Coca-Cola Femsa SAB de CV ADR

KOF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$78.00	Rxrl	Wsqpjcmn

Aided by Investments, Coca-Cola Femsa Holds Its Competitive Edge as Latin America Rebounds

David Swartz

May 10, 2022

Business Strategy and Outlook

We view Coca-Cola Femsa as a narrow-moat firm even though, as a distributor, it bears risks emanating from the capital and operational intensity that go along with packaging and distributing finished beverages. We believe its importance is on par with that of brand owner wide-moat The Coca-Cola Company (TCCC) in terms of execution in the marketplace. We think TCCC is keenly aware of this reality, and the support it provides for bottlers like Coca-Cola Femsa should allow the latter to maintain its operating profile amid economic uncertainty and competitive intensity.

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