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Country:
Mexico
Capital:
Mexico (Distrito Federal)
Currency:
Mexican peso (MXN)
Riedel Research Coverage by Region
Mexico

Recent Reports

COPA - LATAM Airline Sock Poised For Substantial Growth - Weakness Provides Buying Opportunity - BUY - Archived 8/14/2014

Strong Growth as Fleet and Schedule Expand - BUY

GMK - Defensive Mexican Food Business Provides Opportunity - BUY - Archived 10/22/2010
This report highlights the value in US-listed GMK as a play on consumers in Mexico and other markets.
GMK - Leading Mexican Consumer Play - Oversold - BUY - Archived 9/7/2010
This leading maker of tortillas for Mexico and other markets has been oversold and could double in the medium-term.
BIMBO - Mexican Consumer Play - Archived 7/14/2010
BIMBO is a high cash-flow generating Mexican bakery and food products company.  Solid defensive play on the Mexican consumer.
AMERICA MOVIL (AMX) - THE DEVELOPING WORLD DOMINATES MOBILE MARKET GROWTH – BUY - Archived 12/23/2009
América Móvil (NYSE: AMX) is the number one mobile network operator in Latin America and the 6th largest worldwide.

AMERICA MOVIL (AMX) – CONSISTENT SUBSCRIBER AND REVENUE GROWTH EVEN IN A CONTEXT OF ECONOMIC SLOWDOWN – BUY - Archived 4/22/2009
América Móvil (NYSE: AMX) is the main wireless provider in Latin America and the 6th largest worldwide.
GRUPO MODELO – SOLID FINANCIAL POSITION AND SUSTAINED GROWTH – UPGRADE FROM HOLD TO BUY - Archived 1/9/2009
Exports account for one third of sales volume and over 40% of net
revenues. Corona is the number one imported beer in the US.

