Ambev SA (BOVESPA:ABEV3)

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Price: 12.22 BRL -0.08%

Market Cap: 192.6B BRL

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Section:

Relative Value

The Relative Value of one ABEV3 stock under the Base Case scenario is 16.53 BRL. Compared to the current market price of 12.22 BRL, Ambev SA is Undervalued by 26%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

ABEV3 Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

2.3

P/S

vs History	93
vs Industry	35

Median 5Y

Industry

1.7

Forward

2.2

More Details

13.8

P/E

vs History	85
vs Industry	51

Median 5Y

16.2

Industry

19.9

Forward

More Details

7.4

P/OCF

vs History	93
vs Industry	53

Median 5Y

10.5

Industry

13.6

More Details

10.3

P/FCFE

vs History	93
vs Industry	46

Median 5Y

17.7

Industry

21.4

More Details

P/B

vs History	95
vs Industry	39

Median 5Y

2.6

Industry

2.2

More Details

2.2

EV/S

vs History	93
vs Industry	40

Median 5Y

2.8

Industry

1.9

Forward

More Details

4.3

EV/GP

vs History	93
vs Industry	53

Median 5Y

5.5

Industry

5.1

More Details

27.1

EV/EBITDA

vs History	4
vs Industry	59

Median 5Y

8.8

Industry

12.2

Forward

6.3

More Details

N/A

EV/EBIT

vs History
vs Industry	56

Median 5Y

11.6

Industry

15.7

Forward

8.3

More Details

6.9

EV/OCF

vs History	93
vs Industry	58

Median 5Y

9.8

Industry

14.6

More Details

8.7

EV/FCFF

vs History	93
vs Industry	47

Median 5Y

14.5

Industry

20.3

More Details

1.7

EV/IC

vs History	95
vs Industry	38

Median 5Y

2.1

Industry

1.6

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

		Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
BR	Ambev SA BOVESPA:ABEV3	192.2B BRL	2.3	13.8	27.1	0
BE	Anheuser-Busch Inbev SA MIL:ABI	114B EUR	2	24.7	9.1	12.4
BE	Anheuser Busch Inbev SA XETRA:1NBA	95.1B EUR	1.7	15.2	8.1	11.1
NL	Heineken NV AEX:HEIA	38.7B EUR	1.3	36.8	7	12.6
NL	Heineken Holding NV AEX:HEIO	16.3B EUR	0.5	30.3	4.6	9.4
JP	Asahi Group Holdings Ltd TSE:2502	2.5T JPY	0.9	14.4	8.9	14.5
CN	Tsingtao Brewery Co Ltd SSE:600600	106.4B CNY	3.3	24.5	16.4	16.4
CA	Molson Coors Canada Inc OTC:MXGBF	13.3B USD	0	0	0	0
DK	Carlsberg A/S CSE:CARL B	90.6B DKK	1.2	-2.2	7.5	10.4
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	96.8B HKD	1.9	17.3	4.7	8.5
US	Molson Coors Beverage Co NYSE:TAP	12.1B USD	1	12.9	7	9.7

			Revenue Growth	P/S to Growth
BR	Ambev SA BOVESPA:ABEV3	Average P/S: 1.6 2.3	26%	0.1
BE	Anheuser-Busch Inbev SA MIL:ABI	2	19%	0.1
BE	Anheuser Busch Inbev SA XETRA:1NBA	1.7	12%	0.1
NL	Heineken NV AEX:HEIA	1.3	8%	0.2
NL	Heineken Holding NV AEX:HEIO	0.5	29%	0
JP	Asahi Group Holdings Ltd TSE:2502	0.9	12%	0.1
CN	Tsingtao Brewery Co Ltd SSE:600600	3.3	4%	0.9
CA	Molson Coors Canada Inc OTC:MXGBF	Not Available	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	1.2	27%	0
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	1.9	11%	0.2
US	Molson Coors Beverage Co NYSE:TAP	1	1%	1.9

