AB InBev (BUD) has been left out of European markets' "Trump rally," as investor worry about the mega-brewer's exposure to the U.S. and Mexican markets, but some analysts have argued the concern is overdone. 

Multi-national consumer stocks have performed below market benchmarks since Donald Trump's surprise victory amid bets the President-Elect's tough stance on trade agreements and a possible repeal of NAFTA could make life more difficult for international companies.

AB InBev lost 1.41% Thursday to within a €1 distance of its 52-week low of €99.96 each, even as broader European markets rallied. Shares in the company have lost more than 11% since the beginning of 2016 as it completed its $100 million acquisition of SABMilller.

Investors have questioned whether AB InBev, which owns Mexico's leading brewer - Corona-maker Grupo Modelo - and controls 63% of the country's beer market, will suffer from a slowdown in the north American economy as a result of potentially frosty relations with the next U.S. President. 

Analysts at London-based Liberum, however, argue that concern might be over-exaggerated, noting that Mexico has shrunk to just 7% of AB InBev's group sales since the SABMiller takeover.

The Mexican peso stabilized Wednesday, after touching record lows in the wake of Trump's win, to gain around 0.87% in London trading to 20.10 against the U.S. dollar. Liberum said the currency impact will be limited as much of AB InBev's brands are produced in Mexico and that country's consumer dynamic remains robust even as other emerging markets slow.

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