Core Viewpoint - Ambev's valuation is closely linked to the strength of the Brazilian Real, making traditional financial metrics less relevant for investment analysis [1][2]. Group 1: Financial Performance and Correlation - Ambev's share price shows a negative correlation with earnings per share (EPS), free cash flow (FCF), and revenue, despite the company achieving an annual revenue growth rate of approximately 8.5% [2][3]. - The correlation between Ambev's share price and the USD to BRL exchange rate is strong and negative, with the share price decreasing by about $1.56 for every Brazilian Real gained against the US Dollar [3][4]. - The Brazilian Real has depreciated at a rate of about 7.8% per year, which is comparable to Ambev's revenue growth rate, indicating a challenging environment for the company [7]. Group 2: Market Position and Size - Ambev is a significant player in the Latin American beer market, controlling approximately 80% of the market in Argentina, 70% in Brazil, and 60% in Peru [11]. - The company produced 183.7 million hectoliters of beer, making it the third-largest producer globally when considering its parent company, AB InBev [8]. Group 3: Profitability and Financial Health - Ambev leads the industry in net margin at 18%, significantly outperforming competitors like Heineken and Constellation Brands [9]. - The company has maintained a negative net debt position since 2012, showcasing strong financial discipline and a robust balance sheet [10]. Group 4: Growth Drivers and Challenges - Ambev has seen substantial growth in its premium and super premium brands, which has helped offset volume decreases [11]. - The company faces headwinds from currency volatility and political instability in Brazil and Argentina, which could impact its performance [12][13]. Group 5: Investment Outlook - The potential for investment in Ambev hinges on either the Brazilian Real regaining value or the company outpacing the Real's depreciation through revenue and profit growth [7]. - Ambev offers a high dividend yield of about 6%, which is a significant factor for investors, although this is subject to changes in Brazilian tax policy [18].

Group 1: Investment Opportunities - Marketbeat's screening tools, particularly the Cheap Dividend Stock list, identify stocks trading within 20% of their 52-week lows with yields of 3% or more, serving as a starting point for research [1] - Hanover Bancorp offers better yield and value for small-cap investors compared to Cullman Bancorp, trading at less than half the value and providing a yield of 150 basis points more [10] - Ambev's stock is trading at a low price with a dividend yield of about 10%, although there is risk associated with the payout due to its distribution policy [4] Group 2: Company Performance and Outlook - Big 5 Sporting Goods is currently trading at a multi-year low due to a recent distribution cut, but it yields over 5% and is expected to pivot back to growth by the end of the fiscal year [6] - Cullman Bancorp has a reliable 1.2% yield with a payout ratio of less than 20% of cash flow, showing potential for distribution growth despite a previous cut [8] - AdvisoryShares Dorsey Wright Short ETF has shown a downward trend since its launch in 2019, making it a candidate to sell despite its dividend payment [2]

Group 1 - Ambev S.A. filed its annual report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission on March 11, 2024 [1] - The report is available on the Company's website and the SEC's website [1] - ADR holders can request a hard copy of the complete audited financial statements free of charge [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March, 2024 Commission File Number 1565025 AMBEV S.A. (Exact name of registrant as specified in its charter) AMBEV S.A. (Translation of Registrant's name into English) Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor 04530-000 São Paulo, SP Federative Republic of Brazil (Address of principal executive office) Indicate by ...

Group 1: AT&T (T) - AT&T is viewed as a viable investment for those believing in its future growth despite current stagnation [2] - The company reported higher-than-expected revenues and added more postpaid customers than anticipated, although it missed earnings by a few cents [2] - AT&T offers a dividend yield of 6.5%, providing passive income for investors [2] Group 2: Ambev (ABEV) - Ambev's stock is currently trading at approximately $2.50, with analysts projecting a target price of $3.43 and potential for price appreciation [3][4] - The company offers a dividend yield just above 5%, making it attractive for income-focused investors [3] - Ambev has shown rapid revenue growth over the past three years and is financially secure, ranking higher than 79% of its competitors in the brewery sector [4] Group 3: Kinder Morgan (KMI) - Kinder Morgan operates critical pipeline transportation infrastructure in the energy sector and has a current dividend yield of 6.8% [5] - The company anticipates paying $1.15 per share in dividends this year and expects to maintain yields above 6% in 2024 [5] - Despite a decline in earnings and distributable cash flow by 10% and 4% respectively in the fourth quarter, investors are betting on potential instability in energy markets to drive prices higher [6]

