Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Fomento Económico Mexicano, S.A.B. de C.V. BRL 1,761, price BRL 618, upside +184.9%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range R$240.17 – R$660.00 · fair‑value band R$1,321 – R$2,202 · the R$618.14 price screens below the R$1,761 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Fomento Económico Mexicano, S.A.B. de C.V., through its subsidiaries, operates as a franchise bottler of Coca-Cola trademark beverages worldwide. The company operates through Coca-Cola FEMSA, Proximity Americas Division, Proximity Europe Division, Health Division, Fuel Division, and Others segments.
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Fomento Económico Mexicano, S.A.B. de C.V., through its subsidiaries, operates as a franchise bottler of Coca-Cola trademark beverages worldwide. The company operates through Coca-Cola FEMSA, Proximity Americas Division, Proximity Europe Division, Health Division, Fuel Division, and Others segments. It produces, markets, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay. The company also operates small-box retail chain stores in Mexico, Colombia, Peru, Chile, Brazil, and the United States under the OXXO name; retail service stations for fuels, motor oils, lubricants, and car care products under the OXXO GAS name in Mexico; and drugstores in Chile, Colombia, Ecuador, and Mexico under the Cruz Verde, Fybeca, Sana Sana, YZA, La Moderna, and Farmacon names. In addition, the company provides transport logistics and maintenance services in Mexico, Brazil, and Colombia; processes electronic transactions for small and medium-sized businesses under the Spin name; and engages in the proximity discount grocery business under the Bara name. Further, it operates small-box retail and foodvenience chain stores in Switzerland, Germany, Austria, Luxembourg, and the Netherlands under the k kiosk, Brezelkönig, BackWerk, Ditsch, Press & Books, avec, Caffè Spettacolo, and ok." brands. Fomento Económico Mexicano, S.A.B. de C.V. was founded in 1890 and is headquartered in Monterrey, Mexico.
Stock analysis
Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) currently trades at R$618.14, while our model-based Fair Value estimate is R$1,761, implying the stock looks roughly 64.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R$3,599 per share, and 26 of the 26 models we run sit above the R$618.14 price.
Bear case: the Asset-Based group reads lowest at R$691.54, and 0 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$1,321 (bear) to R$2,202 (bull), the price of R$618.14 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fomento Económico Mexicano, S.A.B. de C.V. reported revenue of 841B MXN in FY2025 versus 505B MXN in FY2021, a compound +13.6%/yr. Reported net income was 19.4B MXN in FY2025, compounding −9.1%/yr from FY2021.
Key figures
Market cap R$45.0B (≈ $8.6B) · P/E ratio 9.8 · P/S ratio 0.23 · EPS (TTM) R$63.23 · Net margin 2.3% · Return on equity 12.4% · Return on assets (EBIT) 7.9% · Operating margin 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at 185%, FMXB34 screens cheaper than that median.
Fair Value models
Bear R$1,321Fair Value R$1,761Bull R$2,202
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$47.81 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in MXN ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MXN: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−23.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.2%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 8%
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in MXN, Mexico: IMF forecast 3.3% a year to 2030, 4.8% from 2016 to 2025) that is about +3.3% a year for the forecasts.
Compare Fomento Económico Mexicano, S.A.B. de C.V. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Brewers · 52 stocks
Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−43.4% · Below median
Profitability
Return on equity (TTM)12.4% · Above median
Return on assets6.2% · Above median
Net margin (TTM)3.3% · Below median
Operating margin (TTM)12.6% · Above median
Growth and dividend
Revenue growth6.1% · Above median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Fomento Económico Mexicano, S.A.B. de C.V. Fair Value". https://www.fairvalue-calculator.com/stock/FMXB34
Frequently asked questions
Is Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of R$1,761 versus a price of R$618.14, about +185% upside (undervalued).
What is the fair value of FMXB34?
Our model-based fair value for Fomento Económico Mexicano, S.A.B. de C.V. is R$1,761 (as of Sep 23, 2026), built from audited fundamentals. The current price: R$618.14.
What is the quality score of FMXB34?
Fomento Económico Mexicano, S.A.B. de C.V. has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Our model-based price target is the fair value of R$1,761 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario R$1,321, optimistic scenario R$2,202. It is a calculation from audited fundamentals, not an analyst target.
What is the Fomento Económico Mexicano, S.A.B. de C.V. stock forecast for 2026?
Our models put fair value at R$1,761, about +185% upside versus a price of R$618.14 (undervalued). Cautious scenario R$1,321, optimistic scenario R$2,202. The calculation is refreshed regularly with new filings.
What is the revenue of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Fomento Económico Mexicano, S.A.B. de C.V. reported trailing-twelve-month revenue of about 853B MXN (latest available figure, as of Sep 23, 2026).
