Femsa's scale and competitive edge should help it withstand near-term margin headwinds.
Narrow-moat Femsa continued to post solid top-line growth in the second quarter, with consolidated sales up nearly 9%, driven by strength in its commercial business, and we continue to think the company is poised for high-single-digit growth over our forecast period. Growth in the health (11% of sales) and fuel (9%) divisions was especially pronounced, with sales up 17% and 22%, respectively. However, margin pressures from higher input costs at Coca-Cola Femsa (which contributed above 40% of sal...
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