Transferring Coverage of Narrow-Moat Coca-Cola Femsa and Femsa; Shares Not a Bargain
We are transferring coverage of Coca-Cola Femsa ($80 fair value estimate) and Fomento Económico Mexicano, or Femsa, ($94 fair value estimate) to a new analyst and reiterating our narrow moat ratings for both firms. Coca-Cola Femsa is a subsidiary of Femsa (contributing nearly two thirds of its operating profits), which also operates a commercial arm that includes the Oxxo chain of convenience stores, as well as pharmacies and fuel service stations. As the largest convenience store chain in Mexic...
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