Ambev: The Rally Makes Sense, But The Easy Money Is Gone

2026-05-06 12:59:05 ET

There are several reasons to be skeptical of the consumer staples thesis today, especially for alcoholic beverage companies like Ambev S.A. ( ABEV ). Persistent inflation, changing health habits, and GLP-1 drugs curbing demand are headwinds that seem structural. In the specific case of Ambev, which is a Brazilian subsidiary of Anheuser-Busch InBev ( BUD ), these concerns have been compounded by a much bigger issue over the last few years: weaker Brazilian macro, FX pressure, high interest rates, and limited earnings growth....

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