Femsa’s Organic Growth Remains Decent, but Shares Still Overvalued
We don’t anticipate a major change to our $80 per ADR fair value estimate for narrow-moat Femsa following third-quarter results. The ADR trades at a premium to our fair value estimate, and with shares of Coke Femsa and Heineken (Femsa has a 20% stake) about fairly valued, we believe that the market continues to place a premium on Femsa’s retail business.Femsa’s retail business continues to report decent growth, with third-quarter same-store sales up 5.7% at Oxxo (traffic fell 0.6% and ticket in...
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