CCU's narrow economic moat is intact, but cyclical challenges will temper near-term results.
We do not plan to significantly change our $21 fair value estimate for narrow-moat United Breweries after third-quarter results that broadly track our projections. Overall, volume that is tracking slightly ahead of our near-term forecast is being offset by near-term margin pressure, partially due to restructuring costs. We see the shares as fairly valued at current levels.United Breweries' rebound in Chile after a challenging second quarter, with year-over-year sales growth of more than 10% on ...
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