Case Studies

Embonor at the Onset of the Pandemic

Embonor produces and distributes Coca-Cola products.  Approximately half of the business serves parts of Chile outside of metro Santiago.  As previously highlighted, Embonor’s business in Chile grew strongly through the double shock of protests and COVID-19 shutdowns in the fourth…

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Managing and Growing through Protests in Chile & Bolivia

In October 2019, two weeks after we met with Embonor senior management team in both Santiago, Chile, and Santa Cruz, Bolivia, political and social turmoil broke out in both countries.  The protests in Chile had a particularly large impact on…

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Management Meetings in Santa Cruz and Santiago

In the third quarter of 2019 we met with the CEO and CFO of the Fund holding Coca-Cola Embonor in Santiago.  Embonor bottles and distributes beverages in parts of Chile and most of Bolivia.  Consistent with what we are seeing…

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Evaluating Embonor’s Growth Prospects

In the first nine months of 2018, Embonor grew revenues about 1% and operating earnings around 8%.  Both the Chilean and Bolivian company  operations, each about half the overall business, contributed to this growth.  Chile is a relatively mature Coke market, and we expect long-term earnings to grow in the low- to mid-single digits for…

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Embonor’s Bolivian Franchise

Based in Chile, Coca-Cola Embonor is a Coke bottler that serves two primary markets, most of Chile outside of the Greater Santiago area and the country of Bolivia.  Embonor made progress in several areas during 2016 that should improve its…

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