Ambev's 2019 Outlook Tepid as Cost Inflation Looms, but 4Q Could Have Been Worse
Ambev may have beaten our top-line estimates in the fourth quarter, but it was a poor year for the Latin American brewer, with volume down 2.5% in the year. Brazil continues to gyrate, although trends improved sequentially in the fourth quarter. Guidance for 2019 will hardly inspire investors, as Ambev will face midteens input cost inflation in Brazil and appears unlikely to be able to pass this through. We have tempered our volume, pricing, and margin assumptions for next year but still believe...Ambev is a beverage manufacturing group based in Brazil. Co. produces and sells beer, draft beer, soft drinks, other non-alcoholic beverages, malt and food in general, by participating either directly or indirectly in other Brazilian-domiciled companies and elsewhere in the Americas. Co. has operations in 18 countries: Brazil, Canada, Argentina, Bolivia, Chile, Paraguay, Uruguay, Guatemala, Dominican Republic, Ecuador, Peru, El Salvador, Honduras, Nicaragua, Saint Vincent, Dominica, Cuba and Antigua. Co. conducts its operations through three business segments: Latin America North, Latin America South and Canada.
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.
We have operations in 27 countries.
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