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Thanks for this rec. The value looks good, nice FCF and both debt and stock reductions.

Main question is what catalyst will make the market realize the value? I would think you're not expecting a European fix anytime soon. Organic growth has been negative recently, so perhaps its growth from emerging markets (that you mention)? However, the folks at Global Growth were cheering when FMX sold its beer, so I'm not sure.

Also, on the debt, did you look at when the maturities are coming? I think one risk for Euroland is higher interest rates and those could put a dent in the FCF.

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