June 26, 2026 12:03 PM GMT Ambev | Latin America World Cup Major Upside? For Now, We Think Not April sell-out & weather data suggest limited upside (perhaps no upside) to 2Q consensus Brazil Beer volumes. The short-term narrative remains positive (share gains, DD top-line, World Cup), but we stay UW ABEV on structural beer headwinds & demanding valuation at 16x P/E (~80% premium to peers). Stay UW in spite of ST top-line momentum: We see limited upside to 2Q consensus & believe the quarter will not be the s ...