Modelo is also importer of Anheuser-Bush products in Mexico, Chinese
Tsingtao and Danish Carlsberg, and distributes Nestlé’s bottled water.
GRUPO FINANCIERO BANORTE (GFNORTEO.MX) – MARKET OVERREACTED TO BAD NEWS ON THE COMPANY – UPGRADE FRO - Archived 11/12/2008
Our DCF target stands at MXN35, meaning a 27% upside. We have upgraded our recommendation from HOLD to BUY.
COCA-COLA FEMSA (KOF) – SOUND DEFENSIVE PLAY IN TIMES OF MARKET TURMOIL – BUY - Archived 9/26/2008
DCF valuation also leads to a BUY recommendation: target of US$65, meaning a 23% upside over current market prices.
ORGANIZACION SORIANA (SORIANAB.MX) – UPGRADE TO HOLD ON EXPECTATIONS OF STREAMLINING MEXICAN RETAIL. - Archived 8/14/2008
ORGANIZACION SORIANA (SORIANAB.MX) – UPGRADE TO HOLD ON EXPECTATIONS OF STREAMLINING MEXICAN RETAIL SECTOR – HOLD
ORGANIZACION SORIANA (SORIANAB.MX) – WE UPGRADE TO HOLD ON EXPECTATIONS OF A STREAMLINING MEXICAN... - Archived 8/5/2008
ORGANIZACION SORIANA (SORIANAB.MX) – WE UPGRADE TO HOLD ON EXPECTATIONS OF A STREAMLINING MEXICAN RETAIL SECTOR THAT WILL PAY OFF SORIANA EXPANSION STRATEGY – HOLD
AMERICA MOVIL (AMX) – SLOWDOWN IN THE DEVELOPED WORLD, BUT WIRELESS MARKET CONTINUES EXPANDING – BUY - Archived 7/25/2008
AMERICA MOVIL (AMX) – SLOWDOWN IN THE DEVELOPED WORLD, BUT WIRELESS MARKET CONTINUES EXPANDING – BUY
COCA-COLA FEMSA (KOF) – CONTINUOUS EXPANSION & REGIONAL DIVERSIFICATION WITH HEALTHY MARGINS – BUY - Archived 7/18/2008
COCA-COLA FEMSA (KOF) – CONTINUOUS EXPANSION & REGIONAL DIVERSIFICATION WITH HEALTHY MARGINS – BUY
WAL-MART DE MEXICO (WALMEX) – DOWNGRADE TO HOLD; LACK OF SHORT-RUN CATALYSTS WITHIN WEAK... - Archived 7/1/2008
WAL-MART DE MEXICO (WALMEX) – DOWNGRADE TO HOLD; LACK OF SHORT-RUN CATALYSTS WITHIN WEAK CONSUMPTION ENVIRONMENT – HOLD
AMERICA MOVIL – INCREASED INVESTMENT IN 1Q08 TO YIELD POSITIVE RESULTS IN THE MID TERM – BUY - Archived 6/5/2008
AMERICA MOVIL – INCREASED INVESTMENT IN 1Q08 TO YIELD POSITIVE RESULTS IN THE MID TERM – BUY
GRUPO MODELO – RETAINED MARKET LEADERSHIP BUT DIMINISHING EXPORT VOLUME; FULLY VALUED – HOLD - Archived 5/5/2008
GRUPO MODELO – RETAINED MARKET LEADERSHIP BUT DIMINISHING EXPORT VOLUME; FULLY VALUED – HOLD
FOMENTO ECONÓMICO MEXICANO, FEMSA – STRONG MARKET POSITION AND GROWTH, BUT FULLY VALUED; DOWNGRADE.. - Archived 4/28/2008
FOMENTO ECONÓMICO MEXICANO, FEMSA – STRONG MARKET POSITION AND GROWTH, BUT FULLY VALUED; DOWNGRADE FROM BUY – HOLD
COCA-COLA FEMSA – STRONG MARKET POSITION AND DIVERSIFICATION – BUY - Archived 4/25/2008
COCA-COLA FEMSA – STRONG MARKET POSITION AND DIVERSIFICATION – BUY
GRUPO FINANCIERO BANORTE – SOLID FUNDAMENTALS AND EXPANSION, BUT FULLY VALUED – DOWGRADE TO HOLD - Archived 4/17/2008
GRUPO FINANCIERO BANORTE – SOLID FUNDAMENTALS AND EXPANSION, BUT FULLY VALUED – DOWGRADE TO HOLD
WAL-MART DE MEXICO (WALMEX) – REITERATE BUY ON VALUATION, NEW CORPORATE STRATEGY – BUY - Archived 3/28/2008
WAL-MART DE MEXICO (WALMEX) – REITERATE BUY ON VALUATION, NEW CORPORATE STRATEGY – BUY
AMERICA MOVIL – STRONG MARKET POSITION, GEOGRAPHICAL DIVERSIFICATION, GROWTH AND IMPROVED MARGINS –. - Archived 2/28/2008
AMERICA MOVIL – STRONG MARKET POSITION, GEOGRAPHICAL DIVERSIFICATION, GROWTH AND IMPROVED MARGINS – BUY
ORGANIZACIÓN SORIANA (SORIANA) – REITIERATE RECOMMENDATION BASED ON OVERVALUATION – SELL - Archived 12/20/2007
ORGANIZACIÓN SORIANA (SORIANA) – REITIERATE RECOMMENDATION BASED ON OVERVALUATION – SELL
WAL-MART DE MÉXICO (WALMEX) – WE DOWNGRADE TO HOLD ON WEAK 2H07 RESULT EXPECTATION – HOLD - Archived 12/20/2007
WAL-MART DE MÉXICO (WALMEX) – WE DOWNGRADE TO HOLD ON WEAK 2H07 RESULT EXPECTATION – HOLD
BIMBO – REITERATE BUY DESPITE LOWER THAN EXPECTED EBITDA IN 2Q07 – BUY - Archived 12/20/2007
BIMBO – REITERATE BUY DESPITE LOWER THAN EXPECTED EBITDA IN 2Q07 – BUY
AMX – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived 12/20/2007
AMX – STRONG MARKET POSITION BUT FULLY VALUED – HOLD
GRUPO FINANCIERO BANORTE (GFNORTE) – STRONG POSITIONING AND FURTHER GROWTH – BUY - Archived 12/20/2007
GRUPO FINANCIERO BANORTE (GFNORTE) – STRONG POSITIONING AND FURTHER GROWTH – BUY
GRUPO TELEVISA (TV) – OBSTACLES PREVENT TELEVISA FROM ENTERING THE FIXED-LINE TELEPHONE MARKET... - Archived 12/20/2007
GRUPO TELEVISA (TV) – OBSTACLES PREVENT TELEVISA FROM ENTERING THE FIXED-LINE TELEPHONE MARKET HINDERING EXPANSION INTO NEW MARKETS; STRONG POSITION IN TV SEGMENT & EXPANSION OF GAMING DIVISION – HOLD
WALMART DE MÉXICO (WALMEX) – UPGRADE TO BUY ON EARNINGS GROWTH OUTLOOK – BUY - Archived 12/20/2007
WALMART DE MÉXICO (WALMEX) – UPGRADE TO BUY ON EARNINGS GROWTH OUTLOOK – BUY
GRUPO MODELO (GPMCY) – STRONG MARKET POSITION BUT FULLY VALUED – AFFIRMED HOLD - Archived 12/20/2007
GRUPO MODELO (GPMCY) – STRONG MARKET POSITION BUT FULLY VALUED – AFFIRMED HOLD
GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY - Archived 12/20/2007
GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY
EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY - Archived 12/20/2007
EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY
COCA-COLA FEMSA (KOF) – POSITION FOR GROWTH IN BRAZIL AND ARGENTINA AND WELL DIVERSIFIED ACROSS THE. - Archived 12/20/2007
COCA-COLA FEMSA (KOF) – POSITION FOR GROWTH IN BRAZIL AND ARGENTINA AND WELL DIVERSIFIED ACROSS THE REGION – BUY
BIMBO – RAISING EBITDA ESTIMATES, REITERATE RECOMMENDATION – BUY - Archived 12/20/2007
BIMBO – RAISING EBITDA ESTIMATES, REITERATE RECOMMENDATION – BUY
COCA-COLA FEMSA ADR (KOF) – GROWTH AND DIVERSIFICATION – BUY - Archived 12/20/2007
COCA-COLA FEMSA ADR (KOF) – GROWTH AND DIVERSIFICATION – BUY
FOMENTO MEXICANO SA (FMX) – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived 12/20/2007
FOMENTO MEXICANO SA (FMX) – STRONG MARKET POSITION BUT FULLY VALUED – HOLD
GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY - Archived 12/20/2007
GRUPO CONTINENTAL (CONTAL) – GROWTH, CONSOLIDATION AND HIGHER PROFITABILITY – BUY
EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY - Archived 12/20/2007
EMBOTELLADORAS ARCA (ARCA) – SUSTAINED GROWTH IN AN INNOVATIVE MARKET – BUY
FEMSA – STRONG MARKET POSITION BUT FULLY VALUED – HOLD - Archived 12/19/2007
FEMSA – STRONG MARKET POSITION BUT FULLY VALUED – HOLD
INDUSTRIAS CH (ICHB.MX) – ENTERING AMERICAN MARKET WITH EXPENSES UNDER CONTROL – BUY - Archived 12/19/2007
INDUSTRIAS CH (ICHB.MX) – ENTERING AMERICAN MARKET WITH EXPENSES UNDER CONTROL – BUY
ALSEA: BUYS BURGER KING ASSETS IN ARGENTINA & CHILE - Archived 4/25/2006
ALSEA: BUYS BURGER KING ASSETS IN ARGENTINA & CHILE
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Coverage

