Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	BRL 23.37	Mdn	Vnjhpjrhmg

Brazil Recovery Drives Strong Q2 Performance for Ambev

Philip Gorham

Jul 29, 2022

Ambev again beat our forecasts on the top line in the second quarter of 2022 and has now strung together three quarters of decent results. Trends from the first quarter were largely sustained in the second as it appears consumers remain willing to accept higher prices, although margins contracted due to an acceleration in cost inflation. We are reiterating our wide moat rating and BRL 18 fair value estimate for Ambev, and as of the close of trading on July 27, the market value of the shares offered upside to our valuation.

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