Financials Grupo México, S.A.B. de C.V.

Equities

GMEXICO B

MXP370841019

Diversified Mining

End-of-day quote Mexican S.E. 06:00:00 2024-05-23 pm EDT 5-day change 1st Jan Change
104.2 MXN -1.54% Intraday chart for Grupo México, S.A.B. de C.V. -7.22% +10.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,363 32,940 33,908 27,344 43,263 48,552 - -
Enterprise Value (EV) 1 26,273 28,057 36,376 29,705 43,263 48,698 47,615 44,212
P/E ratio 11.8 x 14.1 x 8.71 x 8.36 x 12.6 x 14.6 x 12.4 x 13 x
Yield 6.09% 4.07% 7.6% 6.7% - 4.97% 5.14% 5.89%
Capitalization / Revenue 2 x 3.02 x 2.29 x 1.97 x 3.01 x 3.11 x 2.8 x 2.78 x
EV / Revenue 2.46 x 2.57 x 2.46 x 2.14 x 3.01 x 3.12 x 2.74 x 2.53 x
EV / EBITDA 5.31 x 5.24 x 4.07 x 4.16 x 6.14 x 5.99 x 5.06 x 4.7 x
EV / FCF 14.1 x 9.09 x 6.97 x 7.9 x - 10.5 x 10.3 x 9.03 x
FCF Yield 7.11% 11% 14.4% 12.7% - 9.57% 9.67% 11.1%
Price to Book 1.77 x 1.99 x 2.14 x 1.38 x - 2.48 x 2.36 x 2.18 x
Nbr of stocks (in thousands) 7,785,000 7,785,000 7,785,000 7,785,000 7,785,000 7,785,000 - -
Reference price 2 2.744 4.231 4.356 3.512 5.557 6.237 6.237 6.237
Announcement Date 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,683 10,909 14,777 13,870 14,385 15,608 17,370 17,495
EBITDA 1 4,948 5,352 8,927 7,141 7,041 8,129 9,419 9,411
EBIT 1 3,491 4,671 7,533 6,037 5,877 6,602 7,895 7,664
Operating Margin 32.68% 42.82% 50.98% 43.52% 40.86% 42.3% 45.45% 43.81%
Earnings before Tax (EBT) 1 3,452 4,140 7,041 5,621 5,687 5,446 6,590 4,879
Net income 1 1,810 2,302 3,868 3,255 3,398 3,527 3,972 3,666
Net margin 16.94% 21.1% 26.18% 23.47% 23.62% 22.6% 22.87% 20.96%
EPS 2 0.2325 0.3000 0.5000 0.4200 0.4400 0.4276 0.5011 0.4779
Free Cash Flow 1 1,867 3,086 5,221 3,759 - 4,659 4,602 4,895
FCF margin 17.48% 28.29% 35.33% 27.1% - 29.85% 26.49% 27.98%
FCF Conversion (EBITDA) 37.74% 57.67% 58.48% 52.64% - 57.32% 48.86% 52.01%
FCF Conversion (Net income) 103.14% 134.05% 134.96% 115.48% - 132.09% 115.86% 133.52%
Dividend per Share 2 0.1672 0.1721 0.3312 0.2354 - 0.3099 0.3206 0.3672
Announcement Date 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - - -
1USD in Million2USD
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 3,776 3,764 3,203 3,115 3,788 3,862 3,454 3,647 3,422 3,799 3,791 3,876 3,969 - -
EBITDA 1 2,190 2,205 1,421 1,424 2,092 2,106 1,628 1,782 1,526 1,966 1,724 1,779 1,918 - -
EBIT 1 1,885 2,012 1,120 1,123 1,782 1,805 1,359 1,473 1,240 1,544 1,357 1,454 1,555 - -
Operating Margin 49.93% 53.46% 34.95% 36.06% 47.04% 46.73% 39.35% 40.4% 36.24% 40.63% 35.8% 37.5% 39.17% - -
Earnings before Tax (EBT) 1 1,761 1,890 1,010 1,010 1,711 1,742 1,305 1,432 1,207 - 1,264 1,330 1,502 - -
Net income 1 901.2 1,018 610.9 587.3 1,039 1,103 839.9 697.6 757.4 864.5 737 781 894 - -
Net margin 23.86% 27.05% 19.07% 18.85% 27.44% 28.57% 24.32% 19.13% 22.13% 22.76% 19.44% 20.15% 22.52% - -
EPS 2 0.1200 0.1300 0.0800 0.0800 0.1300 0.1400 0.1100 0.0900 0.1000 0.1200 0.1300 0.1500 0.1600 0.1400 0.1300
Dividend per Share 2 0.0850 0.0734 0.0487 0.0378 0.0554 0.0555 0.0478 - - 0.0582 0.0397 0.0412 0.0447 - -
Announcement Date 2/1/22 5/2/22 7/27/22 10/27/22 2/3/23 4/29/23 7/27/23 10/24/23 2/2/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 4,910 - 2,468 2,361 - 146 - -
Net Cash position 1 - 4,883 - - - - 937 4,341
Leverage (Debt/EBITDA) 0.9923 x - 0.2764 x 0.3307 x - 0.0179 x - -
Free Cash Flow 1 1,867 3,086 5,221 3,759 - 4,659 4,602 4,895
ROE (net income / shareholders' equity) 22% 14.4% 25.8% 17.1% - 20.8% 21.1% 19.6%
ROA (Net income/ Total Assets) 6.78% 3.9% 12.3% 10% - 8% 10.2% 7.85%
Assets 1 26,685 59,103 31,391 32,552 - 44,090 38,755 46,716
Book Value Per Share 2 1.550 2.130 2.030 2.540 - 2.520 2.650 2.860
Cash Flow per Share 2 0.3800 0.5400 0.8500 0.6800 - 0.6200 0.8100 0.8500
Capex 1 1,123 1,113 1,362 1,502 - 1,620 1,713 1,605
Capex / Sales 10.51% 10.2% 9.22% 10.83% - 10.38% 9.86% 9.17%
Announcement Date 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - - -
1USD in Million2USD
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
B
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
6.237 USD
Average target price
6.041 USD
Spread / Average Target
-3.14%
Consensus
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