Stock ABEV AMBEV S.A.
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Financials Ambev S.A. Nyse

Equities

ABEV

US02319V1035

Brewers

Delayed Nyse
Other stock markets
 10:30:02 03/07/2024 pm IST 		5-day change 1st Jan Change
2.08 USD +0.97% Intraday chart for Ambev S.A. -0.95% -25.71%
16/05 Tranche Update on Ambev S.A.'s Equity Buyback Plan announced on May 19, 2023. CI
16/05 Ambev S.A.'s Equity Buyback announced on May 19, 2023, has closed with 13,000,000 shares, representing 0.08% for BRL 176.31 million. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,93,740 2,46,228 2,42,713 2,28,568 2,16,110 1,80,222 - -
Enterprise Value (EV) 1 2,84,888 2,32,230 2,27,302 2,17,032 2,03,275 1,65,968 1,62,134 1,57,607
P/E ratio 25.2 x 21.7 x 19.3 x - 15 x 12.3 x 11.5 x 11 x
Yield 2.63% 3.13% 3.91% - 5.32% 6.65% 6.87% 7.11%
Capitalization / Revenue 5.58 x 4.22 x 3.33 x 2.87 x 2.71 x 2.14 x 2 x 1.89 x
EV / Revenue 5.42 x 3.98 x 3.12 x 2.72 x 2.55 x 1.97 x 1.8 x 1.66 x
EV / EBITDA 13.5 x 10.8 x 9.94 x 9.13 x 7.99 x 5.97 x 5.45 x 5.07 x
EV / FCF 21.4 x 16.4 x 14.9 x 15.4 x 10.9 x 9.57 x 10.1 x 9.52 x
FCF Yield 4.67% 6.1% 6.7% 6.5% 9.2% 10.4% 9.87% 10.5%
Price to Book 4.79 x 3.34 x 2.94 x - 2.74 x 2.13 x 2.06 x 1.92 x
Nbr of stocks (in thousands) 1,57,33,264 1,57,33,430 1,57,40,153 1,57,41,582 1,57,39,975 1,57,26,183 - -
Reference price 2 18.67 15.65 15.42 14.52 13.73 11.46 11.46 11.46
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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 84,364 89,983 95,130
EBITDA 1 21,147 21,592 22,870 23,771 25,455 27,784 29,732 31,069
EBIT 1 16,472 16,424 17,473 17,831 19,038 21,056 22,593 23,814
Operating Margin 31.32% 28.13% 23.98% 22.37% 23.88% 24.96% 25.11% 25.03%
Earnings before Tax (EBT) 1 12,943 13,494 13,759 14,236 15,036 18,286 19,844 21,674
Net income 1 11,780 11,379 12,671 14,458 14,502 14,772 15,732 16,815
Net margin 22.4% 19.49% 17.39% 18.14% 18.19% 17.51% 17.48% 17.68%
EPS 2 0.7400 0.7200 0.7991 - 0.9156 0.9302 1.001 1.046
Free Cash Flow 1 13,312 14,163 15,224 14,109 18,707 17,335 16,003 16,558
FCF margin 25.31% 24.26% 20.9% 17.7% 23.46% 20.55% 17.78% 17.41%
FCF Conversion (EBITDA) 62.95% 65.6% 66.57% 59.35% 73.49% 62.39% 53.82% 53.3%
FCF Conversion (Net income) 113% 124.46% 120.15% 97.59% 129% 117.35% 101.72% 98.48%
Dividend per Share 2 0.4906 0.4904 0.6036 - 0.7302 0.7620 0.7873 0.8152
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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 20,002 21,156 23,772 22,385 20,840
EBITDA 1 6,784 5,523 5,538 5,601 7,109 6,444 5,275 6,584 7,152 6,535 5,834 7,121 8,783 - -
EBIT 1 5,322 4,192 4,068 4,077 5,494 4,918 3,571 4,913 5,636 4,902 4,150 5,395 6,882 5,641 -
Operating Margin 24.18% 22.73% 22.62% 19.8% 24.21% 23.95% 18.9% 24.18% 28.19% 24.18% 20.75% 25.5% 28.95% 25.2% -
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 3,761 4,732 6,719 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 2,824 3,747 4,924 - -
Net margin 16.39% 19.14% 16.51% 15.1% 21.89% 18.02% 13.24% 19.25% 21.95% 18.25% 14.12% 17.71% 20.71% - -
EPS 2 0.2276 0.2200 0.1900 0.2000 - 0.2300 0.1600 0.2500 0.2756 0.2300 0.1774 0.2360 0.3074 0.2500 0.2250
Dividend per Share 2 0.6036 - - - - - - - 0.7302 - - - 0.7571 0.2100 0.1900
Announcement Date 24/02/22 05/05/22 28/07/22 27/10/22 02/03/23 04/05/23 03/08/23 31/10/23 29/02/24 08/05/24 - - - - -
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 14,254 18,089 22,615
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 13,312 14,163 15,224 14,109 18,707 17,335 16,003 16,558
ROE (net income / shareholders' equity) 20% 16.8% 16.2% 17.6% 18% 17.3% 17.8% 18.3%
ROA (Net income/ Total Assets) 11.9% 10% 9.61% 10.5% 10.7% 11.3% 11.5% 11.7%
Assets 1 98,729 1,13,465 1,31,900 1,38,274 1,35,302 1,30,389 1,36,832 1,44,294
Book Value Per Share 2 3.900 4.690 5.250 - 5.010 5.390 5.560 5.960
Cash Flow per Share 2 1.160 1.190 1.440 - 1.560 1.130 1.340 1.430
Capex 1 5,069 4,693 7,677 6,533 6,004 6,647 7,231 7,453
Capex / Sales 9.64% 8.04% 10.54% 8.2% 7.53% 7.88% 8.04% 7.83%
Announcement Date 27/02/20 25/02/21 24/02/22 02/03/23 29/02/24 - - -
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
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
11.46 BRL
Average target price
15.58 BRL
Spread / Average Target
+35.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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