Coca-Cola Femsa’s sturdy brand assets should help it weather macroeconomic headwinds.
We think narrow-moat Coca-Cola Femsa remains on track to meet our expectations for the year following its third-quarter results, with revenue up 16.6% (3.9% on a comparable basis), driven by pricing, compared with 20%-plus growth for the year. Although comparable sales volume declined 1.6%, largely due to weakness in the still category, we were buoyed by the smaller decline (0.7%) in comparable transactions, as this suggests that the firm’s packaging mix is shifting toward smaller pack sizes, w...
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