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United Breweries' Top Line Accelerates in 2Q With Double-Digit Volume Growth; Shares Fairly Valued

We aren't anticipating material changes to our $25 fair value estimate for United Breweries, outside of exchange rate adjustments, after reviewing the firm's second-quarter results. We're also holding steady on our longer-term outlook, which calls for 6% revenue growth and mid-teens operating margin on average over our forecast. Year to date, net sales growth approximated 6% (in line with our outlook) and EBITDA margin (excluding the effect of a one-time cash payment received from Anheuser-Busch...
Compania Cervecerias Unidas S.A.


Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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