South American Challenges Continue to Offset Coca-Cola Femsa’s Mexican Growth; Shares Fairly Valued
Our $70 fair value estimate for Coca-Cola Femsa may increase by a few dollars, as the time value of money and a recovery in the Mexican peso since our last update will be mitigated by a reduction in our near-term South American volume forecast. Fourth-quarter results followed recent trends and were largely in line with our expectations--good pricing, but only modest volume growth in Mexico, and volume declines in South America. With shares trading at a slight discount to our fair value estimate,...
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