			Earnings Growth	P/E to Growth
BR	Ambev SA BOVESPA:ABEV3	Average P/E: 21.1 13.8	19%	0.7
BE	Anheuser-Busch Inbev SA MIL:ABI	24.7	60%	0.4
BE	Anheuser Busch Inbev SA XETRA:1NBA	15.2	45%	0.3
NL	Heineken NV AEX:HEIA	36.8	40%	0.9
NL	Heineken Holding NV AEX:HEIO	30.3	109%	0.3
JP	Asahi Group Holdings Ltd TSE:2502	14.4	46%	0.3
CN	Tsingtao Brewery Co Ltd SSE:600600	24.5	27%	0.9
CA	Molson Coors Canada Inc OTC:MXGBF	Not Available	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	Negative Multiple: -2.2	N/A	N/A
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	17.3	34%	0.5
US	Molson Coors Beverage Co NYSE:TAP	12.9	30%	0.4

			EBITDA Growth	EV/EBITDA to Growth
BR	Ambev SA BOVESPA:ABEV3	Average EV/EBITDA: 10 27.1	25%	1.1
BE	Anheuser-Busch Inbev SA MIL:ABI	9.1	28%	0.3
BE	Anheuser Busch Inbev SA XETRA:1NBA	8.1	14%	0.6
NL	Heineken NV AEX:HEIA	7	5%	1.5
NL	Heineken Holding NV AEX:HEIO	4.6	N/A	N/A
JP	Asahi Group Holdings Ltd TSE:2502	8.9	20%	0.5
CN	Tsingtao Brewery Co Ltd SSE:600600	16.4	51%	0.3
CA	Molson Coors Canada Inc OTC:MXGBF	Not Available	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	7.5	39%	0.2
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	4.7	12%	0.4
US	Molson Coors Beverage Co NYSE:TAP	7	11%	0.7

			EBIT Growth	EV/EBIT to Growth
BR	Ambev SA BOVESPA:ABEV3	Average EV/EBIT: 11.7 Not Available	28%	N/A
BE	Anheuser-Busch Inbev SA MIL:ABI	12.4	35%	0.4
BE	Anheuser Busch Inbev SA XETRA:1NBA	11.1	21%	0.5
NL	Heineken NV AEX:HEIA	12.6	40%	0.3
NL	Heineken Holding NV AEX:HEIO	9.4	80%	0.1
JP	Asahi Group Holdings Ltd TSE:2502	14.5	N/A	N/A
CN	Tsingtao Brewery Co Ltd SSE:600600	16.4	27%	0.6
CA	Molson Coors Canada Inc OTC:MXGBF	Not Available	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	10.4	45%	0.2
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	8.5	15%	0.6
US	Molson Coors Beverage Co NYSE:TAP	9.7	13%	0.7

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US	Berkshire Hathaway Inc NYSE:BRK.A	Financial Services
US	Bank of America Corp NYSE:BAC	Banking
US	Mastercard Inc NYSE:MA	Technology
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US	Pfizer Inc NYSE:PFE	Pharmaceuticals
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US	Visa Inc NYSE:V	Technology
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US	3M Co NYSE:MMM	Industrial Conglomerates
US	JPMorgan Chase & Co NYSE:JPM	Banking
US	Coca-Cola Co NYSE:KO	Beverages
US	Walmart Inc NYSE:WMT	Retail
US	Verizon Communications Inc NYSE:VZ	Telecommunication

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Ambev SA
BOVESPA:ABEV3

Relative Value

Valuation Multiples

Multiples Across Competitors

ABEV3 Competitors Multiples
Ambev SA Competitors

See Also

Company

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52 Week Range	11.09 14.42
Price Target

Ambev SA BOVESPA:ABEV3

Relative Value

Valuation Multiples

Multiples Across Competitors

ABEV3 Competitors Multiples Ambev SA Competitors

See Also

Company

Help

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Ambev SA
BOVESPA:ABEV3

ABEV3 Competitors Multiples
Ambev SA Competitors