Ambev S.A.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF (per-ADS, 1 ADS = 1 common share): $4.71B TTM free cash flow base; 4% annual FCF growth years 1-5, 2% years 6-10; 11% discount rate (reflects Brazil/LatAm country-risk premium on top of a mature consumer staples business); 2% terminal growth; added back $2.97B net cash position; divided by 15.45B shares/ADSs outstanding. PV of years 1-5 ~$19.45B, years 6-10 ~$13.27B, PV of terminal value ~$25.26B, total EV ~$57.98B, plus net cash = ~$60.95B equity value.

Reasoning: Ambev is a large, mature, highly cash-generative Latin American brewer (AB InBev's regional arm) with stable margins, making a standard FCF DCF appropriate; the discount rate and modest growth assumptions reflect Brazilian macro/currency risk rather than any operating uncertainty.