Narrow-Moat Femsa Reports Solid Growth, but Shares Are Fairly Valued
We plan to increase our $79 per ADR fair value estimate for Femsa by low single digits to account for a stronger peso since our last update and the time value of money, as slightly stronger revenue was offset by higher expenses last year. We see shares of the narrow-moat company as fairly valued.Total revenue growth of 28% last year slightly outpaced our 25% forecast, driven by solid results across Femsa’s four segments. Coca-Cola sales (44% of total 2016 revenue) grew by low double digits last...
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