$Ambev SA (ABEV.US)$🎯 2024.3.19 Current price 2.475, positi...

New data: In 23Q4, revenue contracted for the second consecutive quarter (11.9%). Operating profit increased by 7.1% due to higher gross margin and lower expenses, and net profit before tax increased 9.2%, but net profit shrank 10.9% due to income tax.

There was little change in revenue in 2023, with operating profit increasing 7.8% and net profit increasing 0.5%.

There has been almost no change in the balance ratio, total assets have shrunk slightly, asset-side cash and revenue payments have increased, inventories have declined sharply, and debt-side derivatives liabilities have declined quite a bit.

Currently, the price-earnings ratio is 13.5 and the dividend rate is 6.1%. Revenue growth has begun to stagnate. Recently, methods of increasing profits by increasing gross margin and reducing expenses cannot support long-term growth, but the valuation is still within a reasonable range, so we will wait and see for the time being.