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Ambev SA ADR - Stock Quote ABEV

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Morningstar's Ambev SA ADR Stock Analysis

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Ambev Undervalued as it Beats on the Top Line in Q1

Analyst Note

| Philip Gorham, CFA, FRM |

Ambev beat our forecasts on the top line in the first quarter of 2021, as the consumer appears to be more willing to accept higher prices than we had initially expected, but ferocious cost pressure meant that operating profit was only modestly above our estimate. We are reiterating our wide moat rating and BRL 18 fair value estimate for Ambev, and as of the close of trading on May 4, the market value of the shares offered significant upside to our valuation.

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Ambev SA ADR's Company Profile

Business Description

Ambev is the largest brewer in Latin America by volume and the fourth- largest beer producer in the world. It produces, distributes, and sells beer and PepsiCo products in Brazil and other Latin American countries. It also owns Argentina's largest brewer, Quinsa. Ambev was formed in 1999 through the merger of Brazil's two largest beverage companies, Brahma and Antarctica. In 2004, Ambev combined with Canadian brewer Labatt, giving Interbrew (now Anheuser-Busch InBev) a controlling interest.

Rua Doutor Renato Paes de Barros, 1017, 3rd Floor
Sao Paulo, SP, 04530-001, Brazil
T +55 1121221200
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 52,806

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