Executive Summary
While Ambev’s (ABEV) valuation appears cheap, its largest markets will have difficult economic times over the next few years, causing the overall market growth to slow. In addition to slowing market growth, the company is losing share in its largest markets with smaller players and craft beers more in touch with the pulse of the consumer. The market share losses point to Ambev losing at its essential business of marketing a commodity product. It is a massive organization. Massive organizations come with bureaucracies and vested interests, which are often difficult to