Fomento Económico Mexicano (FMX)

• Market cap: $31.2B
• 1 day: 3.06%
• 5 days: -1.24%
• 1 month: 0.45%
• 3 months: -12.48%
• 6 months: -19.08%
• Year to date: -31.94%
• 1 year: -33.09%
• 5 years: -7.63%
• 10 years: -2.15%

About: Mexico-based Femsa is a beverage and retail conglomerate in Central and South America. The holding company owns controlling stakes in bottler Coca-Cola Femsa (47% economic stake, 56% voting rights), in addition to operating 100%-owned retail assets, including convenience stores under the Oxxo banner, drugstores, and gas stations. The firm divested its 15% stake in Heineken and its distribution business in 2023. Coca-Cola Femsa and the Oxxo chain made up 75% of total company revenue and around 90% of profits in 2023.

Employees: 392,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

11% more first-time investments, than exits

New positions opened: 41 | Existing positions closed: 37

1% more funds holding

Funds holding: 305 [Q2] → 309 (+4) [Q3]

0.11% less ownership

Funds ownership: 3.15% [Q2] → 3.04% (-0.11%) [Q3]

5% less call options, than puts

Call options by funds: $10.1M | Put options by funds: $10.6M

12% less capital invested

Capital invested by funds: $7.25B [Q2] → $6.41B (-$838M) [Q3]

20% less funds holding in top 10

Funds holding in top 10: 10 [Q2] → 8 (-2) [Q3]

21% less repeat investments, than reductions

Existing positions increased: 92 | Existing positions reduced: 116

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $109 25% upside
• Avg. target: $114 30% upside
• High target: $118 35% upside

2 analyst ratings

• positive: 1 50%
• neutral: 1 50%
• negative: 0 0%

Barclays Benjamin Theurer 32% 1-year accuracy 10 / 31 met price target	35% upside $118	Overweight Maintained	30 Oct 2024
JP Morgan Joseph Giordano 54% 1-year accuracy 14 / 26 met price target	25% upside $109	Neutral Downgraded	23 Sept 2024