FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. Financials Fomento Económico Mexicano, S.A.B. de C.V. Mexican S.E.
Equities
FEMSA B
MXP4182E1042
Food Retail & Distribution
|
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| - MXN | -.--% |
|
-.--% | -.--% |
| 02/05 | ETF of the week: Mexico's future looks golden |  |
| 26/04 | Transcript : Fomento Económico Mexicano, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 26, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,02,946 | 4,99,208 | 5,27,118 | 4,99,021 | 7,20,744 | 6,51,789 | - | - |
| Enterprise Value (EV) 1 | 6,91,615 | 6,33,128 | 6,14,208 | 7,79,660 | 7,20,744 | 7,19,083 | 7,16,827 | 7,52,550 |
| P/E ratio | 30.9 x | -278 x | 20 x | 21.9 x | 11.9 x | 19.6 x | 18.5 x | 14.9 x |
| Yield | 2.72% | 0.96% | 2.13% | - | - | 2.99% | 2.77% | 4.99% |
| Capitalization / Revenue | 1.19 x | 1.01 x | 0.95 x | 0.74 x | 1.03 x | 0.82 x | 0.76 x | 0.71 x |
| EV / Revenue | 1.36 x | 1.28 x | 1.1 x | 1.16 x | 1.03 x | 0.91 x | 0.83 x | 0.81 x |
| EV / EBITDA | 9.17 x | 8.8 x | 7.45 x | 8.4 x | 7.48 x | 6.44 x | 5.81 x | 5.65 x |
| EV / FCF | 17.9 x | 18.3 x | 11.2 x | - | - | 17.5 x | 16.5 x | 14.5 x |
| FCF Yield | 5.6% | 5.45% | 8.92% | - | - | 5.71% | 6.05% | 6.89% |
| Price to Book | 1.96 x | 1.75 x | 1.7 x | - | - | 2.43 x | 2.35 x | - |
| Nbr of stocks (in thousands) | 35,78,226 | 35,78,226 | 35,78,226 | 35,78,226 | 35,77,845 | 35,64,464 | - | - |
| Reference price 2 | 178.7 | 150.3 | 159.3 | 151.6 | 221.0 | 203.2 | 203.2 | 203.2 |
| Announcement Date | 27/02/20 | 01/03/21 | 28/02/22 | 24/02/23 | 23/02/24 | - | - | - |
1MXN in Million2MXN
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,06,711 | 4,92,966 | 5,56,261 | 6,73,202 | 7,02,692 | 7,92,040 | 8,61,640 | 9,23,493 |
| EBITDA 1 | 75,440 | 71,973 | 82,422 | 92,812 | 96,386 | 1,11,718 | 1,23,399 | 1,33,301 |
| EBIT 1 | 47,152 | 41,503 | 51,993 | 59,416 | 59,812 | 69,662 | 77,573 | 86,303 |
| Operating Margin | 9.31% | 8.42% | 9.35% | 8.83% | 8.51% | 8.8% | 9% | 9.35% |
| Earnings before Tax (EBT) 1 | 32,087 | 18,936 | 41,276 | 41,872 | 59,358 | 68,631 | 73,341 | 81,249 |
| Net income 1 | 20,699 | -1,930 | 28,494 | 24,758 | 66,390 | 36,180 | 40,933 | 43,924 |
| Net margin | 4.08% | -0.39% | 5.12% | 3.68% | 9.45% | 4.57% | 4.75% | 4.76% |
| EPS 2 | 5.780 | -0.5400 | 7.960 | 6.920 | 18.55 | 10.37 | 11.00 | 13.64 |
| Free Cash Flow 1 | 38,713 | 34,513 | 54,796 | - | - | 41,052 | 43,387 | 51,850 |
| FCF margin | 7.64% | 7% | 9.85% | - | - | 5.18% | 5.04% | 5.61% |
| FCF Conversion (EBITDA) | 51.32% | 47.95% | 66.48% | - | - | 36.75% | 35.16% | 38.9% |
| FCF Conversion (Net income) | 187.03% | - | 192.3% | - | - | 113.46% | 106% | 118.05% |
| Dividend per Share 2 | 4.860 | 1.444 | 3.400 | - | - | 6.071 | 5.633 | 10.14 |
