$FEMSA (FMX.US)$The Mexican beverage and retail group, which...
$FEMSA(FMX.US$The Mexican beverage and retail group, which was listed in 1998, mainly operates health, bottled Cola, and logistics businesses through holding companies, and is strangely divided into the beer sector. 60% of the market is in Mexico, and the remaining 40% is mainly in South America. The current price is 137.92.
In the past 5 years, revenue has increased for 4 years except 2020, with an average growth rate of 8.9%. Operating profit increased for 4 years except 2020, with an average growth rate of 8.3%. Net profit almost returned to zero in 2020, with little overall change. Interest expenses account for 17.9% of operating profit in 2022, and the interest burden is heavy. The gross margin has basically been around 38% in the past 5 years, the return on net assets in 2022 is 9.1%, and the arithmetic average for the past 5 years is 7.3%.
In the first three quarters of 2023, revenue increased 19.4%, operating profit increased 8.8%, and net profit increased 2.2 times due to other non-operating income and discontinuation of operations.
Currently, the price-earnings ratio is 40, and the price-earnings ratio is TTM 30.6. If net profit increases 2.2 times for the whole year, the price-earnings ratio will drop to 12.5. Considering that recent net profit growth mainly comes from one-time income, the high base will inevitably shrink in the future, and it is not very attractive yet.
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