Stock GRUMA B GRUMA, S.A.B. DE C.V.
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Financials Gruma, S.A.B. de C.V.

Equities

GRUMA B

MXP4948K1056

Food Processing

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
346.9 MXN +2.83% Intraday chart for Gruma, S.A.B. de C.V. +5.68% +11.50%
Apr. 18 Transcript : Gruma, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 18, 2024
Apr. 17 Gruma, S.A.B. de C.V. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 94,387 80,267 94,136 100,046 96,554 126,540 126,540 -
Enterprise Value (EV) 1 112,446 98,075 117,519 125,822 127,726 134,333 149,053 142,197
P/E ratio 19.6 x 16.6 x 17.5 x 16.7 x 16.6 x 15.7 x 15.8 x 14.1 x
Yield 1.92% 2.3% 2.17% 1.98% 2.07% 1.74% 1.6% 1.71%
Capitalization / Revenue 1.27 x 1.04 x 1.03 x 1.06 x 0.94 x 1.06 x 1.08 x 1.05 x
EV / Revenue 1.52 x 1.27 x 1.29 x 1.33 x 1.24 x 1.24 x 1.27 x 1.17 x
EV / EBITDA 9.58 x 7.83 x 7.63 x 8.4 x 8.57 x 7.83 x 7.82 x 7.11 x
EV / FCF 31 x 17.9 x 12.7 x 22.6 x 4,802 x 14.9 x 14.5 x 13.4 x
FCF Yield 3.22% 5.59% 7.85% 4.43% 0.02% 6.73% 6.91% 7.49%
Price to Book 3.62 x 3.09 x 3.4 x 3.38 x 3.66 x 3.67 x 3.19 x 3 x
Nbr of stocks (in thousands) 423,831 413,471 397,315 381,099 370,309 364,764 364,764 -
Reference price 2 222.7 194.1 236.9 262.5 260.7 346.9 346.9 346.9
Announcement Date 2/20/19 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 74,041 77,388 91,103 94,250 103,173 108,763 117,539 121,074
EBITDA 1 11,741 12,528 15,394 14,987 14,910 17,162 19,068 19,995
EBIT 1 9,425 9,282 11,348 11,283 11,248 13,264 14,677 15,373
Operating Margin 12.73% 11.99% 12.46% 11.97% 10.9% 12.2% 12.49% 12.7%
Earnings before Tax (EBT) 1 7,861 7,560 8,477 9,619 9,403 10,745 11,289 13,095
Net income 1 4,890 4,836 5,370 6,144 5,885 7,325 7,866 9,127
Net margin 6.6% 6.25% 5.89% 6.52% 5.7% 6.74% 6.69% 7.54%
EPS 2 11.39 11.70 13.52 15.72 15.67 19.79 22.02 24.69
Free Cash Flow 1 3,622 5,485 9,221 5,579 26.6 9,040 10,301 10,647
FCF margin 4.89% 7.09% 10.12% 5.92% 0.03% 8.31% 8.76% 8.79%
FCF Conversion (EBITDA) 30.85% 43.78% 59.9% 37.23% 0.18% 52.68% 54.02% 53.25%
FCF Conversion (Net income) 74.06% 113.42% 171.72% 90.8% 0.45% 123.41% 130.95% 116.65%
Dividend per Share 2 4.275 4.465 5.145 5.200 5.400 5.400 5.567 5.936
Announcement Date 2/20/19 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - -
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 25,718 25,304 27,410 28,966 28,701 28,623 27,760 30,954 27,976 27,956 28,521 29,762 29,799 30,754 -
EBITDA 1 4,105 3,302 3,824 4,188 4,598 3,802 4,088 5,090 4,660 4,487 4,581 4,998 5,058 5,108 -
EBIT 1 3,124 2,325 2,843 3,207 3,615 2,849 3,093 4,024 3,667 3,496 3,562 3,973 3,995 4,012 -
Operating Margin 12.15% 9.19% 10.37% 11.07% 12.59% 9.95% 11.14% 13% 13.11% 12.51% 12.49% 13.35% 13.41% 13.05% -
Earnings before Tax (EBT) - 2,018 2,281 - 3,155 - 2,419 3,371 3,046 - - - - - -
Net income 1 1,814 1,225 1,401 1,552 2,076 1,369 1,618 2,489 2,061 1,884 1,992 2,279 2,262 2,332 -
Net margin 7.05% 4.84% 5.11% 5.36% 7.23% 4.78% 5.83% 8.04% 7.37% 6.74% 6.98% 7.66% 7.59% 7.58% -
EPS 2 4.640 3.204 3.689 4.228 5.530 3.610 4.356 6.762 5.629 5.091 5.463 6.124 6.333 5.867 5.974
Dividend per Share 1.300 - - - 5.400 - - - 5.400 - - - - - -
Announcement Date 2/24/22 4/21/22 7/20/22 10/19/22 2/23/23 4/19/23 7/19/23 10/18/23 2/21/24 4/17/24 - - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 18,059 17,808 23,383 25,776 31,172 19,482 22,513 15,657
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.538 x 1.421 x 1.519 x 1.72 x 2.091 x 1.135 x 1.181 x 0.783 x
Free Cash Flow 1 3,622 5,485 9,221 5,579 26.6 9,040 10,301 10,647
ROE (net income / shareholders' equity) 19.1% 18.6% 20% 21.5% 22.2% 24.7% 24.1% 22.2%
ROA (Net income/ Total Assets) 8.11% 7.53% 7.64% 8.03% 7.77% 9.47% 10.4% 11.1%
Assets 1 60,302 64,230 70,324 76,548 75,710 77,354 75,742 82,265
Book Value Per Share 2 61.50 62.80 69.70 77.60 71.30 84.80 109.0 116.0
Cash Flow per Share 2 18.10 17.30 32.10 29.90 14.70 34.20 37.00 33.70
Capex 1 3,911 1,370 3,347 5,114 5,481 3,599 4,387 4,603
Capex / Sales 5.28% 1.77% 3.67% 5.43% 5.31% 3.31% 3.73% 3.8%
Announcement Date 2/20/19 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - -
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

Ratings for Gruma, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
346.9 MXN
Average target price
351.9 MXN
Spread / Average Target
+1.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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