Analysts Coverage & Consensus Estimates

Analysts Coverage

Firm Analyst Recommendation E-mail
Banco do Brasil Mary Silva Buy E-mail
Bank of America – Merrill Lynch Isabella Simonato Buy E-mail
Barclays Benjamin Theurer Neutral E-mail
Bradesco Leandro Fontanesi Buy E-mail
BTG Pactual Thiago Duarte Neutral E-mail
Citi Renata Cabral Buy E-mail
Evercore ISI Robert Ottenstein Buy E-mail
Goldman Sachs Thiago Bortoluci Sell E-mail
HSBC Carlos Laboy Buy E-mail
Itaú BBA Gustavo Troyano Neutral E-mail
JP Morgan Lucas Ferreira Neutral E-mail
Morgan Stanley Ricardo Alves Neutral E-mail
Santander Alan Alanis Buy E-mail
Scotiabank Felipe Ucros Buy E-mail
UBS Rodrigo Alcantara Buy E-mail
XP Investimentos Leonardo Alencar Buy E-mail

Consensus Estimates

Ambev is covered by various sell side financial analysts, and the consensus collection linked below was compiled from January 19th to February 14th, 2024, exclusively from inputs submitted, and authorized to be disclosed, by the sell side analysts listed therein, which have consistently covered the company for the past 18 months.

The compiled consensus estimates correspond to the average of the 4Q23 and FY24 projections submitted by the sell side analysts for the consolidated volume and for the following lines of Ambev Consolidated P&L: Net Revenue, Normalized EBITDA and Normalized Profit. For reference purposes, the amounts corresponding to the 10th and the 90th percentiles for each of such metrics are also disclosed. The consensus methodology may change at any time.

Consensus estimates are, by nature, forward looking and are therefore subject to risks and uncertainties which are subject to change at any time. Note that consensus estimates, including any kind of underlying projections or forecasts, are the sell side analysts’ own opinions and do not represent, in any way, opinions, forecasts, guidance or predictions of Ambev or its management. Ambev has not verified, endorsed, influenced or commented on any of such consensus estimates, nor does it intend to do so in the future.

Ambev assumes no liability whatsoever in connection with the accuracy, compilation, completeness or publication of consensus estimates and does not by its reference or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Ambev undertakes no obligation to update or revise such information and may discontinue this publication at any time. Nothing contained herein should be taken as a recommendation to buy or sell any securities, or to take or refrain from taking any other action, or to place any reliance on any of the information included in this consensus collection.