United Breweries' Cyclical Second-Quarter Challenges Don’t Impact Narrow Moat; Shares Fairly Valued
We don’t plan to change our $21 fair value estimate for United Breweries (or CCU) following second-quarter results, as near-term cyclical challenges offset the time value of money. Despite near-term issues, we continue to believe the firm holds a narrow economic moat and that the long-term opportunity for rising incomes and beverage consumption in its core South American region can drive above-average growth.The company’s beer and non-alcoholic beverage volumes in Chile declined sharply during...
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