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Table of Contents
The FEMSA beer business ......................................................4
Group FEMSA is exploring opportunities for its beer business ..................................4
… initially....................................................................................................................4
US$9bn implies a full multiple relative to prior transactions ......................................4
… but this is a scarce asset ..........................................................................................5
FEMSA control group has broadened out....................................................................6
Group FEMSA at a glance...........................................................................................7
FEMSA Cerveza at a glance ........................................................................................8
FEMSA Cerveza margins are comparatively low......................................................10
Mexico is a large beer profit pool ..............................................................................11
Heineken distributes the FEMSA brands in the US...................................................15
FEMSA is now growing volumes in Brazil ... but makes no money .........................16
Scenario analysis for SABMiller and Heineken ...................17
SABMiller is best placed ...........................................................................................17
Heineken might have to issue dilutive equity ............................................................20
Coca Cola may have an interest.................................................................................23
The impact on Modelo and ABI ................................................................................23
Financials and Valuation .......................................................24
Valuation Methodology and Risks ........................................30
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