Coca Cola Femsa Sab De Cv (KOF) intrinsic value & 10-year financials
Coca Cola Femsa Sab De Cv (KOF) has a Graham intrinsic value of MXN 29.80 per share. Over the last 10 fiscal years revenue grew 7.0% a year to MXN 279.8B, with an average return on invested capital of 7.5%.
- Graham intrinsic value
- MXN 29.80
- Revenue (FY2024)
- MXN 279.8B
- Revenue growth (10-yr CAGR)
- 7.0%
- ROIC (10-yr avg)
- 7.5%
- Free cash flow (FY2024)
- MXN 18.5B
KOF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | MXN 279.8B | MXN 24.5B | MXN 1.41 | MXN 18.5B | — | 13.7% |
| FY2023 | MXN 236.6B | MXN 20.2B | MXN 1.16 | MXN 22.7B | — | 12.0% |
| FY2022 | MXN 220.3B | MXN 19.6B | MXN 1.13 | MXN 18.7B | — | 11.7% |
| FY2021 | MXN 189.4B | MXN 16.3B | MXN 0.93 | MXN 23.4B | — | 9.9% |
| FY2020 | MXN 183.6B | MXN 10.4B | MXN 0.61 | MXN 25.5B | — | 6.0% |
| FY2019 | MXN 194.5B | MXN 12.6B | MXN 0.72 | MXN 21.0B | — | 6.9% |
| FY2018 | MXN 182.3B | MXN 15.1B | — | — | — | 7.7% |
| FY2017 | MXN 203.8B | -MXN 11.7B | -MXN 0.77 | MXN 22.2B | — | -5.7% |
| FY2016 | MXN 177.7B | MXN 10.5B | MXN 0.61 | MXN 22.1B | — | 5.1% |
| FY2015 | MXN 152.4B | MXN 10.3B | MXN 0.62 | MXN 12.7B | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in MXN.
Executive summary
COCA COLA FEMSA SAB DE CV has demonstrated mature, steady growth, with revenue compounding at 7.0% annually over the past decade.
COCA COLA FEMSA SAB DE CV has historically struggled to out-earn its cost of capital, averaging just 7.5% ROIC.
COCA COLA FEMSA SAB DE CV has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, COCA COLA FEMSA SAB DE CV is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $29.80 per share.