Transferring Coverage of Narrow-Moat United Breweries; Shares Look Fairly Valued
After transferring coverage of Compania Cervecerias Unidas, or United Breweries, to a new analyst, we are slightly raising our fair value estimate to $25 per ADR from $24, largely owing to a change in the exchange rate (we now use an exchange rate of CLP 629 per $1 as of Aug. 28), and we are reaffirming our narrow moat rating for the firm. United Breweries is the leading beer producer in Chile, where it maintains 40%-plus volume share across the beverage space and owns the best-selling beer bran...
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