Currency Headwinds Erode United Breweries' Pricing and Margins in 1Q, but Shares Not a Bargain
While narrow-moat United Breweries' volume trajectory remained solid in the first quarter, exogenous factors (namely currency headwinds) continued to hamper its profitability. Consolidated volume growth of 6.6% was largely offset by a 5.2% decrease in pricing, primarily due to the depreciation of the Argentine peso (management estimates a nearly 97% devaluation relative to the Chilean peso), which compressed the revenue received from its international business (25% of sales). This was compounded...
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