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Benjamine Theurer

Managing Director and Head of Latin America Equity Research at Barclays PLC

Benjamine Theurer is a Managing Director and Head of Latin America Equity Research at Barclays, specializing in LatAm equities with a focus on agribusiness, consumer, and multi-industry sectors. He covers leading companies such as FEMSA (FMX), Cemex (CX), and Coca-Cola FEMSA (KOF), and is recognized for his performance with a 54% success rate and an average return of 4% per recommendation, including standout calls like a 250% return on Cemex. Benjamin began his career as a buy-side analyst and deputy fund manager at DWS Investments (Deutsche Bank) before joining Barclays in 2011 and holds a master's degree in International Economics. He is known for his deep sector expertise and has advised dozens of companies and mentored entrepreneurs across the Americas.

Benjamine Theurer's questions to CEMEX SAB DE CV (CX) leadership

Question · Q3 2025

Benjamin M. Theurer followed up on U.S. volume performance, which was down across segments, asking about regional differences and a deeper dive into subcategories like residential, industrial/commercial, and infrastructure.

Answer

CEO Jaime Muguiro noted weaker U.S. volumes in Q3 in Florida, California, and Arizona, partially offset by growth in Texas, Colorado, and the Mid-South. He projected continued strong infrastructure demand and growth in industrial/commercial (data centers, chip factories), but anticipated weak residential demand for 2026, with recovery expected in 2027. He forecasted low single-digit U.S. demand growth next year.

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Benjamine Theurer's questions to COCA COLA FEMSA SAB DE CV (KOF) leadership

Question · Q3 2025

Benjamine Theurer from Barclays asked about the drivers behind transactions being weaker than volume in Mexico and Central America over recent quarters, and what strategies Coca-Cola FEMSA plans to implement to boost transactions next year, particularly through packaging and price points. He also inquired if the company plans to anticipate some of the excise tax pricing in Q4 or wait until January.

Answer

CEO Ian Craig explained that in challenging economic environments, consumers shift from single-serve to multi-serve, especially refillables, which naturally impacts transactions by seeking a lower price per liter. He highlighted the focus on 'magic price points' and maintaining household penetration, specifically addressing the gap in traditional channel refillables with new liter and a quarter glass and upsizing Red Pet to three liters. Regarding pricing, Ian Craig stated the base plan is to prepare for and pass through the excise tax commencing in January, allowing modern trade sufficient time to process the changes.

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Fintool can predict COCA COLA FEMSA SAB DE CV logo KOF's earnings beat/miss a week before the call