Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	BRL 25.69	Kqwj	Cqvlynlqd

Ambev Drives AB InBev’s Rebound, but Cost Pressures Erode Margins in Q3

Philip Gorham

Oct 29, 2021

Ambev was a key driver of AB InBev’s strong third quarter, with the Latin America brewer reporting surprisingly strong beer volume in Brazil and South America. We have raised our short-term assumptions accordingly, but this has no impact on our BRL 18 fair value estimate. We are reiterating our wide moat rating and regard Ambev as being an undervalued high-quality investment opportunity.

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