Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ambev Earnings: Decent Margin Upside Sparks Confidence

Verushka Shetty

Feb 26, 2025

We maintain our BRL 18 per share fair value estimate for wide-moat Ambev after the firm reported fourth-quarter and full-year 2024 results that were in line with our expectations. Similar to AB InBev, Ambev's full-year 2024 organic volume declined, while net revenue and profitability were up. 2025 guidance was vague, with the firm expecting input cost inflation headwinds and continued volatility across markets. Within Brazil Beer, Ambev's largest segment, the firm expects cost of goods sold per hectoliter to increase 5.5%-8.5%. Despite the stock rising 6% following the announcement, we continue to view the stock as undervalued.

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Ambev SA

Ambev Earnings: Decent Margin Upside Sparks Confidence

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