Home Earnings Analysis Consumer Staples Analysis Summary Anheuser-Busch InBev (BUD) delivered Q1 volume growth for the first time since 2023, beating revenue and EPS expectations. BUD’s non-alcoholic and non-beer segments posted solid revenue growth, but North American volumes declined 3.1%, raising concerns about key markets. A reverse DCF suggests BUD is fairly valued at ~$82.25, but a TTM PE of 22.95 and middling dividend yield limit upside. I maintain a hold rating due to sustained headwinds—high fuel prices, shifting consumer habits, and premium brand risks outweigh near-term catalysts. lenscap67/iStock Editorial via Getty Images Thesis Zoomers have cut back on drinking alcohol . Boomers like to drink but their cohort is shrinking. Given that, I’ve been a bit wary of Anheuser-Busch InBev ( BUD ), but I may have Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours.…