
Femsa Earnings: Headline Numbers Hide Mounting Margin Headwinds; Shares Overvalued
Femsa grew comparable revenue by 9.4% in the third quarter, led by 10.3% growth in Oxxo Mexico and 10.9% growth in Americas & Mobility (fuel operations and ex-Mexico Oxxo stores). Operating margin expanded 10 basis points to 8.5%, driven entirely by Coca-Cola Femsa.