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Continental Inc

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Análisis Financiero Coca-Cola Femsa

Coca-Cola FEMSA (KOF), es el mayor embotellador público de productos Coca-Cola a nivel mundial en términos de ventas, representando uno de cada diez productos Coca-Cola vendidos en el mundo. Sirve a más de 314 millones de consumidores en nueve países de Latinoamérica y Filipinas, a través de una red de más de 2.5 millones de puntos de venta y más de 100 marcas de refrescos y bebidas no carbonatadas.

FEMSA es una empresa líder que participa en la industria de bebidas, a través de Coca-Cola FEMSA, el embotellador público más grande de productos Coca-Cola en el mundo; en comercio al detalle, a través de FEMSA Comercio, operando OXXO, la cadena de tiendas de formato pequeño más grande y de mayor crecimiento en América Latina; y en cerveza, siendo el segundo accionista más importante de Heineken, una de las cerveceras líderes en el mundo con presencia en más de 70 países.

Cotiza en las bolsas de valores de México (BVM) con el símbolo KOFL y de Nueva York (NYSE) bajo el símbolo KOF. The Coca-Cola Company cuenta con una participación del 29.4% en Coca-Cola FEMSA.

Actualmente atiende a más de 314 millones de consumidores en 9 países de Latinoamérica y Filipinas, ofreciendo 120 diferentes marcas de bebidas.

Al día de hoy se tiene un precio en la acción de:

ESTADOS FINANCIEROS

De acuerdo a lo observado en los estados financieros presentados se puede observar lo siguiente: * Se tuvo un crecimiento aun cuando el entorno de los precios de insumos y la volatilidad cambiaria se presento durante casi todo el año * Los ingresos aumentaron a 19.9% (147,739 millones) * La utilidad bruta creció 21.4% (68,630 millones)

Pa lograr dichos resultados positivos Coca-Cola FEMSA capitalizó su flexibilidad financiera y operativa, al momento de una estandarización en sus procesos comerciales, logísticos y de manufactura, para avanzar firmemente

Los principales riesgos que se pueden presentar son: * Crecimiento menor al esperado de las economías de Latinoamérica * Mayores precios a los anticipados de las materias primas (edulcorantes-empaque) * Riesgos monetarios y políticos relacionados con la presencia geográfica * Potenciales adquisiciones que sean dilutivas.

Tesis de Inversión * Vemos a KOF como un vehículo atractivo para ganar exposición en el sector de consumo en Latinoamérica, ofreciendo una sólida presencia geográfica, con México representando 42% del EBITDA consolidado para 2010, Mercosur (27% del EBITDA) y Latincentro (29%). En 2011, esperamos que KOF se beneficie de una recuperación del consumo en México, después de un año con muchos retos que tuvo las lluvias más fuertes de los últimos 60 años, mientras que Brasil deberá continuar beneficiándose de una sólida demanda nacional y Colombia de una mejor ejecución e implementación de las mejores prácticas de la compañía. También, esperamos algunas mejorías en los precios debido a un panorama económico más saludable que deberá permitirle a la compañía neutralizar parcialmente los mayores precios de los edulcorantes. * Continuamos esperando potenciales adquisiciones ya que la compañía está buscando activamente oportunidades de inversión que fortalezcan su presencia geográfica y su portafolio de productos. Este fue el caso del acuerdo para adquirirIndustrias Lácteas en Panamá, anunciado el pasado octubre, mediante el cual la compañía fortaleció su portafolio de jugos y bebidas no carbonatadas y fue capaz de entrar en la categoría de productos lácteos.

RAZONES FINANCIERAS
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