Narrow-Moat Femsa’s Mexico Growth Solid; South American Growth Challenged; Shares Fairly Valued
Femsa’s first quarter included solid Mexico and Central American (49% of total operating profit) results, along with continued economically driven challenges in its South American division (47%). We do not plan to significantly change our $74 fair value estimate, and see shares as fairly valued.Total comparable revenue growth of 2.7% tracked below our long-term mid-single-digit percentage forecast, as South American volumes retreated 15% on a comparable basis, down for a seventh straight quarte...
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