Alas, sometimes, the good times come too soon.

That's the case with FEMSA (NYSE:FMX), an integrated soft-drink, beer, and convenience-store powerhouse that serves Mexico and many other Latin American markets.

Since I recommended this stock in our 2006 blue-chip report at around $88 a share, the shares have climbed about 20%, to $105 a share. That takes away some of the easy money. (Hey, you snooze, you lose!) But I still think this is one of the strongest international companies you can find, and I believe it will continue to outrun the broader U.S. market.

Would I call this Mexican company an international blue-chip powerhouse? Would it stack up against multinationals such as Coca-Cola (NYSE:KO)? How about Anheuser-Busch (NYSE:BUD)? What about 7-Eleven? I'd argue that all of these are blue-chip companies with global reach and, incidentally, have all previously received nods from various Motley Fool investment newsletter services. So how about if I told you that with FEMSA, you get all three of these companies rolled into one?

FEMSA traces its roots all the way back to 1890, with the founding of a brewery called Cerveceria Cuauhtemoc. Today, FEMSA is much more than beer, though its six breweries do produce well-known beers such as Tecate, Sol, Dos Equis Lager, and others, some of which are being exported to the U.S. and Canada in increasing quantities. It operates 30 bottling plants through its 50% holding of Coca-Cola FEMSA (NYSE:KOF), and it distributes its brands through thousands of Oxxo convenience stores.

FEMSA has a good record of eking out incremental efficiencies in its operations (variations in commodity ingredients, of course, provide lumps), and it's also got a habit of perking up underperforming brands and remaking them, as it did not long ago with its Brazilian Coca-Cola operations. Its recent acquisition of Brazilian beer maker Cervejarias Kaiser provides it with another opportunity for growth.

With its large scale, its expertise in fast-growing Latin American economies, and its portfolio of strong consumer brands, FEMSA is well positioned to continue its considerable long-term growth. I believe that shares are worth about $132 today, a figure that would imply about a 20% discount.

Whether you agree or disagree with me, go to the free Motley Fool CAPS service today, and make your rating known. Based on your recommendations, we'll announce the best international stock for 2007.

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At the time of publication, Seth Jayson had shares of FEMSA but no positions in any other company mentioned. View his stock holdings and Fool profile here. Coca-Cola and Anheuser-Busch are Motley Fool Inside Value recommendations. Fool rules are here