Fomento Economico Mexicano SAB de CV ADR

FMX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$395.00	Njggnp	Bxwpzjgd

Narrow-Moat Femsa Closes 2021 on Positive Note as Pandemic Effects Fade; Shares Attractive

David Swartz

Feb 28, 2022

Diminishing impact from the pandemic in Latin America benefited Femsa in the fourth quarter of 2021, allowing it to achieve full-year revenue above our forecast. On the basis of its results and momentum, we expect to lift our fair value estimate of $92 per ADR by a low-single-digit percentage; we view the shares as undervalued.

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