MeritValue

COCA COLA FEMSA SAB DE CV

KOFdata completeness 75%4 fiscal years on file
The thesis, from the filings

COCA COLA FEMSA SAB DE CV earns about -9% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2017FY 2018FY 2019FY 2020
Revenue$10.4B1$9.29B2$10.3B3$9.23B4
Net income−$652M5$768M6$670M7$521M8
Operating cash flow$1.69B9———
Capital expenditure$564M10$505M11$548M12$485M13
Free cash flow (derived)$1.13B9,10———
Total debt———$900M14
Cash & equivalents$956M15$1.21B15$1.09B16$2.19B17
Diluted shares16.81B16.81B16.81B—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

iii. Is this a good business?
Moat signal · return on invested capital
-9% avg · 4y
FY17 3%FY18 -13%FY19 -14%FY20 -14%

It earned an average -9% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F filed 2018-04-18 · period ending 2017-12-31 · accession 0001193125-18-121141 (Revenue)
  2. 20-F filed 2019-04-12 · period ending 2018-12-31 · accession 0001193125-19-105297 (Revenue)
  3. 20-F filed 2020-04-17 · period ending 2019-12-31 · accession 0001193125-20-110807 (Revenue)
  4. 20-F filed 2021-04-08 · period ending 2020-12-31 · accession 0001628280-21-006710 (Revenue)
  5. 20-F filed 2018-04-18 · period ending 2017-12-31 · accession 0001193125-18-121141 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F filed 2019-04-12 · period ending 2018-12-31 · accession 0001193125-19-105297 (ProfitLoss)
  7. 20-F filed 2020-04-17 · period ending 2019-12-31 · accession 0001193125-20-110807 (ProfitLoss)
  8. 20-F filed 2021-04-08 · period ending 2020-12-31 · accession 0001628280-21-006710 (ProfitLoss)
  9. 20-F filed 2018-04-18 · period ending 2017-12-31 · accession 0001193125-18-121141 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F filed 2018-04-18 · period ending 2017-12-31 · accession 0001193125-18-121141 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F filed 2019-04-12 · period ending 2018-12-31 · accession 0001193125-19-105297 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F filed 2020-04-17 · period ending 2019-12-31 · accession 0001193125-20-110807 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F filed 2021-04-08 · period ending 2020-12-31 · accession 0001628280-21-006710 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 20-F filed 2023-04-17 · period ending 2020-12-31 · accession 0001628280-23-011683 (Borrowings)
  15. 20-F filed 2019-04-12 · periods ending 2017-12-31, 2018-12-31 · accession 0001193125-19-105297 (CashAndCashEquivalents)
  16. 20-F filed 2020-04-17 · period ending 2019-12-31 · accession 0001193125-20-110807 (CashAndCashEquivalents)
  17. 20-F filed 2021-04-08 · period ending 2020-12-31 · accession 0001628280-21-006710 (CashAndCashEquivalents)