Brazil Returns to Growth, but There May be Further Roadbumps Ahead; Ambev Fairly Valued
Brazil swung back into positive territory in the first quarter, in an earnings report that should go a long way to soothing investors’ concerns about Ambev’s largest market. The earnings report showed that the company’s wide economic moat and strong business model remains intact, and execution apparently improved during the quarter. We are reiterating our BRL 19 and $6 fair value estimates for the local shares and ADRs, respectively. After a positive market reaction to the earnings report, we no...
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