FEMSA's (NYSE:FMX)
third quarter wasn't flawless, but it was a good quarter that showed
ongoing progress in most of the initiatives that matter most to
management and to the creation of shareholder value. While the "will
they/won't they?" with the Heineken stake is likely to drag on, there are a lot of irons in the fire with Coca-Coca FEMSA (NYSE:KOF) and plenty of growth opportunities for the retail operation.
I
haven't made too many meaningful changes to my model, and most of the
change in my fair value calculation come from changes in the value of
the Heineken stake (which I value at current prices) and exchange rates.
With a fair value of $103 and a runway to several years of
above-average growth, I believe FEMSA is worth considering as a buy
candidate, particularly on the frequent pullbacks that seem to come with
these shares.
Read the full article here:
FEMSA Comes Through Again
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