Fomento Economico Mexicano SAB de CV ADR

FMX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$873.00	Nwlck	Fbrfqpkbl

Narrow-Moat Femsa’s Recovery From the Pandemic Continues Despite Inflation; Shares Undervalued

David Swartz

May 2, 2022

Narrow-moat Femsa’s results for 2022’s first quarter put it on track to exceed our full-year expectations as economies in Mexico and its other territories normalize after the pandemic. Given solid momentum in its key segments, we expect to lift our fair value estimate of $93 per share by a low-single-digit percentage. We view its shares as undervalued.

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