Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader economic challenges.</li><li>The company reported a robust top-line performance for the first quarter of 2025, with revenues rising by high single digits and EBITDA growing by double digits, despite nominal volume growth of just 0.7%.</li><li>This performance signifies healthy operational efficiency and strategic execution across various business pillars, though the flat net income reflects substantial tax comparisons from the previous year.</li></ul>

Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader economic challenges.The company reported a robust top-line performance for the first quarter of 2025, with revenues rising by high single digits and EBITDA growing by double digits, despite nominal volume growth of just 0.7%.This performance signifies healthy operational efficiency and strategic execution across various business pillars, though the flat net income reflects substantial tax comparisons from the previous year.

Ambev S.A.: How Are They Dealing With Competitive Market Dynamics & Other Risks?

<ul><li>Ambev S.A. recently reported its fourth quarter and full-year 2024 results.</li><li>For the fiscal year, Ambev reported a 37% growth in EBITDA over five years, as well as nearly BRL 65 billion in free cash flow to equity.</li><li>The company succeeded in driving volume growth across its key markets, with standout performances in the digital transformation space, where a significant proportion of transactions now occur through their B2B platform, BEES.</li></ul>

Ambev S.A. recently reported its fourth quarter and full-year 2024 results.For the fiscal year, Ambev reported a 37% growth in EBITDA over five years, as well as nearly BRL 65 billion in free cash flow to equity.The company succeeded in driving volume growth across its key markets, with standout performances in the digital transformation space, where a significant proportion of transactions now occur through their B2B platform, BEES.

Ambev S.A.: A Strategy That Hovers Around Premiumization & Expansion of Product Portfolio In Latam But Will It Yield Results?

<ul><li>Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite challenging comparisons to the previous year.</li><li>CEO Jean Jereissati outlined a robust performance, highlighting the company's consistent top-line growth, record volumes in Brazil, and expansions in gross and EBITDA margins.</li><li>This quarterly performance builds on the momentum from the first half of the year, powered by strong performances in Brazil and the Central America and Caribbean (CAC) region, albeit marred by a challenging consumption environment in Canada and the tax headwinds in Brazil.</li></ul>

Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite challenging comparisons to the previous year.CEO Jean Jereissati outlined a robust performance, highlighting the company's consistent top-line growth, record volumes in Brazil, and expansions in gross and EBITDA margins.This quarterly performance builds on the momentum from the first half of the year, powered by strong performances in Brazil and the Central America and Caribbean (CAC) region, albeit marred by a challenging consumption environment in Canada and the tax headwinds in Brazil.

Ambev S.A: Inside Ambev’s Strategic Shift: Premiumization

<ul><li>Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage industry.</li><li>As the company navigated through varying market conditions across different regions, they reported a robust volume growth spearheaded by their performance in Brazil and Central America and Caribbean (CAC), although this was slightly offset by weaker results in Argentina and Canada.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage industry.As the company navigated through varying market conditions across different regions, they reported a robust volume growth spearheaded by their performance in Brazil and Central America and Caribbean (CAC), although this was slightly offset by weaker results in Argentina and Canada.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Ambev S.A.: How Are They Dealing With Pricing Sensitivity & Market Volatility Challenge! - Major Drivers

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Alcoholic Beverages sector exposure has dropped to multi-year lows, falling below 50% of active GEM funds. </li>
<li>Recent outflows total $700m, with China &amp; HK and Brazil seeing the steepest declines. </li>
<li>Key stocks like Kweichow Moutai and Wuliangye Yibin face consistent month-on-month closures as managers rotate out.</li>
</ul>


Alcoholic Beverages sector exposure has dropped to multi-year lows, falling below 50% of active GEM funds. 
Recent outflows total $700m, with China &amp; HK and Brazil seeing the steepest declines. 
Key stocks like Kweichow Moutai and Wuliangye Yibin face consistent month-on-month closures as managers rotate out.


Last Orders? GEM Funds Retreat from Alcoholic Beverages Stocks

Brazil

Ambev SA primary business is the production and distribution of beer. The Company also operates in the soft drinks and non-alcoholic and non-carbonated businesses with proprietary brands. Ambev has exclusive bottler and distributor rights for Pepsi CSD products in Brazil.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ambev (ABEV US)

Ambev S.A.: How Are They Dealing With Competitive Market Dynamics & Other Risks?

Ambev S.A.'s recent financial disclosures provide a mixed picture for investors, underscored by a strong start to 2025 but tempered by broader...

Baptista Research

Ambev S.A.: A Strategy That Hovers Around Premiumization & Expansion of Product Portfolio In Latam But Will It Yield Results?

Ambev S.A. recently reported its fourth quarter and full-year 2024 results. For the fiscal year, Ambev reported a 37% growth in EBITDA over five...

Baptista Research

Ambev S.A: Inside Ambev’s Strategic Shift: Premiumization

Ambev, a leading beverage company, recently reported its third quarter results for 2024, demonstrating solid growth and profitability despite...

Baptista Research

Ambev S.A.: How Are They Dealing With Pricing Sensitivity & Market Volatility Challenge! - Major Drivers

Ambev's recent earnings for the second quarter of 2024 showcased a dynamic landscape of both progression and challenges within the beverage...

Baptista Research

Last Orders? GEM Funds Retreat from Alcoholic Beverages Stocks

Alcoholic Beverages sector exposure among GEM funds has dropped to a decade low, with Kweichow Moutai and Wuliangye Yibin driving the exodus.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)