Coca-Cola FEMSA Model Update Post Q1

Goldman Sachs maintains a Buy rating on Coca-Cola FEMSA (KOF) and raises its price target following Q1'26 results, citing improved South American profitability and upside risks in Mexico.

Key Takeaways

• 1.Maintained Buy rating on KOF with increased 12-month target prices of P$207 for local shares and US$119 for ADRs.
• 2.Consolidated EBITDA estimates for 2026-2028 were raised by approximately 2%, primarily due to better profitability in South America.
• 3.Mexico volume guidance remains conservative, but Goldman Sachs sees upside risks to management's expectation of low single digit declines.

Table of Contents

• Coke FEMSA model summary
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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