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Ambev

DB:AMNA
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AMNA
DB
R$292B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Ambev S.A., through its subsidiaries, produces, distributes, and sells beer, draft beer, carbonated soft drinks (CSD), other non-alcoholic beverages, malt, and food products in the Americas. The last earnings update was 79 days ago. More info.


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AMNA Share Price and Events
7 Day Returns
-1%
DB:AMNA
-0.2%
DE Beverage
2.5%
DE Market
1 Year Returns
6.1%
DB:AMNA
4.9%
DE Beverage
2.6%
DE Market
AMNA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ambev (AMNA) -1% -2.7% -7.4% 6.1% -25.2% -17.4%
DE Beverage -0.2% 2.3% -1.1% 4.9% 24.3% 68.1%
DE Market 2.5% 0.2% 1% 2.6% 7.8% 23.7%
1 Year Return vs Industry and Market
  • AMNA outperformed the Beverage industry which returned 4.9% over the past year.
  • AMNA outperformed the Market in Germany which returned 2.6% over the past year.
Price Volatility
AMNA
Industry
5yr Volatility vs Market

Value

 Is Ambev undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ambev to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ambev.

DB:AMNA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:AMNA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.508 (1 + (1- 34%) (1.69%))
0.674
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:AMNA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ambev is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:AMNA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 5%)
2020 15,038.40 Analyst x5 14,322.83
2021 16,692.50 Analyst x4 15,141.74
2022 20,737.00 Analyst x1 17,915.45
2023 22,431.00 Analyst x1 18,456.85
2024 23,580.76 Est @ 5.13% 18,479.67
2025 24,442.98 Est @ 3.66% 18,243.90
2026 25,085.32 Est @ 2.63% 17,832.43
2027 25,563.94 Est @ 1.91% 17,307.95
2028 25,922.84 Est @ 1.4% 16,715.83
2029 26,195.34 Est @ 1.05% 16,087.79
Present value of next 10 years cash flows R$170,504.00
DB:AMNA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= R$26,195.34 × (1 + 0.23%) ÷ (5% – 0.23%)
R$550,651.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$550,651.48 ÷ (1 + 5%)10
R$338,181.05
DB:AMNA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$170,504.00 + R$338,181.05
R$508,685.05
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$508,685.05 / 15,733.26
R$32.33
DB:AMNA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AMNA represents 0.21529x of BOVESPA:ABEV3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.21529x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (BRL) x Listing Adjustment Factor
= R$ 32.33 x 0.21529
€6.96
Value per share (EUR) From above. €6.96
Current discount Discount to share price of €4.00
= -1 x (€4.00 - €6.96) / €6.96
42.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ambev is available for.
Intrinsic value
43%
Share price is €4 vs Future cash flow value of €6.96
Current Discount Checks
For Ambev to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ambev's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ambev's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ambev's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ambev's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AMNA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in BRL R$0.72
BOVESPA:ABEV3 Share Price ** BOVESPA (2019-10-11) in BRL R$18.58
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.57x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ambev.

DB:AMNA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BOVESPA:ABEV3 Share Price ÷ EPS (both in BRL)

= 18.58 ÷ 0.72

25.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ambev is good value based on earnings compared to the DE Beverage industry average.
  • Ambev is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Ambev's expected growth come at a high price?
Raw Data
DB:AMNA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.63x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
12.1%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.84x
Germany Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:AMNA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.63x ÷ 12.1%

2.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ambev is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ambev's assets?
Raw Data
DB:AMNA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in BRL R$3.92
BOVESPA:ABEV3 Share Price * BOVESPA (2019-10-11) in BRL R$18.58
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.56x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.74x
DB:AMNA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:ABEV3 Share Price ÷ Book Value per Share (both in BRL)

= 18.58 ÷ 3.92

4.74x

* Primary Listing of Ambev.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ambev is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Ambev's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Ambev has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Ambev expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ambev expected to grow at an attractive rate?
  • Ambev's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Ambev's earnings growth is positive but not above the Germany market average.
  • Ambev's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:AMNA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AMNA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 12.1%
DB:AMNA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 6%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:AMNA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AMNA Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 67,202 2
2022-12-31 63,460 2
2021-12-31 60,938 20,838 15,247 11
2020-12-31 56,651 19,896 13,727 14
2019-12-31 53,473 17,398 12,044 14
2019-10-12
DB:AMNA Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-06-30 51,867 18,950 11,397
2019-03-31 51,231 19,051 11,181
2018-12-31 50,231 17,911 11,025
2018-09-30 49,241 18,314 10,761
2018-06-30 49,539 17,621 7,930
2018-03-31 48,298 16,830 7,639
2017-12-31 47,899 17,874 7,332
2017-09-30 46,050 16,906 8,885
2017-06-30 45,170 16,886 11,946
2017-03-31 45,279 16,544 11,979
2016-12-31 45,603 12,344 12,547
2016-09-30 47,721 15,399 12,028

