Ambev SA
ABEV3: BVMF (BRA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
BRL 17.31 | Jllb | Tsmvszpcm |
Ambev Earnings: EBITDA and Volumes Broadly in Line With Consensus
Wide-moat Ambev reported a good quarter with normalized EBITDA of BRL 6.5 billion, up around 12% organically and slightly above company-compiled consensus. The results were mainly driven by double-digit EBITDA growth in Central America and the Caribbean, or CAC, and Brazil, in both beer and NAB. We are reiterating our wide moat rating and our BRL 18 fair value estimate. The stock price remained stable, and at current levels it has an upside potential of around 40%.