Group 1: Planet Labs (PL) - Planet Labs focuses on Earth observability, providing detailed satellite imagery to various clients, including government and commercial sectors [2][3] - The company has a significant cash reserve of over $300 million and is experiencing rising revenues, indicating potential for future growth despite not yet being consistently profitable [3] Group 2: Ambev (ABEV) - Ambev is Brazil's largest beer brewing company, with a strong market presence in Brazil and other Latin American countries, benefiting from growth opportunities in emerging markets [4][5] - The company operates under Anheuser-Busch InBev but has maintained a strong position, avoiding political controversies and holding a net cash position, providing flexibility in a volatile economy [5] Group 3: Traeger (COOK) - Traeger designs and distributes wood pellet barbecue grills, capitalizing on the growing trend of home grilling, particularly among younger consumers [6][7] - After overexpansion and subsequent operating losses, Traeger is expected to return to profitability, with inventory levels normalizing and shares significantly down from their 2021 peak [7]

Core Viewpoint - The article discusses how certain companies with strong balance sheets are well-positioned to thrive despite rising interest rates, contrasting them with more speculative and debt-laden firms that face existential risks due to these economic conditions [1]. Group 1: Companies with Strong Balance Sheets - Alphabet (GOOGL) has $120 billion in cash and short-term investments against $12 billion in long-term debt, potentially benefiting from higher interest rates through treasury bonds yielding 4%, which could generate about $5 billion annually [2]. - Franco-Nevada Corp. (FNV) has no debt and has seen its stock rise over 600% since 2007, although it faces challenges due to a mine shutdown in Panama. The price of precious metals is increasing, suggesting potential for FNV shares to trend higher [4][5]. - Corteva (CTVA) has virtually no net debt and is trading at around 17 times forward earnings, making it an attractive investment opportunity despite a 25% decline in stock price over the past year [6]. - Ambev (ABEV) operates without debt and offers a greater than 5% dividend yield, trading at 15 times forward earnings, positioning it as a steady stock in a defensive industry [7][8]. - Old Dominion Freight Line (ODFL) has only $60 million in long-term debt and focuses on less-than-truckload services, resulting in a stock price increase of over 900% in the past decade [9]. - EPAM Systems (EPAM) has no debt and a large cash balance, allowing it to adapt to geopolitical changes and continue growth in affordable IT solutions [10][11]. Group 2: Market Dynamics - Tradeweb Markets (TW) has benefited from the shift to online bond trading, experiencing a 28% growth in average daily volume for 2023, including a 43% rise in December trading volumes, making it a resilient stock amid interest rate fluctuations [12][13].

Ambev S.A. (NYSE:ABEV) Q3 2023 Earnings Conference Call October 31, 2023 11:30 AM ET Company Participants Jean Jereissati – Chief Executive Officer Lucas Lira – Chief Financial, Investor Relations and Shared Services Officer Conference Call Participants Isabella Simonato – Bank of America Robert Ottenstein – Evercore Thiago Duarte – BTG Pactual Ben Theurer – Barclays Felipe Ucros – Scotiabank Alan Alanis – Santander Operator Good morning, good afternoon, and thank you for waiting. We would like to welcome e ...

Financial Performance Highlights - Ambev's net revenue increased by 19% in 3Q23 and 22% in 9M23[7] - Normalized EBITDA grew by 44% in 3Q23, or 31% excluding Argentina, and 40% in 9M23, or 23% excluding Argentina[7] - Gross Margin and EBITDA Margin increased by 210 bps and 560 bps respectively in 3Q23, and 230 bps and 400 bps respectively in 9M23[7] - Cash Flow from Operating Activities increased by R$1.8 billion (nominal) in 3Q23 and R$1.9 billion (nominal) in 9M23[7] Regional Performance - CAC (presumably a region) experienced a volume increase of 13.6%, NR/hl (Net Revenue per hectoliter) increase of 7.6%, EBITDA increase of 62.3%, and EBITDA Margin increase of 940 bps[27] - Canada saw a volume decrease of 13.1%, NR/hl increase of 6.7%, EBITDA increase of 3.5%, and EBITDA Margin increase of 310 bps[37] Brand Performance - Premium and super premium beer volume experienced low teens growth[8] - Value beer volume decreased by 40's%[8] Digital Initiatives - Annualized GMV (Gross Merchandise Value) increased by 30% year-over-year[38] - BEES customer on marketplace increased by 80%[38] - SKU (Stock Keeping Unit) / POC (Proof of Concept) increased by 21% year-over-year[38] - MAU (Monthly Active Users) reached 4.7 million[38] - GMV increased by 8% year-over-year[38] - Awareness increased by 25% year-over-year[38]