Asahi Group Holdings, Ltd. (2502.T) : juste valeur

Thèse ACCE

Asahi Group makes Asahi Super Dry and Peroni beer, plus Japan's Calpis soft drinks, Mitsubishi Cola-era soft drink lines, and the Ichiban Shibori and Nikkan Sports brands, and it runs the largest share of Japan's beer and non-alcoholic beverage market. The brand portfolio and distribution depth in Japan, combined with a European and Oceania footprint through Peroni and Carlton & United, give it pricing power that shows up in a 37.9% gross margin and a 13.6% operating margin. Revenue grew 12.0% over the latest period, and the forward P/E of 11.7 against a trailing 15.2 implies the market expects earnings to rebuild, though ROE of 5.6% shows the balance sheet and asset base are still heavy. The case to examine further rests on whether margin gains from price increases and the Asahi overseas business can convert that top-line growth into earnings the forward multiple already anticipates. The 5.6% ROE and the lack of index membership are the two items to check first before committing research time.