Stock ABEV3 AMBEV S.A.
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Financials Ambev S.A.

Equities

ABEV3

BRABEVACNOR1

Brewers

Market Closed - Sao Paulo
Other stock markets
 04:07:41 2024-05-03 pm EDT 		5-day change 1st Jan Change
12.37 BRL +3.51% Intraday chart for Ambev S.A. +3.00% -9.91%
Mar. 04 Barclays Downgrades Ambev to Equalweight From Overweight, Adjusts Price Target to $3 From $3.50 MT
Feb. 29 Transcript : Ambev S.A., Q4 2023 Earnings Call, Feb 29, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 293,740 246,228 242,713 228,568 216,110 194,798 - -
Enterprise Value (EV) 1 284,888 232,230 227,302 217,032 216,110 178,896 175,049 168,860
P/E ratio 25.2 x 21.7 x 19.3 x - 15 x 13.5 x 12.5 x 11.9 x
Yield 2.63% 3.13% 3.91% - - 6.15% 6.39% 6.59%
Capitalization / Revenue 5.58 x 4.22 x 3.33 x 2.87 x 2.71 x 2.31 x 2.2 x 2.07 x
EV / Revenue 5.42 x 3.98 x 3.12 x 2.72 x 2.71 x 2.12 x 1.98 x 1.8 x
EV / EBITDA 13.5 x 10.8 x 9.94 x 9.13 x 8.49 x 6.41 x 5.92 x 5.48 x
EV / FCF 21.4 x 16.4 x 14.9 x 15.4 x - 12.1 x 11.9 x 10.8 x
FCF Yield 4.67% 6.1% 6.7% 6.5% - 8.28% 8.4% 9.29%
Price to Book 4.79 x 3.34 x 2.94 x - - 2.31 x 2.26 x 2.13 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 12.37 12.37 12.37
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 84,374 88,491 94,021
EBITDA 1 21,147 21,592 22,870 23,771 25,455 27,889 29,577 30,805
EBIT 1 16,472 16,424 17,473 17,831 19,038 21,221 22,624 23,834
Operating Margin 31.32% 28.13% 23.98% 22.37% 23.88% 25.15% 25.57% 25.35%
Earnings before Tax (EBT) 1 12,943 13,494 13,759 14,236 15,036 17,997 19,743 21,849
Net income 1 11,780 11,379 12,671 14,458 14,502 14,410 15,712 16,941
Net margin 22.4% 19.49% 17.39% 18.14% 18.19% 17.08% 17.76% 18.02%
EPS 2 0.7400 0.7200 0.7991 - 0.9156 0.9155 0.9918 1.044
Free Cash Flow 1 13,312 14,163 15,224 14,109 - 14,808 14,702 15,692
FCF margin 25.31% 24.26% 20.9% 17.7% - 17.55% 16.61% 16.69%
FCF Conversion (EBITDA) 62.95% 65.6% 66.57% 59.35% - 53.1% 49.71% 50.94%
FCF Conversion (Net income) 113% 124.46% 120.15% 97.59% - 102.77% 93.57% 92.63%
Dividend per Share 2 0.4906 0.4904 0.6036 - - 0.7607 0.7907 0.8154
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 Q3 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
Net sales 1 18,493 22,011 18,439 17,989 20,588 22,693 20,532 18,898 20,318 19,989 20,205 19,550 20,915 23,408 23,072
EBITDA 1 5,469 6,784 5,523 5,538 5,601 7,109 6,444 5,275 6,584 7,152 6,493 5,835 7,097 8,750 -
EBIT 1 4,098 5,322 4,192 4,068 4,077 5,494 4,918 3,571 4,913 5,636 5,002 4,141 5,357 6,830 -
Operating Margin 22.16% 24.18% 22.73% 22.62% 19.8% 24.21% 23.95% 18.9% 24.18% 28.19% 24.76% 21.18% 25.61% 29.18% -
Earnings before Tax (EBT) 1 3,122 4,104 3,566 3,539 2,804 4,328 3,878 2,372 4,060 4,727 4,425 4,212 4,924 5,642 5,204
Net income 1 3,552 3,607 3,529 2,970 3,109 4,967 3,700 2,503 3,912 4,388 3,400 3,068 3,866 4,466 -
Net margin 19.21% 16.39% 19.14% 16.51% 15.1% 21.89% 18.02% 13.24% 19.25% 21.95% 16.83% 15.69% 18.48% 19.08% -
EPS 2 0.2200 0.2276 0.2200 0.1900 0.2000 - 0.2300 0.1600 0.2500 0.2756 0.2151 0.1835 0.2360 0.2811 0.2600
Dividend per Share 2 - 0.6036 - - - - - - - - 0.0450 0.0450 0.0500 0.2368 0.2100
Announcement Date 10/28/21 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 - - - - -
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 - 15,903 19,750 25,939
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 13,312 14,163 15,224 14,109 - 14,808 14,702 15,692
ROE (net income / shareholders' equity) 20% 16.8% 16.2% 17.6% - 17.3% 18% 18.6%
ROA (Net income/ Total Assets) 11.9% 10% 9.61% 10.5% - 11% 11% 11.5%
Assets 1 98,729 113,465 131,900 138,274 - 130,753 142,419 147,066
Book Value Per Share 2 3.900 4.690 5.250 - - 5.360 5.480 5.820
Cash Flow per Share 2 1.160 1.190 1.440 - - 1.350 1.390 1.430
Capex 1 5,069 4,693 7,677 6,533 - 6,913 7,383 7,508
Capex / Sales 9.64% 8.04% 10.54% 8.2% - 8.19% 8.34% 7.99%
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
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
12.37 BRL
Average target price
15.75 BRL
Spread / Average Target
+27.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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  4. Financials Ambev S.A.