Severe Weakness in Brazil Affects Ambev; Slightly Lowering Fair Value Estimate for Local Shares
For the second consecutive quarter, Ambev suffered severe weakness in Brazil that caused consolidated earnings to undershoot our expectations. We have trimmed our 2016 revenue growth assumption by a percentage point and our gross margin assumption by 180 basis points. We believe that the company's wide economic moat will ensure that current headwinds are temporary, and we are maintaining our long-term assumptions of 6.3% organic revenue growth and a 42.5% operating margin. Nevertheless, the magn...
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