Coca-Cola FEMSA (KOFUBL.MX) fair value

ACCE thesis

Coca-Cola FEMSA bottles and distributes Coca-Cola trademark beverages across Mexico, much of Latin America and parts of Southeast Asia, making it one of the largest Coca-Cola bottlers in the world. Its moat rests on exclusive bottling territories, a dense route-to-market network and long-standing distribution relationships that are hard to replicate in emerging markets. The near-term case centres on pricing power and volume recovery in its core Mexican franchise, alongside efficiency gains that can lift margins over time. At a trailing P/E of 22.7 and a forward P/E of 17.0, the market is already pricing in a meaningful earnings rebound, which makes the case worth testing against the reported figures. Our data set does not yet include revenue growth, returns or margin history, so those numbers should be pulled before any position is sized.