[AceHigh]

I used Quicken's calc:

initial earnings of $1.97 billion grow at a rate of 8.42%, and we discount those future earnings at a rate of 15.00%, we arrive at a net present value for the company's next 10 years of earnings of $14.5 billion. To account for potential earnings beyond the 10th year, we estimate a growth rate of 6.00%, a discount rate of 12.00%, and we arrive at a continuing value of $19.3 billion. To complete the calculation we add these two figures together, subtract the long-term debt for BUD ($8.01 billion), and divide by the outstanding shares (776 million) to get a per share intrinsic value of $33.18.