Femsa Posts Double-Digit Top Line Gains in 4Q; Shares Trading in Line With Valuation
We don’t anticipate substantial changes to our $94 per ADR share estimate for narrow-moat Femsa following the firm’s fourth-quarter results, as adjustments for the exchange rate and time value of money should largely offset a lower-than-expected top line. Revenue for the year grew roughly 15% (versus our high-teens expectation), as continued strength in the retail segment (which contributes about one third of sales) helped offset lower-than-expected top-line growth across the firm’s remaining se...
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