FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. Financials Fomento Económico Mexicano, S.A.B. de C.V. Buenos Aires S.E.
Equities
FMX
ARDEUT111853
Food Retail & Distribution
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 22,880 ARS | +2.36% |
|
-2.75% | +9.93% |
| Jun. 17 | Fomento Economico Mexicano Discloses Total Consideration for Tender Offer for 3.5% Notes due 2050 | MT |
| Jun. 10 | Fomento Economico Mexicano to Buy Back Up to $600 Million Shares | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 602,946 | 499,208 | 527,118 | 499,021 | 720,744 | 641,619 | - | - |
| Enterprise Value (EV) 1 | 691,615 | 633,128 | 614,208 | 779,660 | 788,531 | 708,913 | 706,657 | 742,380 |
| P/E ratio | 30.9 x | -278 x | 20 x | 21.9 x | 11.9 x | 21.3 x | 19.2 x | 19.3 x |
| Yield | 2.72% | 0.96% | 2.13% | - | - | 2.88% | 2.89% | 4.42% |
| Capitalization / Revenue | 1.19 x | 1.01 x | 0.95 x | 0.74 x | 1.03 x | 0.81 x | 0.74 x | 0.69 x |
| EV / Revenue | 1.36 x | 1.28 x | 1.1 x | 1.16 x | 1.12 x | 0.9 x | 0.82 x | 0.8 x |
| EV / EBITDA | 9.17 x | 8.8 x | 7.45 x | 8.4 x | 8.18 x | 6.35 x | 5.73 x | 5.6 x |
| EV / FCF | 17.9 x | 18.3 x | 11.2 x | - | 73.6 x | 17.3 x | 16.3 x | 14.3 x |
| FCF Yield | 5.6% | 5.45% | 8.92% | - | 1.36% | 5.79% | 6.14% | 6.98% |
| Price to Book | 1.96 x | 1.75 x | 1.7 x | - | 2.09 x | 2.45 x | 2.37 x | - |
| Nbr of stocks (in thousands) | 3,578,226 | 3,578,226 | 3,578,226 | 3,578,226 | 3,577,845 | 3,530,097 | - | - |
| Reference price 2 | 178.7 | 150.3 | 159.3 | 151.6 | 221.0 | 204.7 | 204.7 | 204.7 |
| 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 | 791,658 | 861,858 | 924,129 |
| EBITDA 1 | 75,440 | 71,973 | 82,422 | 92,812 | 96,386 | 111,677 | 123,258 | 132,629 |
| EBIT 1 | 47,152 | 41,503 | 51,993 | 59,416 | 59,812 | 69,322 | 77,141 | 85,224 |
| Operating Margin | 9.31% | 8.42% | 9.35% | 8.83% | 8.51% | 8.76% | 8.95% | 9.22% |
| Earnings before Tax (EBT) 1 | 32,087 | 18,936 | 41,276 | 41,872 | 59,358 | 66,672 | 73,341 | 81,249 |
| Net income 1 | 20,699 | -1,930 | 28,494 | 24,758 | 66,390 | 35,351 | 40,436 | 43,418 |
| Net margin | 4.08% | -0.39% | 5.12% | 3.68% | 9.45% | 4.47% | 4.69% | 4.7% |
| EPS 2 | 5.780 | -0.5400 | 7.960 | 6.920 | 18.55 | 9.603 | 10.66 | 10.62 |
| Free Cash Flow 1 | 38,713 | 34,513 | 54,796 | - | 10,721 | 41,052 | 43,387 | 51,850 |
| FCF margin | 7.64% | 7% | 9.85% | - | 1.53% | 5.19% | 5.03% | 5.61% |
| FCF Conversion (EBITDA) | 51.32% | 47.95% | 66.48% | - | 11.12% | 36.76% | 35.2% | 39.09% |
| FCF Conversion (Net income) | 187.03% | - | 192.3% | - | 16.15% | 116.13% | 107.3% | 119.42% |
| Dividend per Share 2 | 4.860 | 1.444 | 3.400 | - | - | 5.888 | 5.917 | 9.055 |
