Barron's Online - The Once and Future King of Beers

Nice article on BUD.

At current levels, investors can buy Anheuser-Busch for less than Buffett likely paid. Chances are, over time, they won't be disappointed. The stock is trading for only 16 times analysts' 2006 earnings estimates of $2.56 a share, about in line with the overall market, but well below its historic price-earnings ratio of 22.

...
The brewer also operates in a recession-resistant business, and boasts one of the world's most valuable brands. Return on invested capital is close to 20%. Bears likewise give short shrift to Anheuser's large share of the fast-growing Latino market in the U.S., and its push into emerging markets, such as China, which could provide a long-term boost to sales.

Link