Ambev SA ADR

ABEV: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$3.20	Xjhwd	Yzvjmzjql

Ambev Earnings: EBITDA and Volumes Broadly in Line With Consensus

Philip Gorham

May 8, 2024

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%.

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