Financials Ambev S.A. Nyse

Equities

ABEV

US02319V1035

Brewers

Real-time Estimate Cboe BZX Other stock markets 14:41:30 2024-05-17 EDT			5-day change	1st Jan Change
2.405 ^USD	+0.63%		+3.88%	-13.93%

05-15	INDICES - India & Brazil weaken
05-09	Barclays Adjusts Price Target on Ambev to $2.50 From $3, Keeps Equalweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	293,740	246,228	242,713	228,568	216,110	194,956	-	-
Enterprise Value (EV) ¹	284,888	232,230	227,302	217,032	203,275	180,113	176,397	170,492
P/E ratio	25.2 x	21.7 x	19.3 x	-	15 x	13.4 x	12.3 x	11.8 x
Yield	2.63%	3.13%	3.91%	-	5.32%	6.15%	6.33%	6.61%
Capitalization / Revenue	5.58 x	4.22 x	3.33 x	2.87 x	2.71 x	2.31 x	2.18 x	2.05 x
EV / Revenue	5.42 x	3.98 x	3.12 x	2.72 x	2.55 x	2.13 x	1.97 x	1.79 x
EV / EBITDA	13.5 x	10.8 x	9.94 x	9.13 x	7.99 x	6.52 x	5.95 x	5.53 x
EV / FCF	21.4 x	16.4 x	14.9 x	15.4 x	10.9 x	10.3 x	11.8 x	10.7 x
FCF Yield	4.67%	6.1%	6.7%	6.5%	9.2%	9.73%	8.48%	9.36%
Price to Book	4.79 x	3.34 x	2.94 x	-	2.74 x	2.31 x	2.23 x	2.08 x
Nbr of stocks (in thousands)	15,733,264	15,733,430	15,740,153	15,741,582	15,739,975	15,747,644	-	-
Reference price ²	18.67	15.65	15.42	14.52	13.73	12.38	12.38	12.38
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	52,600	58,379	72,854	79,709	79,737	84,480	89,467	95,170
EBITDA ¹	21,147	21,592	22,870	23,771	25,455	27,627	29,639	30,809
EBIT ¹	16,472	16,424	17,473	17,831	19,038	20,760	22,534	23,839
Operating Margin	31.32%	28.13%	23.98%	22.37%	23.88%	24.57%	25.19%	25.05%
Earnings before Tax (EBT) ¹	12,943	13,494	13,759	14,236	15,036	17,888	19,721	21,817
Net income ¹	11,780	11,379	12,671	14,458	14,502	14,585	15,783	17,024
Net margin	22.4%	19.49%	17.39%	18.14%	18.19%	17.26%	17.64%	17.89%
EPS ²	0.7400	0.7200	0.7991	-	0.9156	0.9246	1.005	1.050
Free Cash Flow ¹	13,312	14,163	15,224	14,109	18,707	17,532	14,966	15,953
FCF margin	25.31%	24.26%	20.9%	17.7%	23.46%	20.75%	16.73%	16.76%
FCF Conversion (EBITDA)	62.95%	65.6%	66.57%	59.35%	73.49%	63.46%	50.49%	51.78%
FCF Conversion (Net income)	113%	124.46%	120.15%	97.59%	129%	120.21%	94.83%	93.71%
Dividend per Share ²	0.4906	0.4904	0.6036	-	0.7302	0.7616	0.7831	0.8187
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	22,011	18,439	17,989	20,588	22,693	20,532	18,898	20,318	19,989	20,276	19,684	20,731	24,437	22,462	20,840
EBITDA ¹	6,784	5,523	5,538	5,601	7,109	6,444	5,275	6,584	7,152	6,535	5,835	7,142	8,757	-	-
EBIT ¹	5,322	4,192	4,068	4,077	5,494	4,918	3,571	4,913	5,636	4,902	3,940	5,210	6,535	5,339	-
Operating Margin	24.18%	22.73%	22.62%	19.8%	24.21%	23.95%	18.9%	24.18%	28.19%	24.18%	20.01%	25.13%	26.74%	23.77%	-
Earnings before Tax (EBT) ¹	4,104	3,566	3,539	2,804	4,328	3,878	2,372	4,060	4,727	4,475	3,446	-	6,271	5,204	4,685
Net income ¹	3,607	3,529	2,970	3,109	4,967	3,700	2,503	3,912	4,388	3,700	2,984	3,866	4,511	-	-
Net margin	16.39%	19.14%	16.51%	15.1%	21.89%	18.02%	13.24%	19.25%	21.95%	18.25%	15.16%	18.65%	18.46%	-	-
EPS ²	0.2276	0.2200	0.1900	0.2000	-	0.2300	0.1600	0.2500	0.2756	0.2300	0.1699	0.2386	0.2991	0.2433	0.2250
Dividend per Share ²	0.6036	-	-	-	-	-	-	-	0.7302	-	0.0600	0.0667	0.3157	0.2100	0.1900
Announcement Date	2/24/22	5/5/22	7/28/22	10/27/22	3/2/23	5/4/23	8/3/23	10/31/23	2/29/24	5/8/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,853	13,998	15,411	11,536	12,835	14,843	18,559	24,464
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	13,312	14,163	15,224	14,109	18,707	17,532	14,966	15,953
ROE (net income / shareholders' equity)	20%	16.8%	16.2%	17.6%	18%	17.1%	18%	18.5%
ROA (Net income/ Total Assets)	11.9%	10%	9.61%	10.5%	10.7%	10.7%	11.3%	11.7%
Assets ¹	98,729	113,465	131,900	138,274	135,302	136,639	140,224	146,047
Book Value Per Share ²	3.900	4.690	5.250	-	5.010	5.360	5.560	5.950
Cash Flow per Share ²	1.160	1.190	1.440	-	1.560	1.110	1.330	1.410
Capex ¹	5,069	4,693	7,677	6,533	6,004	6,478	7,431	7,577
Capex / Sales	9.64%	8.04%	10.54%	8.2%	7.53%	7.67%	8.31%	7.96%
Announcement Date	2/27/20	2/25/21	2/24/22	3/2/23	2/29/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ambev S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

12.38 BRL

Average target price

15.79 BRL

Spread / Average Target

+27.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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