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...
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