Leuven is one of the world's leading beer producers. The group's activity is organized around 2 poles: - production of beers and production, bottling and sale of non-alcoholic drinks. The geographic breakdown of sales is as follows: Europe-Middle East-Africa (14.8%), Latin America (17.5%), North America (29.9%), Asia-Pacific (12.6%) and others (2.1%)¹.

The giant Belgian brewing is the conjunction of successful companies born in Europe for the oldest in the fourteenth century. Its operations, sedimented by the slow erosion of time, enabled Leuven to raise a net income of $ 9 billion in fiscal 2019. The question which arises acutely for the future is that of stock performance. In the post-2020 crisis world, it becomes important to determine how the market will weigh the stock market of Leuven, typically BUD. Main competitors are Bacardi and Molson Coors. Leuven is partly owned by Vanguard and BlackRock. The fields of legal and medical analysis offer cross-cutting speculative interpretation of relevant facts.

In the first place, the public health sphere is likely to influence the results of a private interest group such as Leuven. Remind that for a capital company, acquiring existing brands is faster and less risky than creating new ones. This regrouping sets up super-entities with a reduced schedule before return on investment but empties the market of available medium-sized breweries. The 2020 epidemic crisis is at the origin of the bankruptcy of many of the said medium-sized breweries, which sends consortium like Leuven and its competitors to takeovers lot of companies lost in trouble. Leuven will be able to expand the market distribution in countries where it is currently on the fringes, such as Asia-Pacific. As a result, the index of revenue growth through the pandemic crisis is consistent.

Secondly, the legal bubble has the same prerogatives as the public health sphere. National anti-trust policies can obstruct any ambitions to buy out Leuven, which corrodes the above-mentioned progression biases without, however, leaving the field open to competition subject to the same obligations. On the other hand, any conviction made final by the judge is likely to reduce the volume of dividends perceptible by shareholders, for example because of a fine or the annihilation of a right. Leuven maintains a complete declaration¹ follow-up with the US SEC and the group's website displays an anti-corruption charter which is exemplary today, although it was inaccessible at the time of this evaluation². This exemplary nature stems from a two-year deferral obligation to which Leuven was subject. Indeed, under the terms of articles D and E of release No. 3808 / September 28, 2016¹, a US SEC control commission enabled the group to guarantee its investors FCPA compliant operation from 2018. The principle of non bis in idem ensures that no new prosecution will be initiated for the same facts. Leuven's compliance is the most consistent on the market.

In a context conducive many foreign purchase operations, the reiteration of facts n ° 34 to 40 such as active corruption and witness silencing would have heavy repercussions on the company's balance sheets. Other consortiums never condemned by the US SEC hold the same performances. The floating shareholders who represented 41% of the group in April 2019 could be concerned by this difference to resell and then, forge the underweighting of Leuven after the end of the health measures.

For all these reasons,

Leuven deserves the middle upper confidence.