United Breweries Posts Strong 4Q Volume Growth Despite Currency Headwinds; Shares Fairly Valued
We aren't anticipating substantial changes to our $25 per ADR fair value estimate for narrow-moat United Breweries after evaluating its fourth-quarter results. On a full-year basis, sales grew 5% (comparable to our estimate) and adjusted operating margin expanded 110 basis points to 14.9% (versus our expectation that it would stay flat). This improvement in profitability was largely driven by the firm's ongoing cost savings initiatives as well as improved scale and better leveraged logistics exp...
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