Earnings Report /
Mexico

Coca-Cola Femsa: KOF, Quarterly Report 2Q21: Recovery in volume beyond expectations

  • Higher-than-expected volume recovery, due to greater mobility. Consolidated volume increased 9.1% y/y

  • Extraordinary income related to the resumption of tax credits in Brazil, increased the EBITDA margin to 20.9%

  • Attractive valuation and healthy financial structure, support our BUY rating

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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