Coca-Cola Femsa’s Brand Strength Should Help It Endure Near-Term Cost Headwinds
Narrow-moat Coca-Cola Femsa ended its year on solid footing, with full-year comparable revenue growth of 5.9% (slightly above our roughly 5% estimate) driven by continued strength in the firm’s core Mexico and Central America region (55% of sales). Profitability outpaced our expectations, with gross margin expanding 40 basis points to 46% and operating margin holding steady around 13.5%, versus our estimates of 45% and 11.8%, respectively. This was largely due to pricing ahead of inflation in mo...
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