| 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 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 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 151,542 | 147,636 | 167,504 | 171,664 | 186,467 | 180,011 | 198,220 | 188,095 | 189,825 | 178,204 | 197,446 | 200,759 | 206,824 | 193,080 | - |
| EBITDA 1 | 23,446 | 19,694 | 23,370 | 23,196 | 26,562 | 22,157 | 27,134 | 25,366 | 26,933 | 25,049 | 29,721 | 27,920 | 33,523 | 26,848 | 32,717 |
| EBIT 1 | 15,509 | 11,892 | 15,032 | 14,769 | 17,405 | 12,543 | 25,947 | 15,929 | 17,532 | 14,767 | 17,941 | 17,700 | 21,092 | 15,856 | - |
| Operating Margin | 10.23% | 8.05% | 8.97% | 8.6% | 9.33% | 6.97% | 13.09% | 8.47% | 9.24% | 8.29% | 9.09% | 8.82% | 10.2% | 8.21% | - |
| Earnings before Tax (EBT) 1 | 12,733 | 6,484 | 12,309 | 13,203 | 9,899 | - | 18,498 | 20,588 | 7,204 | 9,073 | 15,915 | 15,678 | 19,030 | - | - |
| Net income 1 | 6,717 | 3,987 | 5,209 | 10,748 | 4,817 | 48,078 | 6,165 | 9,742 | 3,267 | 2,931 | 7,429 | 7,551 | 9,618 | - | - |
| Net margin | 4.43% | 2.7% | 3.11% | 6.26% | 2.58% | 26.71% | 3.11% | 5.18% | 1.72% | 1.64% | 3.76% | 3.76% | 4.65% | - | - |
| EPS 2 | 1.880 | 1.110 | 1.460 | 3.000 | 1.350 | 13.44 | 1.720 | 2.720 | 0.9100 | - | 2.076 | 2.110 | 2.688 | - | - |
| Dividend per Share 2 | 3.400 | - | - | - | - | - | - | - | - | - | 1.938 | - | 1.938 | - | - |
| Announcement Date | 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 | 67,787 | 67,294 | 65,038 | 100,760 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.175 x | 1.861 x | 1.057 x | 3.024 x | 0.7033 x | 0.6026 x | 0.5277 x | 0.7597 x |
| Free Cash Flow 1 | 38,713 | 34,513 | 54,796 | - | 10,721 | 41,052 | 43,387 | 51,851 |
| ROE (net income / shareholders' equity) | 6.26% | -0.79% | 8.88% | 7.35% | 18.5% | 10.7% | 11.4% | 12.4% |
| ROA (Net income/ Total Assets) | 3.41% | -0.29% | 4.01% | 3.22% | 8.27% | 3.87% | 4.05% | 4.4% |
| Assets 1 | 606,955 | 665,517 | 711,150 | 768,094 | 802,325 | 913,813 | 998,411 | 986,769 |
| Book Value Per Share 2 | 91.00 | 85.80 | 93.60 | - | 106.0 | 83.60 | 86.40 | - |
| Cash Flow per Share 2 | 17.20 | 14.90 | 20.40 | - | 13.90 | 13.00 | 19.30 | - |
| Capex 1 | 25,579 | 18,660 | 20,299 | 34,410 | 38,958 | 42,858 | 46,015 | 49,540 |
| Capex / Sales | 5.05% | 3.79% | 3.65% | 5.11% | 5.54% | 5.41% | 5.34% | 5.36% |
| 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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
204.7
MXN
Average target price
254.9
MXN
Spread / Average Target
+24.49%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +19.08% | 38.49B | |
| +3.99% | 31.4B | |
| -3.67% | 17.46B | |
| +6.58% | 15.46B | |
| +37.16% | 13.95B | |
| -16.80% | 13.05B | |
| -.--% | 11.82B | |
| -15.79% | 10.14B | |
| -12.29% | 9.79B |
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