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ambev's earnings are expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
  • Ambev's revenue is expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:AMNA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Ambev Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AMNA Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.97 1.04 0.86 9.00
2020-12-31 0.87 0.95 0.79 11.00
2019-12-31 0.76 0.81 0.70 10.00
2019-10-12
DB:AMNA Past Financials Data
Date (Data in BRL Millions) EPS *
2019-06-30 0.72
2019-03-31 0.71
2018-12-31 0.70
2018-09-30 0.68
2018-06-30 0.50
2018-03-31 0.49
2017-12-31 0.47
2017-09-30 0.57
2017-06-30 0.76
2017-03-31 0.76
2016-12-31 0.80
2016-09-30 0.77

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Ambev is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Ambev's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ambev has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Ambev performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ambev's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ambev's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Ambev's 1-year earnings growth exceeds its 5-year average (43.7% vs -5.4%)
  • Ambev's earnings growth has exceeded the DE Beverage industry average in the past year (43.7% vs -2%).
Earnings and Revenue History
Ambev's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ambev Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AMNA Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 51,866.83 11,397.30 15,061.95
2019-03-31 51,231.24 11,180.61 14,993.67
2018-12-31 50,231.34 11,024.68 14,936.23
2018-09-30 49,240.64 10,760.63 15,181.70
2018-06-30 49,539.28 7,929.64 15,121.75
2018-03-31 48,297.69 7,638.75 14,768.23
2017-12-31 47,899.28 7,331.97 14,616.85
2017-09-30 46,049.61 8,884.85 14,006.29
2017-06-30 45,170.06 11,945.86 14,038.33
2017-03-31 45,279.31 11,978.87 14,162.69
2016-12-31 45,602.60 12,546.60 14,282.20
2016-09-30 47,721.38 12,028.00 14,586.74
2016-06-30 47,983.71 11,917.50 14,311.73
2016-03-31 47,516.51 12,380.00 13,939.01
2015-12-31 46,720.20 12,423.80 13,556.80
2015-09-30 43,656.80 12,808.44 12,582.41
2015-06-30 41,536.08 12,671.31 11,963.70
2015-03-31 39,803.51 12,329.54 11,530.59
2014-12-31 38,079.80 12,065.50 11,059.40
2014-09-30 36,979.53 12,200.85 10,695.82
2014-06-30 36,899.39 11,681.14 10,495.46
2014-03-31 36,292.18 10,661.66 10,298.50
2013-12-31 35,079.11 9,557.32 9,894.79
2013-09-30 34,080.37 7,146.13 9,678.96
2013-06-30 33,572.13 6,366.64 9,655.02
2013-03-31 33,032.47 6,494.41 9,270.95
2012-12-31 32,231.03 6,327.29 9,036.48

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ambev has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ambev used its assets more efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Ambev's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ambev's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ambev has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Ambev's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ambev's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ambev is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ambev's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Ambev's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ambev Company Filings, last reported 3 months ago.

