3 models fit Fomento Economico Mexicano S.A.B. de C.V. Common Stock and they disagree: 0 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver61
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionFomento Economico Mexicano S.A.B. de C.V. Common Stock (FMX)
Fair value (3 models)
$71.27
ACCE price target
$128
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $79.54 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 20 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 11:06 CEST.
Price used: $129 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
80.3% above
-44.5% to fair value
ACCE score
70
out of 100
Analysts
47% buy
15 covering
P/E
9.2x
forward 89.3x
1-year return
+33.1%
Dividend yield
3.54%
Fomento Economico Mexicano S.A.B. de C.V. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
FMX is the holding company behind FEMSA's beverage and retail operations, and its core is the Coca-Cola bottling franchise across Mexico and much of Latin America, supplemented by the OXXO convenience store chain. The structural case rests on the bottling franchise's scale and route density, which are hard to replicate, and on OXXO's footprint, which gives the group a retail distribution network alongside its beverage volumes. Revenue growth of 9.3% and a 40.5% gross margin point to a business still compounding at the top line while keeping pricing power. Against that, the trailing P/E of 8.6 sits well below the forward P/E of 23.7, a gap that the data alone does not explain, so the earnings path needs checking before the low trailing multiple is taken at face value. With a 14.8% ROE and a $41.4B market cap, the stock is worth a deeper look mainly to reconcile that multiple gap and to test whether reported earnings reflect the underlying trend.