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Ambev S.A. (ABEV) vs Fomento Economico Mexicano S.A.B. de C.V. (FMX)

Ambev S.A. and Fomento Economico Mexicano S.A.B. de C.V. are both Beverages Brewers companies. Ambev S.A. is the larger, with a market value of $49.5B against $24.4B — 2.0× the size. Ambev S.A. trades at the lower P/E: 18.3× against 25.3×. Fomento Economico Mexicano S.A.B. de C.V. grew revenue faster over the last twelve months: 21.2% against −4.31%. Ambev S.A. has the higher net margin (17.5% vs 3.54%) and the higher return on invested capital (17.4% vs 14.7%). Both pay a dividend; Ambev S.A. yields more (3.68% vs 3.59%). Across the 23 metrics below, Ambev S.A. leads on 16 and Fomento Economico Mexicano S.A.B. de C.V. on 7.

Valuation

Metric ABEV FMX Beverages Brewers median
P/E 18.28 25.28 17.56
P/S 3.29 0.84 0.98
P/B 2.92 2.36 2.36
Price to free cash flow 18.54 21.35 11.96
EV/EBITDA 9.51 10.15 10.19
EV/Sales 3.08 0.87 1.17
Earnings yield 5.47% 3.96% 5.47%
Free cash flow yield 5.39% 4.68% 8.36%

Profitability

Metric ABEV FMX Beverages Brewers median
Gross margin 51.26% 40.50% 48.88%
Operating margin 25.75% 8.54% 8.54%
Net margin 17.51% 3.54% 3.62%
Free cash flow margin 17.72% 0.00% 12.13%
Return on equity 16.15% 0.00% 6.89%
Return on assets 10.43% 4.09% 4.09%
Return on invested capital 17.44% 14.70% 6.25%

Growth

Metric ABEV FMX Beverages Brewers median
Revenue growth (TTM) (4.31%) 21.23% (1.77%)
EPS growth (last fiscal year) 5.88% (22.75%) 5.88%
Revenue growth, 5-year CAGR 6.89% 13.51% 4.82%
Net income growth, 5-year CAGR 4.69% 41.83% 0.61%

Health

Metric ABEV FMX Beverages Brewers median
Debt to equity 0.03 0.46 0.71
Current ratio 1.02 1.14 1.02
Net debt to EBITDA (0.59) 0.24 2.65

Dividend

Metric ABEV FMX Beverages Brewers median
Dividend yield 3.68% 3.59% 3.64%
Payout ratio 0.67 0.91 0.46

Size

Metric ABEV FMX Beverages Brewers median
Market cap 49.47b 24.38b 21.93b

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