LatAm Beverages & Consumer: The Weekly Brunch: La Casa de Toño Sale, Ambev Protein Beer & Buyback Program, Walmex Guidance Cut, & More...

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LatAm Beverages & Consumer: The Weekly Brunch: La Casa de Toño Sale, Ambev Protein Beer & Buyback Program, Walmex Guidance Cut, & More...

Global Research

26 July 2026ab

LatAm Beverages & Consumer Equities

Latin AmericaThe Weekly Brunch: La Casa de Toño Sale,

Ambev Protein Beer & Buyback Program, Food & Beverage

Walmex Guidance Cut, & More... Rodrigo AlcantaraAnalyst

rodrigo.alcantara@ubs.com

+55-11-2767 6324

Latest Thoughts on Stock Positioning Kevin Zavala

Associate Analyst

Most recurring investor questions this week: Should we stay short Walmex and Arca? kevin.zavala@ubs.com

This comes on the back of soft quarterly results, with both stocks falling -2.5%/- +55-11-2767 6176

4.5% post earnings. Our response: we would remain cautious before potentially

turning more constructive on either name. Beyond the weak prints, we continue to

see the risk of a post-world cup “hangover” in consumption, alongside still-

demanding valuations (particularly at Arca) and downward earnings revisions,

including Walmex’s guidance cut. Lastly, while Ambev’s share price was relatively

flat during the week, investor interest picked up following Wednesday’s launch of

Spaten Pro (see our report) and growing questions around what comes next for the

company’s buyback program as it nears completion. All in, we continue to see no

high-conviction Buy ideas across the sector as a whole.

La Casa de Toño Explores Sale for Over US$400mn

What happened? La Casa de Toño is exploring a sale of the business for more than

US$400mn, with the transaction expected to include all 81 restaurants. Grupo

Gigante is reportedly among the potential bidders, while the valuation could

exceed 8x adjusted earnings, roughly twice the multiple of listed regional

restaurant operators (link).