United Breweries' Top Line Accelerates in 2Q With Double-Digit Volume Growth; Shares Fairly Valued
We aren't anticipating material changes to our $25 fair value estimate for United Breweries, outside of exchange rate adjustments, after reviewing the firm's second-quarter results. We're also holding steady on our longer-term outlook, which calls for 6% revenue growth and mid-teens operating margin on average over our forecast. Year to date, net sales growth approximated 6% (in line with our outlook) and EBITDA margin (excluding the effect of a one-time cash payment received from Anheuser-Busch...
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