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Ambev SA ABEV3

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Stock BVMF Rating as of
BRL 12.38 0.00 (0.00%)
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Company Report

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Ambev Earnings: EBITDA and Volumes Broadly in Line With Consensus

Philip Gorham

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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Price vs Fair Value

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ABEV3 is trading at a 645% premium.
Price
BRL 12.38
Fair Value
BRL 35.00
Uncertainty
Medium
1-Star Price
BRL 65.80
5-Star Price
BRL 12.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

There are few transformative M&A options remaining for AB InBev, and its next major transaction could be to consolidate the remainder of Ambev that it does not already own, although this is unlikely to happen in the short term.

Bears

As a Latin American near pure-play, Ambev’s cash flows and dividends are inherently more volatile than those of parent AB InBev.

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Trading Information

Previous Close Price
BRL 12.38
Day Range
BRL 12.28–12.41
52-Week Range
BRL 11.83–15.78
Bid/Ask
BRL 0.00 / BRL 0.00
Market Cap
BRL 194.96 Bil
Volume/Avg
28.1 Mil / 28.9 Mil

Key Statistics

Price/Earnings (Normalized)
11.68
Price/Sales
2.47
Dividend Yield (Trailing)
5.90%
Dividend Yield (Forward)
5.90%
Total Yield
5.99%

Company Profile

Ambev is the largest brewer in Latin America and the Caribbean and is Anheuser-Busch InBev's subsidiary in the region. It produces, distributes, and sells beer and PepsiCo products in Brazil and other Latin American countries and 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 AB InBev) a controlling interest of 61.8% as at the end of 2023.
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Large Core
Total Number of Employees
42,774
Website
https://www.ambev.com.br

Competitors

Valuation

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Metric
ABEV3
FMX
HEIA
Price/Earnings (Normalized)
 11.68127.4620.39
Price/Book Value
 2.2513.072.68
Price/Sales
 2.471.021.77
Price/Cash Flow
 7.7117.7011.67
Price/Earnings
ABEV3
FMX
HEIA

Financial Strength

Metric
ABEV3
FMX
HEIA
Quick Ratio
 0.641.180.48
Current Ratio
 0.991.680.77
Interest Coverage
 5.763.154.61
Quick Ratio
ABEV3
FMX
HEIA

Profitability

Metric
ABEV3
FMX
HEIA
Return on Assets (Normalized)
 13.44%5.25%4.80%
Return on Equity (Normalized)
 21.47%14.53%13.38%
Return on Invested Capital (Normalized)
 20.43%7.93%7.87%
Return on Assets
ABEV3
FMX
HEIA
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Beverages - Brewers Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
FMX
Fomento Economico Mexicano SAB de CV ADRSjjdcvyRqqmn—
BUDFF
Anheuser-Busch InBev SA/NVTLKHccvzn$133.1 Bil
BUD
Anheuser-Busch InBev SA/NV ADRFvwphbqmrGzkkx$133.1 Bil
HINKF
Heineken NV—Ggsghn$59.1 Bil
HEINY
Heineken NV ADRQyztgmgfZpqgw$58.5 Bil
ABEV
Ambev SA ADRCgdsslqgzbMmms$38.0 Bil
HKHHY
Heineken Holding NV ADR—Yzqy$24.3 Bil
CABGY
Carlsberg A/S ADRWncbxypcwKfgv$19.8 Bil
TAP
Molson Coors Beverage Co Shs -B- Non-VotingJbcjnnfszCltzv$12.0 Bil
SAM
Boston Beer Co Inc Class ABfqzxnhrSgpyfsb$3.4 Bil

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