Ambev enjoys profit margins above 40% which is higher than even the largest competitors. They clearly are doing a lot of things right. This dominant financially pleasing fact is because of huge concentrated market share. Brazil has the highest margins of all markets.
Large sporting events from FIFA cups to tiddly winks drive beer consumption. You just have to show up at the right time. Ambev has done that.
Per capita consumption in Brazil and Argentina are much lower than supposed mature markets for beer. This bodes well for the domestic olde school portion of the business.
George Gutowski writes from a caveat emptor perspective.