Financials Fomento Económico Mexicano, S.A.B. de C.V.

Equities

FEMSA UBD

MXP320321310

Food Retail & Distribution

End-of-day quote Mexican S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
205.1 MXN +3.46% Intraday chart for Fomento Económico Mexicano, S.A.B. de C.V. -0.21% -7.21%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 602,946 499,208 527,118 499,021 720,744 660,204 - -
Enterprise Value (EV) 1 691,615 633,128 614,208 779,660 720,744 721,972 719,570 749,441
P/E ratio 30.9 x -278 x 20 x 21.9 x 11.9 x 20.8 x 18.6 x 15 x
Yield 2.72% 0.96% 2.13% - - 2.56% 2.36% 4.56%
Capitalization / Revenue 1.19 x 1.01 x 0.95 x 0.74 x 1.03 x 0.83 x 0.76 x 0.71 x
EV / Revenue 1.36 x 1.28 x 1.1 x 1.16 x 1.03 x 0.9 x 0.83 x 0.81 x
EV / EBITDA 9.17 x 8.8 x 7.45 x 8.4 x 7.48 x 6.55 x 5.85 x 5.66 x
EV / FCF 17.9 x 18.3 x 11.2 x - - 17.3 x 16.8 x 15.7 x
FCF Yield 5.6% 5.45% 8.92% - - 5.77% 5.95% 6.36%
Price to Book 1.96 x 1.75 x 1.7 x - - 1.78 x 2.37 x -
Nbr of stocks (in thousands) 3,578,226 3,578,226 3,578,226 3,578,226 3,577,845 3,565,502 - -
Reference price 2 178.7 150.3 159.3 151.6 221.0 205.1 205.1 205.1
Announcement Date 2/27/20 3/1/21 2/28/22 2/24/23 2/23/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 506,711 492,966 556,261 673,202 702,692 798,930 864,262 927,367
EBITDA 1 75,440 71,973 82,422 92,812 96,386 110,168 123,026 132,490
EBIT 1 47,152 41,503 51,993 59,416 59,812 67,475 77,703 86,914
Operating Margin 9.31% 8.42% 9.35% 8.83% 8.51% 8.45% 8.99% 9.37%
Earnings before Tax (EBT) 1 32,087 18,936 41,276 41,872 59,358 70,660 73,178 81,110
Net income 1 20,699 -1,930 28,494 24,758 66,390 38,787 42,111 46,730
Net margin 4.08% -0.39% 5.12% 3.68% 9.45% 4.85% 4.87% 5.04%
EPS 2 5.780 -0.5400 7.960 6.920 18.55 9.845 11.00 13.64
Free Cash Flow 1 38,713 34,513 54,796 - - 41,662 42,793 47,693
FCF margin 7.64% 7% 9.85% - - 5.21% 4.95% 5.14%
FCF Conversion (EBITDA) 51.32% 47.95% 66.48% - - 37.82% 34.78% 36%
FCF Conversion (Net income) 187.03% - 192.3% - - 107.41% 101.62% 102.06%
Dividend per Share 2 4.860 1.444 3.400 - - 5.240 4.835 9.360
Announcement Date 2/27/20 3/1/21 2/28/22 2/24/23 2/23/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 142,443 151,542 147,636 167,504 171,664 186,467 180,011 198,220 188,095 189,825 178,204 199,668 204,112 208,938 -
EBITDA 1 20,572 23,446 19,694 23,370 23,196 26,562 22,157 27,134 25,366 26,933 25,049 28,797 27,260 33,279 26,848
EBIT 1 12,976 15,509 11,892 15,032 14,769 17,405 12,543 25,947 15,929 17,532 14,767 17,360 16,551 20,824 -
Operating Margin 9.11% 10.23% 8.05% 8.97% 8.6% 9.33% 6.97% 13.09% 8.47% 9.24% 8.29% 8.69% 8.11% 9.97% -
Earnings before Tax (EBT) 1 12,887 12,733 6,484 12,309 13,203 9,899 - 18,498 20,588 7,204 9,073 17,456 16,084 19,939 -
Net income 1 14,114 6,717 3,987 5,209 10,748 4,817 48,078 6,165 9,742 3,267 2,931 9,952 8,307 10,993 -
Net margin 9.91% 4.43% 2.7% 3.11% 6.26% 2.58% 26.71% 3.11% 5.18% 1.72% 1.64% 4.98% 4.07% 5.26% -
EPS 2 3.940 1.880 1.110 1.460 3.000 1.350 13.44 1.720 2.720 0.9100 2.590 - - - -
Dividend per Share 2 - 3.400 - - - - - - - - - 1.938 - 1.938 -
Announcement Date 10/28/21 2/28/22 5/2/22 7/28/22 10/28/22 2/24/23 4/28/23 7/27/23 10/27/23 2/23/24 4/26/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 88,669 133,920 87,090 280,639 - 61,767 59,366 89,237
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.175 x 1.861 x 1.057 x 3.024 x - 0.5607 x 0.4826 x 0.6735 x
Free Cash Flow 1 38,713 34,513 54,796 - - 41,662 42,793 47,693
ROE (net income / shareholders' equity) 6.26% -0.79% 8.88% 7.35% - 11% 11.8% 13%
ROA (Net income/ Total Assets) 3.41% -0.29% 4.01% 3.22% - 4.7% 4.5% 5.3%
Assets 1 606,955 665,517 711,150 768,094 - 825,245 935,801 881,703
Book Value Per Share 2 91.00 85.80 93.60 - - 115.0 86.40 -
Cash Flow per Share 2 17.20 14.90 20.40 - - 13.00 12.10 5.210
Capex 1 25,579 18,660 20,299 34,410 - 41,125 43,921 45,210
Capex / Sales 5.05% 3.79% 3.65% 5.11% - 5.15% 5.08% 4.88%
Announcement Date 2/27/20 3/1/21 2/28/22 2/24/23 2/23/24 - - -
1MXN in Million2MXN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
205.1 MXN
Average target price
257.3 MXN
Spread / Average Target
+25.46%
Consensus
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