Financials Grupo Financiero Banorte, S.A.B. de C.V.

Equities

GFNORTE O

MXP370711014

Banks

End-of-day quote Mexican S.E. 06:00:00 2024-02-19 pm EST 5-day change 1st Jan Change
187 MXN -0.33% Intraday chart for Grupo Financiero Banorte, S.A.B. de C.V. +2.53% +9.49%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 276,177 304,637 316,978 383,557 399,784 539,120 539,120 -
Enterprise Value (EV) 1 276,177 304,637 316,978 383,557 399,784 492,379 539,120 539,120
P/E ratio 8.64 x 8.34 x 9.47 x 10.9 x 8.88 x 9.49 x 9.23 x 8.81 x
Yield 3.6% 5.24% 2.88% 4.37% 8.5% 6.47% 6.43% 6.96%
Capitalization / Revenue 2.87 x 2.93 x 3.05 x 3.79 x 2.22 x 3.39 x 3.57 x 3.34 x
EV / Revenue 2.87 x 2.93 x 3.05 x 3.79 x 2.22 x 3.39 x 3.57 x 3.34 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.6 x 1.57 x 1.43 x 1.64 x 1.71 x 2.11 x 2 x 1.83 x
Nbr of stocks (in thousands) 2,883,457 2,883,457 2,883,457 2,883,457 2,857,439 2,883,457 2,883,457 -
Reference price 2 95.78 105.6 109.9 133.0 139.9 187.0 187.0 187.0
Announcement Date 1/24/19 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 96,354 104,141 103,888 101,113 179,967 145,072 151,155 161,602
EBITDA - - - - - - - -
EBIT 1 40,255 48,116 38,944 43,822 61,022 69,561 80,044 86,249
Operating Margin 41.78% 46.2% 37.49% 43.34% 33.91% 47.95% 52.95% 53.37%
Earnings before Tax (EBT) 1 44,050 49,832 40,947 46,095 61,989 70,974 78,721 83,820
Net income 1 31,958 36,528 30,508 35,048 45,408 52,418 58,623 61,698
Net margin 33.17% 35.08% 29.37% 34.66% 25.23% 36.13% 38.78% 38.18%
EPS 2 11.08 12.67 11.61 12.16 15.75 18.00 20.25 21.22
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 3.450 5.540 3.167 5.810 11.89 12.10 12.02 13.01
Announcement Date 1/24/19 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q2 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
Net sales 1 24,388 25,115 26,608 28,409 28,464 29,907 99,922 32,331 32,710 37,284 39,101 36,028 36,943 37,508 39,496
EBITDA - - - - - - - - - - - - - - -
EBIT 1 10,771 11,445 10,701 17,686 17,697 18,804 15,083 17,412 17,744 17,723 16,682 19,104 20,351 19,932 -
Operating Margin 44.17% 45.57% 40.22% 62.25% 62.17% 62.87% 15.1% 53.86% 54.25% 47.54% 42.67% 53.03% 55.09% 53.14% -
Earnings before Tax (EBT) 1 11,446 11,977 11,338 15,018 15,392 15,890 15,492 17,745 18,102 17,982 17,145 18,596 19,421 19,720 18,722
Net income 1 8,568 8,874 9,061 10,748 11,524 11,544 11,132 13,018 13,088 13,268 13,044 14,201 14,589 14,700 14,363
Net margin 35.13% 35.33% 34.06% 37.83% 40.49% 38.6% 11.14% 40.26% 40.01% 35.59% 33.36% 39.42% 39.49% 39.19% 36.36%
EPS 2 2.971 3.078 3.143 3.728 3.996 4.004 4.020 5.000 4.485 5.000 4.000 4.915 5.075 5.079 4.982
Dividend per Share 2 3.170 - 2.650 - 6.080 - 5.810 - 7.870 - 2.600 - 9.983 - 2.725
Announcement Date 7/22/21 10/21/21 1/20/22 4/21/22 7/21/22 10/20/22 1/19/23 4/20/23 7/20/23 10/31/23 1/17/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 20.3% 20.1% 14.8% 15.3% 19.2% 21.4% 22% 21.5%
ROA (Net income/ Total Assets) 2.2% 2.3% 1.8% 1.9% 2.3% 2.4% 2.36% 2.4%
Assets 1 1,452,636 1,588,174 1,694,894 1,844,640 1,974,264 2,184,093 2,485,432 2,565,956
Book Value Per Share 2 59.80 67.20 77.10 81.20 81.90 88.40 93.40 102.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/24/19 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - -
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
BUY
Number of Analysts
14
Last Close Price
187 MXN
Average target price
196.1 MXN
Spread / Average Target
+4.87%
Consensus
  1. Stock
  2. Equities
  3. Stock Grupo Financiero Banorte, S.A.B. de C.V. - Mexican S.E.
  4. Financials Grupo Financiero Banorte, S.A.B. de C.V.
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