DB:AMNA Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 62,928.78 3,023.38 14,247.44
2019-03-31 60,490.64 3,105.42 12,836.30
2018-12-31 57,547.42 2,381.30 11,476.89
2018-09-30 60,022.30 4,974.14 12,240.70
2018-06-30 53,439.54 4,824.36 10,632.57
2018-03-31 49,768.25 4,436.44 7,965.71
2017-12-31 47,982.86 2,521.35 10,366.41
2017-09-30 48,939.68 3,295.31 8,348.51
2017-06-30 49,732.06 4,906.52 8,766.11
2017-03-31 48,680.87 5,095.25 7,240.16
2016-12-31 46,651.30 5,354.10 8,159.60
2016-09-30 49,163.92 4,414.30 7,559.79
2016-06-30 46,062.62 3,784.88 5,993.55
2016-03-31 49,020.11 3,930.55 6,216.39
2015-12-31 50,333.70 3,569.20 13,835.30
2015-09-30 50,302.72 3,142.33 10,399.59
2015-06-30 45,925.79 2,634.27 7,676.35
2015-03-31 46,112.38 2,665.03 8,008.34
2014-12-31 43,644.67 2,699.67 10,435.03
2014-09-30 43,624.10 2,493.24 6,274.91
2014-06-30 41,948.60 2,637.76 6,653.80
2014-03-31 40,105.57 2,734.23 7,706.35
2013-12-31 44,224.70 2,884.68 11,826.85
2013-09-30 39,685.60 2,980.08 5,447.66
2013-06-30 39,556.68 2,987.88 4,968.31
2013-03-31 37,269.00 3,143.73 9,450.93
2012-12-31 37,269.00 3,123.59 9,450.93
  • Ambev's level of debt (4.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (6.3% vs 4.8% today).
  • Debt is well covered by operating cash flow (626.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.9x coverage).
X
Financial health checks
We assess Ambev's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ambev has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Ambev's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.58%
Current annual income from Ambev dividends. Estimated to be 4.12% next year.
If you bought €2,000 of Ambev shares you are expected to receive €52 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ambev's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Ambev's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:AMNA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:AMNA Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 1.16 1.00
2021-12-31 0.90 10.00
2020-12-31 0.79 12.00
2019-12-31 0.59 12.00
2019-10-12
DB:AMNA Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.480 2.655
2018-05-16 0.540 3.026
2018-03-19 0.540 2.331
2018-03-01 0.540 2.314
2017-05-17 0.610 3.012
2016-12-22 0.580 3.302
2016-10-19 0.320 1.830
2016-06-27 0.260 1.339
2016-04-19 0.590 3.112
2016-02-25 0.590 3.172
2015-02-26 0.676 3.611
2014-05-16 0.508 3.117
2014-02-26 0.508 3.013

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ambev has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Ambev has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Ambev's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Ambev's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ambev afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ambev has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Ambev's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bernardo Pinto Paiva
AGE 51
TENURE AS CEO 4.8 years
CEO Bio

Mr. Bernardo Pinto Paiva has been Zone President for South America at Anheuser-Busch Inbev SA since January 01, 2019, and serves as its Member of Executive Board of Management. Mr. Paiva has been the Chief Executive Officer of Ambev S.A. since January 1, 2015 and serves as its Member of Executive Board of Officers. Mr. Paiva was Zone President of Latin America North at Anheuser-Busch InBev SA/NV since 2015 until January 01, 2019. Mr. Paiva served as the Zone President, Latin America South of Anheuser-Busch InBev from January 2009 to January 1, 2012. Mr. Paiva served as the Chief Sales Officer of Anheuser-Busch InBev SA/NV since January 1, 2012. served as the Chief Executive Officer of Quilmes Industrial (QUINSA) S.A. since January 2009. Mr. Paiva served as Chief Executive Officer of Companhia de Bebidas das Américas - Ambev since January 1, 2015 and served as its Member of Executive Board. He served as General Director of Argentine Beverage Group Quilmes Industrial SA at Companhia de Bebidas Das Americas (AMBEV) (also known as, American Beverage Co Ambev) since January 2009. Mr. Paiva served as Zone President, North America of Anheuser-Busch InBev SA/NV since January 1, 2008. He served as Chief Executive Officer of North America Region of Companhia de Bebidas Das Americas (AMBEV) since January 1, 2008 and served as its Head of Canadian Operations until January 1, 2009. He served as Head of Sales for Brazilian Unit at Anheuser-Busch InBev SA/NV until January 1, 2008. Mr. Paiva served as a Sales Executive Officer of Companhia de Bebidas Das Americas (AMBEV) from 2004 to January 2008. He joined Ambev in 1991. Mr. Paiva joined Brahma, a brand of Companhia de Bebidas as a trainee in 1991 and held various positions in the Financial, Marketing and Sales departments and was Regional Officer in Rio de Janeiro and Logistics and Supply Executive Officer. Mr. Paiva serves as a Director at Hohneck Chile S.A. and Brewers Association of Canada. Mr. Paiva has a Degree in Production Engineering from Universidade Federal do Rio de Janeiro, an Executive MBA in Marketing from Pontificia Universidade Catolica do Rio de Janeiro and an Executive Graduate Diploma from London Business School.

