The scale afforded by Femsa’s commercial business should help withstand near-term margin pressure.
Narrow-moat Fomento Economico Mexicano reported solid second-quarter results, with consolidated revenue growing above 21% and net margin around 5.6%, compared with our expectations for nearly 13% revenue growth and net margin above 5% for the year. We intend to review the assumptions underlying our discounted cash flow model and will probably raise our $90 fair value estimate modestly to account for better-than-expected top-line growth in fiscal 2017 (as well as the time value of money), the ben...
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