The company is effectively working to reduce its balance sheet risks, while "rapid deleveraging" over the next two years could position the company to buy back its 10% stake owned by Altria, he said. A resurgence in demand for domestic light beer — Anheuser-Busch's "bread and butter" — and the decline in hard seltzer demand in the U.S. should also bode well for the company going forward, Dinges said. "It's commonly believed that Hard Seltzer sales are primarily being replaced by [ready-to-drink beverages], however, we believe a bigger benefactor from the seltzer slowdown is domestic light beer – domestic light beer has improved its share trajectory by 120bps in 2022 alone," he wrote.