Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ambev Earnings: Encouraging Performance Despite Damped Volumes

Verushka Shetty

Oct 31, 2024

Wide-moat AmBev reported its third-quarter 2024 results, which were in line with our expectations for revenue and profitability. Similar to AB InBev, AmBev saw a decline in organic total volume in the quarter, however we were encouraged by the firm's normalized EBITDA growth. We expect the firm will deliver overall top-line growth as well as gross and EBITDA margin expansion for 2024. However, we remain wary of weakness in certain markets weighing on results. With our long-term forecasts unchanged, we maintain our fair value estimate of BRL 18 per share and continue to view the stock as undervalued.

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Ambev SA

Ambev Earnings: Encouraging Performance Despite Damped Volumes

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