Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Transferring Coverage of Global Beer Brewers; Ambev Is Our Preferred Pick

Verushka Shetty

Mar 13, 2025

We are relaunching coverage on four of the largest global brewers: InBev, Ambev, Heineken, and Carlsberg. We maintain our wide moat ratings for InBev and Ambev, while we upgrade Heineken from narrow to wide, and upgrade Carlsberg from none to a narrow moat. Ambev is our preferred pick, as we believe the market does not fully reflect its region-leading growth potential, offering 33% upside from current levels.

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Ambev SA

Transferring Coverage of Global Beer Brewers; Ambev Is Our Preferred Pick

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