Alsea (ALSEA) Add to my Watch List
America Movil S.A.B. de C.V. (AMX) Add to my Watch List
Bevides (Bevides) Add to my Watch List
Bimbo (BIMBOA) Add to my Watch List
Coca-Cola Femsa (KOF) Add to my Watch List
Consorcio Ara (ARA.MX) Add to my Watch List
Controladora Comercial Mexicana (COMERCI) Add to my Watch List
Copa Holdings (CPA) Add to my Watch List
Embotelladoras Arca (ARCA) Add to my Watch List
FEMSA (FMX) Add to my Watch List
Fragua (Fragua) Add to my Watch List
Gruma (GMK) Add to my Watch List
Grupo Aeroportuario del Pacifico, S.A. de C.V (GAP) Add to my Watch List
Grupo Aeroportuario del Sureste SA (ASURB.MX) Add to my Watch List
Grupo Continental (CONTAL) Add to my Watch List
Grupo Financiero Banorte de C.V. (GFNorte) Add to my Watch List
Grupo Gigane (GIGANTE) Add to my Watch List
Grupo Modelo (GPMCY) Add to my Watch List
Grupo Televisa (TV) Add to my Watch List
Herdez (HER.MX) Add to my Watch List
Industrias CH (ICHB.MX) Add to my Watch List
Mexico Meetings Feb 06 (Mexico) Add to my Watch List
Organizacion Soriana (SORIANA) Add to my Watch List
Promotora Ambiental, S.A. de C.V. (PASA) Add to my Watch List
Walmart de Mexico (WALMEX) Add to my Watch List