Ambev operates in some turbulent markets, but its moat positions it well for the long term.
For the third consecutive quarter, Ambev suffered severe weakness in Brazil that caused consolidated earnings to undershoot our expectations. We are likely to trim our 2017 revenue growth assumption by a percentage point or so, but this should not materially affect our BRL 19 fair value estimate. We think the Brazilian beer industry has long-term growth and margin drivers and the current weakness is creating a fairly attractive opportunity for patient investors. Our wide economic moat rating rem...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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