Strong Pricing in Mexico Drives Coca-Cola Femsa’s Top Line in 2Q; Shares Slightly Overvalued
Narrow-moat Coca-Cola Femsa reported second-quarter results that largely met our expectations, with revenue growing 25.5% over last year largely due to the acquisition of Vonpar in Brazil, and operating margin around 13%. While comparable revenue growth of 1.9% fell slightly below our long-term forecast for mid-single-digit growth, we think the company will be able to rely on pricing to boost its top line and stand by our outlook for mid-teens revenue growth and operating margin around 14% this ...
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