Brazil Back On Track for Ambev in 3Q; Shares Fairly Valued
Ambev reported another decent quarter, with Brazil delivering almost double-digit growth. We reiterate our wide moat rating, our BRL 19 fair value estimate for the ordinary shares, and our medium-term cash flow forecasts. There is evidence in this report that our long-term thesis is intact, but at current levels, we think the premiumisation opportunity is priced in.Volume weakness continued in the third quarter, with consolidated volumes down 2% on an organic basis, but this was more than offse...
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