CEO Compensation
  • Insufficient data for Bernardo to compare compensation growth.
  • Insufficient data for Bernardo to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Ambev management team in years:

1.6
Average Tenure
43.5
Average Age
  • The average tenure for the Ambev management team is less than 2 years, this suggests a new team.
Management Team

Bernardo Pinto Paiva

TITLE
CEO & Member of Executive Board of Officers
AGE
51
TENURE
4.8 yrs

Fernando Tennenbaum

TITLE
Chief Financial & Investor Relations Officer and Member of Executive Board of Officers
AGE
42
TENURE
1.3 yrs

Jean Neto

TITLE
Chief Sales Officer & Chief Marketing Officer and Member of Executive Board of Officers
AGE
45

Eduardo Braga de Lacerda

TITLE
Chief Soft Drinks Officer & Member of Executive Board of Officers
AGE
42
TENURE
1.3 yrs

Ricardo Morais Pereira de Melo

TITLE
Chief People Officer & Member of Management Board
AGE
47

Rodrigo de Souza

TITLE
Chief Procurement Officer & Member of Executive Board of Officers
AGE
43

Mauricio Soufen

TITLE
Chief Industrial Officer & Member of Executive Board of Officers
AGE
45
TENURE
2.9 yrs

Daniel Cocenzo

TITLE
Premium & High End Executive Officer & Member of Executive Board of Officers
AGE
44
TENURE
1.7 yrs

Fernando Maffessoni

TITLE
Chief of Shared Services & Information Technology Officer and Member of Executive Board
AGE
41
TENURE
1.5 yrs

Letícia Barbosa Kina

TITLE
Chief Legal Officer & Member of Executive Board of Officers
AGE
42
Board of Directors Tenure

Average tenure and age of the Ambev board of directors in years:

12.8
Average Tenure
61
Average Age
  • The average tenure for the Ambev board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Victorio de Marchi

TITLE
Co-Chairman
AGE
80
TENURE
20.8 yrs

Carlos de Brito

TITLE
Co-Chairman
AGE
59
TENURE
13.8 yrs

Nelson Jamel

TITLE
VP of Finance & Director
AGE
47
TENURE
1.5 yrs

José Ronaldo Rezende

TITLE
Chairman of the Fiscal Council
TENURE
1.3 yrs

José Heitor Gracioso

TITLE
Director
AGE
87
TENURE
20.8 yrs

Luis Felipe Pedreira Leite

TITLE
Director
AGE
53
TENURE
14.8 yrs

Roberto Moses Motta

TITLE
Director
AGE
61
TENURE
11.8 yrs

Vicente Falconi Campos

TITLE
Director
AGE
77
TENURE
20.8 yrs

Milton Seligman

TITLE
Director
AGE
67
TENURE
1.8 yrs

Antonio Carlos Augusto Ribeiro Bonchristiano

TITLE
Independent Director
AGE
52
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Ambev's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ambev has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Ambev S.A., through its subsidiaries, produces, distributes, and sells beer, draft beer, carbonated soft drinks (CSD), other non-alcoholic beverages, malt, and food products in the Americas. It operates through three segments: Latin America North, Latin America South, and Canada. The company offers beer primarily under the Skol, Brahma, Antarctica, Brahva, Brahva Gold, Extra, Budweiser, Bud Light, Stella Artois, Corona, Modelo Especial, Beck, Leffe, Hoegaarden, Presidente, Brahma Light, President Light, Bohemia, The One, Quilmes Clásica, Paceña, Taquiña, Huari, Becker, Báltica, Ouro Fino, Pilsen, Patricia, Labatt Blue, Alexander Keith’s, Kokanee, Banks, and Deputy brands. It also provides CSD, bottled water, isotonic beverages, energy drinks, coconut water, powdered and natural juices, and ready-to-drink teas under the Guaraná Antarctica, Gatorade, H2OH!, Lipton Iced Tea, Fusion, Do Bem, Pepsi, Canada Dry, Squirt, Red Rock, Pepsi-Cola, and Seven Up brands, as well as cereal bars. Ambev S.A. offers its products through a network of third-party distributors and a direct distribution system. The company was founded in 1885 and is headquartered in São Paulo, Brazil. Ambev S.A. is a subsidiary of Interbrew International B.V.

Details
Name: Ambev S.A.
AMNA
Exchange: DB
Founded: 1885
R$64,627,645,491
15,733,264,356
Website: http://www.ambev.com.br
Address: Ambev S.A.
Rua Dr. Renato Paes de Barros, 1017,
3rd Floor,
São Paulo,
São Paulo, 04530-001,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA ABEV3 Ordinary Shares Bolsa de Valores de Sao Paulo BR BRL 11. Nov 2013
NYSE ABEV SPONSORED ADR New York Stock Exchange US USD 11. Nov 2013
DB AMNA SPONSORED ADR Deutsche Boerse AG DE EUR 11. Nov 2013
BMV ABEV N SPONSORED ADR Bolsa Mexicana de Valores MX MXN 11. Nov 2013
Number of employees
Current staff
Staff numbers
50,000
Ambev employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/12 22:26
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/09
Last earnings filing: 2019/07/25
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.