Embotelladora Andina

Andina benefits from multiple, mutually reinforcing advantages typical of leading Coke bottlers. Intangible assets derive from Coca‑Cola’s brands and marketing scale.

Andina’s bottler agreements grant exclusive rights to produce and distribute Coca‑Cola products in defined territories of Chile, Brazil and Argentina, and the whole of Paraguay, creating efficient‑scale local monopolies that are costly for rivals to replicate.

The agreements require concentrate purchases from Coca‑Cola and are renewable at Coca‑Cola’s discretion; they currently expire in January 2027 (Chile), September 2027 (Argentina), October 2027 (Brazil) and March 1, 2028 (Paraguay).

This exclusivity, together with embedded route‑to‑market assets like coolers and returnable packaging, supports high shelf availability and retailer stickiness. Competitive intensity is real (notably CCU/ECUSA for Pepsi in Chile and Ambev for Pepsi in Brazil), but Andina’s market shares in core CSDs remain strong.

On balance, we see a durable narrow‑to‑wide moat based on efficient scale, the Coca‑Cola brand intangible, and distribution density; durability is moderated by renewal discretion and concentrate pricing power held by The Coca‑Cola Company.