Earnings Report /
Mexico

FEMSA: FEMSA, Quarterly Report 2Q21: Solid growth and in clear recovery

  • Femsa's figures confirmed an important recovery in all of its businesses, highlighting the expansion in margins

  • EBITDA posted a higher-than-expected increase, thanks to higher operating leverage and adequate expense management

  • Given the outlook of economic recovery and a valuation of 10.6x FV/EBITDA, we reiterate BUY

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Juan Barbier
Juan Barbier

Equity Research Analyst

Banorte
3 August 2021
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