Goldman Sachs reiterates its Buy rating on FEMSA (FMX) with updated target prices of $132 for ADRs and P$229 for local shares following Q1'26 results.
Key Takeaways
- 1.Reiteration of Buy rating for FEMSA based on earnings momentum, consistent growth, and high visibility.
- 2.Financial model adjusted to reflect Q1'26 results and a new reporting structure including explicit forecasts for OXXO Mexico and Proximity Americas.
- 3.12-month target prices have been slightly increased for both local shares (P$229) and ADRs (US$132).
Table of Contents
- 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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Authors
Thiago BortoluciNicolas Sussmann
Securities
FMXKOF
Themes
Model Update and Earnings MomentumSegmented Reporting Visibility
Regions
North AmericaLatin AmericaEuropeMexicoBrazilColombia