Brazil Soft Again in 3Q for Ambev; Lowering FVE Slightly, but Upside Remains
The second-quarter rebound in Brazil proved to be another false start for Ambev, as the company missed our third-quarter estimates due to weak beer volumes in Brazil and Latin America South. We have lowered our short-term volume estimates for these regions and lowered our gross margin assumptions for the remainder of this year and next because we suspect price competition in Brazil may last a few more quarters. As a result, we are lowering our fair value estimates modestly, to BRL 20 per share f...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.
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