profitable one in Australia and Korea. The latter generated almost two-thirds of last year’s revenue of $8.5bn and just over half of earnings before interest, taxes, depreciation and amortisation of $2.8bn, according to the IPO filing. 

But China is expected to be the main growth driver as the burgeoning middle class trades up from local brews to foreign ones like Budweiser, which are positioned as premium brands.  

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