Ambev Closes a Subpar Year in Style as Brazil Bounces Back
Ambev reported a strong end to the year, beating our earnings forecast thanks to a better-than-expected rebound in Brazil. This reaffirms our investment thesis that while consumer behaviour in Latin America can be volatile, Ambev's wide economic moat--built through distribution infrastructure and brand equity--should allow it to ride out the periodic storms better than most of its peers. We are raising our fair value estimate to BRL 21 from BRL 19 to account for this earnings beat and the impact...
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