KOF - Coca-Cola FEMSA: Attractively Valued Highly Diversified Central And South American Play Yielding 3.0%
Firm Overview & Structure
Source: KOF
As illustrated in the top left, Coca-Cola FEMSA (KOF) is engaged primarily in Mexico, Guatemala, Costa Rica, Nicaragua, Panama, Brazil, Argentina, Columbia, Uruguay, and Venezuela. The countries it has focused on have shifted over time. The structure consists of FEMSA, Coca-Cola (KO), and Series L and Series B shares.
Mexico and Central America represent 62% of volumes, 56% of Revenues, and 59% of EBITDA with the remainder derived from South America. Mexico and Central America and South America represent 102 million customers and 182 million