Ambev

Few beverages players in Latin America match the executional depth of Ambev. From Sao Paulo, the group manages a workforce of approximately 55k and generates close to $15B in revenue, while steadily widening the gap with regional peers.

Management's emphasis on operational discipline — tight working capital, focused capex, clearer ESG roadmaps — is increasingly visible in margin trajectory.

“Ambev is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.