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Coca-Cola Femsa: KOF, Quarterly Report 1Q21: Strong hit on Latam’s margins

Volumes continued rebounding, on the back South and Central America’s recovery, albeit FX effects impacted profitability
Current 7.0x FV/EBITDA 2021E still implies an excessive discount vs. peers, which does not reflect the recovery outlook
At 1.1x ND/EBITDA we do not rule out possible M&A ahead to recover its position as the largest bottler in the system

Valentin III Mendoza Balderas

Senior Equity Research Analyst, Consumer & Telecoms @ Banorte

Juan Barbier

Equity Research Analyst @ Banorte

5 May 2021

Published byBanorte

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