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Ambev SA ADR ABEV

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Stock XNYS Rating as of
$2.34 −0.03 (1.27%)
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As of Delayed Price Pre-Open: $2.35 +0.01
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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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ABEV is trading at a 345% premium.
Price
$2.34
Fair Value
$4.80
Uncertainty
Medium
1-Star Price
$9.15
5-Star Price
$8.93
Economic Moat
Byxh
Capital Allocation
Sdmzsmnpr

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
$2.37
Day Range
$2.32–2.36
52-Week Range
$2.23–3.23
Bid/Ask
$2.36 / $2.37
Market Cap
$36.85 Bil
Volume/Avg
385 / 13.2 Mil

Key Statistics

Price/Earnings (Normalized)
10.78
Price/Sales
2.30
Dividend Yield (Trailing)
6.45%
Dividend Yield (Forward)
6.45%
Total Yield
6.54%

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
ABEV
HEIA
ABI
Price/Earnings (Normalized)
 10.7819.3917.59
Price/Book Value
 2.132.551.58
Price/Sales
 2.301.682.20
Price/Cash Flow
 7.2011.108.85
Price/Earnings
ABEV
HEIA
ABI

Financial Strength

Metric
ABEV
HEIA
ABI
Quick Ratio
 0.640.480.45
Current Ratio
 0.990.770.63
Interest Coverage
 5.894.613.18
Quick Ratio
ABEV
HEIA
ABI

Profitability

Metric
ABEV
HEIA
ABI
Return on Assets (Normalized)
 13.58%4.80%—
Return on Equity (Normalized)
 21.69%13.38%—
Return on Invested Capital (Normalized)
 20.56%7.87%—
Return on Assets
ABEV
HEIA
ABI
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