Financials Grupo Comercial Chedraui, S.A.B. de C.V.

Equities

CHDRAUI B

MX01CH170002

Food Retail & Distribution

End-of-day quote Mexican S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
129.1 MXN -0.22% Intraday chart for Grupo Comercial Chedraui, S.A.B. de C.V. +10.52% +25.88%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 25,908 27,498 40,509 79,829 98,396 123,871 - -
Enterprise Value (EV) 1 35,424 51,578 95,749 79,829 131,934 158,228 153,878 149,307
P/E ratio 17.3 x 10.6 x 12 x 13.3 x 12.9 x 15.1 x 13.5 x 12.2 x
Yield 1.64% 1.54% 1.12% - 0.91% 1.73% 1.46% 1.49%
Capitalization / Revenue 0.2 x 0.19 x 0.21 x 0.31 x 0.37 x 0.44 x 0.41 x 0.38 x
EV / Revenue 0.27 x 0.35 x 0.51 x 0.31 x 0.5 x 0.57 x 0.51 x 0.46 x
EV / EBITDA 3.88 x 4.78 x 6.85 x 3.73 x 5.66 x 6.42 x 5.81 x 5.29 x
EV / FCF 33.6 x 5.38 x 8.09 x - 12.2 x 29.9 x 17.4 x 15.2 x
FCF Yield 2.98% 18.6% 12.4% - 8.19% 3.34% 5.74% 6.59%
Price to Book 0.95 x 0.94 x 1.26 x - 2.18 x 2.73 x 2.3 x 1.95 x
Nbr of stocks (in thousands) 955,293 956,115 954,953 959,711 959,213 959,275 - -
Reference price 2 27.12 28.76 42.42 83.18 102.6 129.1 129.1 129.1
Announcement Date 2/25/20 2/25/21 2/15/22 2/21/23 2/20/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 129,443 146,287 188,487 259,326 263,058 278,810 302,005 323,436
EBITDA 1 9,128 10,788 13,981 21,427 23,320 24,637 26,485 28,231
EBIT 1 5,576 6,933 8,741 13,746 15,712 16,617 18,545 20,081
Operating Margin 4.31% 4.74% 4.64% 5.3% 5.97% 5.96% 6.14% 6.21%
Earnings before Tax (EBT) 1 2,465 3,748 4,942 8,722 11,070 11,615 13,523 15,157
Net income 1 1,518 2,589 3,391 5,997 7,645 8,272 9,136 10,150
Net margin 1.17% 1.77% 1.8% 2.31% 2.91% 2.97% 3.03% 3.14%
EPS 2 1.570 2.710 3.540 6.270 7.970 8.580 9.552 10.55
Free Cash Flow 1 1,055 9,580 11,842 - 10,808 5,288 8,834 9,846
FCF margin 0.82% 6.55% 6.28% - 4.11% 1.9% 2.93% 3.04%
FCF Conversion (EBITDA) 11.56% 88.8% 84.7% - 46.35% 21.46% 33.35% 34.88%
FCF Conversion (Net income) 69.55% 370% 349.24% - 141.38% 63.92% 96.69% 97.01%
Dividend per Share 2 0.4439 0.4439 0.4750 - 0.9333 2.232 1.881 1.926
Announcement Date 2/25/20 2/25/21 2/15/22 2/21/23 2/20/24 - - -
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 52,473 65,079 60,728 63,817 64,758 70,023 64,427 64,577 64,294 69,760 64,841 69,244 70,350 75,671 73,226
EBITDA 1 4,206 4,617 4,748 5,347 5,388 5,944 5,412 5,817 5,712 6,380 5,772 6,285 6,246 6,805 6,289
EBIT 1 2,804 2,516 2,850 3,445 3,451 4,000 3,500 3,851 3,880 4,482 3,903 4,306 4,303 4,880 4,238
Operating Margin 5.34% 3.87% 4.69% 5.4% 5.33% 5.71% 5.43% 5.96% 6.03% 6.42% 6.02% 6.22% 6.12% 6.45% 5.79%
Earnings before Tax (EBT) 1 1,343 1,266 1,617 2,204 2,184 2,718 2,320 2,681 2,792 3,277 2,865 3,018 3,003 3,504 2,917
Net income 1 887.3 975.3 1,064 1,450 1,427 2,056 1,553 1,800 1,880 2,412 1,922 1,993 1,961 2,351 1,921
Net margin 1.69% 1.5% 1.75% 2.27% 2.2% 2.94% 2.41% 2.79% 2.92% 3.46% 2.96% 2.88% 2.79% 3.11% 2.62%
EPS 2 0.9300 1.020 1.110 1.520 1.490 2.150 1.610 1.870 1.950 2.510 1.990 2.070 2.097 2.613 1.979
Dividend per Share 2 - - - 0.5224 - - - - - - - 1.189 - 1.037 -
Announcement Date 10/27/21 2/15/22 4/27/22 7/26/22 10/25/22 2/21/23 4/25/23 7/27/23 10/24/23 2/20/24 4/24/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9,517 24,081 55,240 - 33,538 34,357 30,007 25,436
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.043 x 2.232 x 3.951 x - 1.438 x 1.395 x 1.133 x 0.901 x
Free Cash Flow 1 1,055 9,580 11,842 - 10,808 5,288 8,834 9,846
ROE (net income / shareholders' equity) 5.61% 9.13% 11% - 18.1% 18.4% 18.1% 17.9%
ROA (Net income/ Total Assets) 1.73% - - - 5.39% 5.86% 6.06% 6.05%
Assets 1 87,812 - - - 141,808 141,193 150,813 167,651
Book Value Per Share 2 28.40 30.60 33.70 - 47.10 47.30 56.30 66.30
Cash Flow per Share 5.060 12.50 16.70 - - - - -
Capex 1 3,790 2,348 4,137 - 7,374 11,307 10,494 10,711
Capex / Sales 2.93% 1.61% 2.19% - 2.8% 4.06% 3.47% 3.31%
Announcement Date 2/25/20 2/25/21 2/15/22 2/21/23 2/20/24 - - -
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
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
129.1 MXN
Average target price
141.6 MXN
Spread / Average Target
+9.68%
Consensus
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