What growth is priced into Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
For today's price to be fair in a discounted-cash-flow model, Fomento Económico Mexicano, S.A.B. de C.V. would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +13.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FMXB34 use?
Our models discount Fomento Económico Mexicano, S.A.B. de C.V. at 11.2 %: a base by market capitalisation (mid), damped by beta 0.17, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fomento Económico Mexicano, S.A.B. de C.V. that is more than 80 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) delivered so far?
Over the past 4 years revenue at Fomento Económico Mexicano, S.A.B. de C.V. grew +13.6 % a year. The price currently implies more than 80 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) growing?
The median revenue growth in the sector is +1.2 % a year. That is the yardstick for the growth priced into Fomento Económico Mexicano, S.A.B. de C.V. (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The free-cash-flow yield on the price is 0.15 %: that much free cash flow Fomento Económico Mexicano, S.A.B. de C.V. produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fomento Económico Mexicano, S.A.B. de C.V. it is R$1,761 per share (as of Sep 23, 2026), against a price of R$618.14. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Fomento Económico Mexicano, S.A.B. de C.V. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FMXB34 trades below its calculated fair value: price R$618.14, fair value R$1,761, a gap of about +185% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FMXB34?
No. The price is what the market pays today (R$618.14); the fair value is what the company's own numbers justify (R$1,761). For Fomento Económico Mexicano, S.A.B. de C.V. the two are R$1,143 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fomento Económico Mexicano, S.A.B. de C.V. worth?
The market values Fomento Económico Mexicano, S.A.B. de C.V. at about R$45.0B (market capitalisation, as of Sep 23, 2026). Per share that is R$618.14; our models calculate a fair value of R$1,761 per share.
What do the bullish and bearish scenarios say about FMXB34?
Our models span a range for Fomento Económico Mexicano, S.A.B. de C.V.: cautious scenario R$1,321, base R$1,761, optimistic R$2,202 per share (as of Sep 23, 2026, price R$618.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FMXB34?
Fomento Económico Mexicano, S.A.B. de C.V. trades at a price-to-earnings ratio of 9.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$1,761 is built from several models across several years. Other multiples: PEG 4.9.
What is the PEG ratio of FMXB34?
The PEG ratio of Fomento Económico Mexicano, S.A.B. de C.V. is 4.90 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Balance-sheet figures for Fomento Económico Mexicano, S.A.B. de C.V. (as of Sep 23, 2026): return on equity 12.4%, debt of 0.52 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FMXB34 from its 52-week high?
Fomento Económico Mexicano, S.A.B. de C.V. trades at R$618.14, about 6% below its 52-week high of R$660.00 and 33% above the low of R$464.49 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of R$1,761 is for.
Which stocks are comparable to Fomento Económico Mexicano, S.A.B. de C.V.?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Heineken Holding, Constellation Brands, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fomento Económico Mexicano, S.A.B. de C.V. stock attractive at the current price?
The data as of Sep 23, 2026: price R$618.14, calculated fair value R$1,761 (+185%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FMXB34 calculated?
We run Fomento Económico Mexicano, S.A.B. de C.V. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$1,761, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Fomento Económico Mexicano, S.A.B. de C.V. currently trades 65 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The closing price on Oct 1, 2026 was R$618.14. Our model-based fair value is R$1,761, about +185% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fomento Económico Mexicano, S.A.B. de C.V. right now?
The price is below even our cautious bear case (R$1,321). The market is more pessimistic than our downside scenario. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Fomento Económico Mexicano, S.A.B. de C.V.
How large is the market capitalisation of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The market capitalisation of Fomento Económico Mexicano, S.A.B. de C.V. is R$45.0B (≈ $8.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The price-to-sales ratio of Fomento Económico Mexicano, S.A.B. de C.V. is 0.23 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Earnings per share at Fomento Económico Mexicano, S.A.B. de C.V. are R$63.23 (price ÷ EPS = P/E 9.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The net margin of Fomento Económico Mexicano, S.A.B. de C.V. is 2.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The return on equity (ROE) of Fomento Económico Mexicano, S.A.B. de C.V. is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
On an EBIT basis the return on assets of Fomento Económico Mexicano, S.A.B. de C.V. is 7.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
The operating margin of Fomento Económico Mexicano, S.A.B. de C.V. is 12.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Revenue at Fomento Económico Mexicano, S.A.B. de C.V. is growing +6.1% versus a year earlier (3y avg +12.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34)?
Earnings per share at Fomento Económico Mexicano, S.A.B. de C.V. are growing +168% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fomento Económico Mexicano, S.A.B. de C.V. (FMXB34) carry?
The net debt of Fomento Económico Mexicano, S.A.B. de C.V. is 39.7B MXN (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 23, 2026