| Announcement Date | 27/02/20 | 01/03/21 | 28/02/22 | 24/02/23 | 23/02/24 | - | - | - |
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 | 1,51,542 | 1,47,636 | 1,67,504 | 1,71,664 | 1,86,467 | 1,80,011 | 1,98,220 | 1,88,095 | 1,89,825 | 1,78,204 | 1,94,100 | 1,97,270 | 2,02,944 | 1,93,080 | - |
| EBITDA 1 | 23,446 | 19,694 | 23,370 | 23,196 | 26,562 | 22,157 | 27,134 | 25,366 | 26,933 | 25,049 | 29,616 | 27,534 | 36,553 | 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 | 18,060 | 17,248 | 21,075 | 15,856 | - |
| Operating Margin | 10.23% | 8.05% | 8.97% | 8.6% | 9.33% | 6.97% | 13.09% | 8.47% | 9.24% | 8.29% | 9.3% | 8.74% | 10.38% | 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 | 17,456 | 16,084 | 19,939 | - | - |
| Net income 1 | 6,717 | 3,987 | 5,209 | 10,748 | 4,817 | 48,078 | 6,165 | 9,742 | 3,267 | 2,931 | 9,952 | 8,307 | 10,993 | - | - |
| Net margin | 4.43% | 2.7% | 3.11% | 6.26% | 2.58% | 26.71% | 3.11% | 5.18% | 1.72% | 1.64% | 5.13% | 4.21% | 5.42% | - | - |
| EPS | 1.880 | 1.110 | 1.460 | 3.000 | 1.350 | 13.44 | 1.720 | 2.720 | 0.9100 | - | - | - | - | - | - |
| Dividend per Share 2 | 3.400 | - | - | - | - | - | - | - | - | - | 1.938 | - | 1.938 | - | - |
| Announcement Date | 28/02/22 | 02/05/22 | 28/07/22 | 28/10/22 | 24/02/23 | 28/04/23 | 27/07/23 | 27/10/23 | 23/02/24 | 26/04/24 | - | - | - | - | - |
1MXN in Million2MXN
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 88,669 | 1,33,920 | 87,090 | 2,80,639 | - | 67,294 | 65,038 | 1,00,760 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.175 x | 1.861 x | 1.057 x | 3.024 x | - | 0.6024 x | 0.5271 x | 0.7559 x |
| Free Cash Flow 1 | 38,713 | 34,513 | 54,796 | - | - | 41,052 | 43,387 | 51,851 |
| ROE (net income / shareholders' equity) | 6.26% | -0.79% | 8.88% | 7.35% | - | 10.7% | 11.4% | 12.4% |
| ROA (Net income/ Total Assets) | 3.41% | -0.29% | 4.01% | 3.22% | - | 3.87% | 4.05% | 4.4% |
| Assets 1 | 6,06,955 | 6,65,517 | 7,11,150 | 7,68,094 | - | 9,35,249 | 10,10,690 | 9,98,267 |
| Book Value Per Share 2 | 91.00 | 85.80 | 93.60 | - | - | 83.60 | 86.40 | - |
| Cash Flow per Share 2 | 17.20 | 14.90 | 20.40 | - | - | 13.00 | 19.30 | - |
| Capex 1 | 25,579 | 18,660 | 20,299 | 34,410 | - | 42,236 | 44,808 | 46,793 |
| Capex / Sales | 5.05% | 3.79% | 3.65% | 5.11% | - | 5.33% | 5.2% | 5.07% |
| Announcement Date | 27/02/20 | 01/03/21 | 28/02/22 | 24/02/23 | 23/02/24 | - | - | - |
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
12
Last Close Price
203.2
MXN
Average target price
243.5
MXN
Spread / Average Target
+19.83%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +13.96% | 35.82B | |
| +7.83% | 33.63B | |
| +1.72% | 18.8B | |
| +0.56% | 14.2B | |
| -12.76% | 13.6B | |
| -2.75% | 12.56B | |
| +22.94% | 12.5B | |
| -.--% | 11.82B | |
| -15.67% | 9.63B |
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