Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

FEMSA Just Keeps Rolling

Just about everything seems to be working in favor of FEMSA (NYSE:FMX) these days. Not only have volumes and margins continued to improve in the Coca-Cola FEMSA (NYSE:KOF) business, but the company's OXXO stores are lapping the competition in terms of comp-store growth. With new opportunities in Southeast Asia, pharmacies, and financial services, the growth outlook for this Mexican consumer conglomerate looks quite solid.

A Solid Close To The Year

FEMSA's fourth quarter results point to both improving conditions for Mexican consumers and ongoing share growth, while margins continue to develop nicely.

Consolidated revenue rose about 12% as reported, with better than 15% reported growth from Comercio (which is primarily OXXO at this point) and 10%...

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