Growth Looks Good at CCU, but Shares Fairly Valued
Narrow-moat CCU finished 2016 on a high note, with its business rising across the board and offering glimpses of the long-term opportunity we expect in the South American beverage market. For the quarter, CCU increased volume nearly 9% and, despite currency headwinds, revenue grew more than 6%. Full-year revenue growth of 4% was slightly ahead of our 3% expectation, but it does not alter our long-term forecast of more than 6% revenue growth on average for the next 10 years. We expect to raise ou...
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