Valuation Upside Remains for Ambev as Beer Brazil Volume Growth Shows Market Will Rebound
Ambev reported first-quarter results that were broadly in line with our forecasts, but offered some cause for optimism with a volume stabilization in Brazil. We have made minor tweaks to our near-term assumptions, but these have no impact on our BRL 20 per share fair value estimate. We continue to believe that Ambev's regional scale gives it a cost advantage that should improve over time with volume growth and premiumisation, although Heineken's move into Brazil may trim its market share over th...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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