The action of Ambev (ABEV3) went off after the company released the 3rd quarter financial results this Thursday (28). Assets rose 9.72%, quoted at R$ 16.70.
The market’s euphoria is due to the largest consolidated numbers ever recorded in the company’s history for the period between July and September. However, analysts are divided over the future of the stock.
“Ambev once again exceeded expectations in top-notch sales execution, which allowed its volumes to hit record levels in the third quarter, all the more impressive considering last year’s tough comparisons,” says Marcella Recchia, analyst at Swiss credit, by weaving praise for the company.
The specialist classified the asset as Outperform, performing above the market average, with a target price of 18.50, an improvement of 18.27% compared to the closing of this Wednesday (27).
To the XP Investments, Ambev delivered strong revenue growth, in addition to a very positive net profit, from BRL 3.6 billion.
Therefore, analysts recommended buying the paper with a target price of R$20 for the end of 2021. For them, the company is outperforming its competitors and is better positioned for a recovery in the sector, up 24%.
A Now Investments is also optimistic about the company. After the result, analysts calculated that the brewery is trading attractive multiples, such as Price on Profit, which is rated at 17.8 times, below the company’s historical average, which is 23 times.
“This supports our buy recommendation, and an even more attractive Price-to-Earnings in 2023 of 14.4 times, as we anticipate that the Ebitda margin will recover due to our expectation of lower input costs”, explain Leandro Fontanesi and Ricardo France.
Therefore, Ágora has a purchase recommendation with a target price of R$ 21.00, an advance of 27.5%.
Not everything is flowers
On the other hand, the other three brokers ask for a little more caution with the stock, even after a good result.
To the Activates Investments, the problems with margins are worrisome and deserve investor attention, given that the results shown were worse than expected by the analysis house.
“We saw the company’s gross margin being pressured and below Ativa’s projections, due to the expected inflationary pressure exerted by commodities and the high exchange rate,” said Pedro Serra.
For the specialist, the moment should not be euphoric, therefore, he has a neutral recommendation, with a target price of R$ 17.80, an increase of 14.5%.
To BTG Actual, the ideal is to stay neutral with the asset. For analysts, the paper has the possibility of generating gains in the short term, but in the next 12 months, the bank sees that the stock could reach R$16.
Finally, the Itaú BBA notes that pressure on margins could worsen next year.
“We expect this trend to accelerate throughout 2022, as the cost pressure scenario should continue to generate some obstacles for the recovery of Ambev’s profitability”, say Gustavo Troyano and Victor Gaspar.
Thus, the financial institution classifies the stock as Market Perform, performance within the market average, with a target price of R$19 for the end of 2021, an increase of 19.9%.
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