Anheuser-Busch is in the alcoholic beverages industry, which has generated market-like returns over the past 5- and 10-year periods. I would like to note, however, that Anheuser-Busch has turned in very strong returns over the past 10 years, though it hasn't done quite as well during the last five. Keep in mind when looking at a stock or industry's record that historic returns are not necessarily a predictor of future performance. Persistent strength or weakness, however, may very well say something about the structure of an industry or quality of a company's management, and it is quiet obvious that Anheuser-Busch is definitely showing its strength as the "King of Beers" in the alcoholic beverage industry.
             shown steady revenue growth over the past three years. In contrast to its peers, this stock's earnings per share have grown at a very high rate over the past three years, though growth last year was more moderate. Note that this stock's sustainable growth rate is quite a bit higher than the rate at which its earnings per share have grown. That means that the company is generating enough capital internally to finance future growth (assuming that the pace of growth doesn't pick up markedly) without raising additional capital from outside sources.
             Anheuser-Busch's forward earnings yield of 5.29% is the annual return it would generate if its profits remained fixed and it paid out all of its earnings as dividends. This is normal compared with the earnings yields of other stocks in its industry, but it is extremely healthy in absolute terms. For Anheuser-Busch to generate decent returns for investors, it will probably only have to realize moderate growth in earnings or a higher valuation by the market. It is, however, important to be reasonably confident about the quality of this stock's earnings. Sometimes a company in distress has a high yield because its stock price has dr
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