Narrow-Moat Fomento’s Mexico Growth Solid; South American Growth Challenged; Shares Fairly Valued
We don’t expect much change to our $90 fair value estimate for Fomento other than for currency and time value of money adjustments, leaving shares fairly valued. There is little to update with narrow-moat Coca-Cola Femsa (around half of Fomento’s total profit), which the company owns 48% of, having reported results earlier in the week.Femsa’s first quarter included solid Mexico and Central American (49% of its total operating profit) results, along with continued economically driven challenges ...
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