"We have quantified ABI's opportunity to tap the US distribution profit pool, even without owning more wholesalers," and it could be nearly $1 billion, writes Morgan Stanley analyst David Belaunde. But this is not the typical "they'll just take it out of distributor margins" strategy. David contends that ABI could increase the size of the pie to the point where they can swipe value from distributors even as the distributors are better off. It's their core competency, after all