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Ambev SA ADR ABEV

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Ambev Drives AB InBev’s Rebound, but Cost Pressures Erode Margins in Q3

Analyst Note

| Philip Gorham, CFA, FRM |

Ambev was a key driver of AB InBev’s strong third quarter, with the Latin America brewer reporting surprisingly strong beer volume in Brazil and South America. We have raised our short-term assumptions accordingly, but this has no impact on our BRL 18 fair value estimate. We are reiterating our wide moat rating and regard Ambev as being an undervalued high-quality investment opportunity.

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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 firms, Brahma and Antarctica. In 2004, Ambev combined with Canadian brewer Labatt, giving Interbrew (now Anheuser-Busch InBev) a controlling interest.

Contact
Rua Dr. 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 Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 50,479

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