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

Equities

4GE

MXP370841019

Diversified Mining

Delayed Börse Stuttgart Other stock markets 11:41:10 27/06/2024 am IST			5-day change	1st Jan Change
4.77 ^EUR	-1.29%		+0.67%	-2.57%

02/05	ETF of the week: Mexico's future looks golden
26/04	USMCA Labor Panel Rules in Favor of Mexico in Mine Dispute, Government Says	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	21,363	32,940	33,908	27,344	43,263	41,252	-	-
Enterprise Value (EV) ¹	26,273	28,057	36,376	29,705	43,263	41,828	40,433	37,183
P/E ratio	11.8 x	14.1 x	8.71 x	8.36 x	12.6 x	11.8 x	10.3 x	10.4 x
Yield	6.09%	4.07%	7.6%	6.7%	-	5.61%	5.82%	6.93%
Capitalization / Revenue	2 x	3.02 x	2.29 x	1.97 x	3.01 x	2.58 x	2.39 x	2.38 x
EV / Revenue	2.46 x	2.57 x	2.46 x	2.14 x	3.01 x	2.62 x	2.34 x	2.15 x
EV / EBITDA	5.31 x	5.24 x	4.07 x	4.16 x	6.14 x	5.02 x	4.27 x	3.9 x
EV / FCF	14.1 x	9.09 x	6.97 x	7.9 x	-	9.8 x	8.44 x	7.09 x
FCF Yield	7.11%	11%	14.4%	12.7%	-	10.2%	11.8%	14.1%
Price to Book	1.77 x	1.99 x	2.14 x	1.38 x	-	2.21 x	1.99 x	1.78 x
Nbr of stocks (in thousands)	77,85,000	77,85,000	77,85,000	77,85,000	77,85,000	77,85,000	-	-
Reference price ²	2.744	4.231	4.356	3.512	5.557	5.299	5.299	5.299
Announcement Date	26/02/20	26/01/21	01/02/22	03/02/23	02/02/24	-	-	-

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	15,993	17,287	17,324
EBITDA ¹	4,948	5,352	8,927	7,141	7,041	8,329	9,475	9,542
EBIT ¹	3,491	4,671	7,533	6,037	5,877	6,765	7,853	7,867
Operating Margin	32.68%	42.82%	50.98%	43.52%	40.86%	42.3%	45.43%	45.41%
Earnings before Tax (EBT) ¹	3,452	4,140	7,041	5,621	5,687	6,118	7,087	6,867
Net income ¹	1,810	2,302	3,868	3,255	3,398	3,643	3,968	3,996
Net margin	16.94%	21.1%	26.18%	23.47%	23.62%	22.78%	22.95%	23.06%
EPS ²	0.2325	0.3000	0.5000	0.4200	0.4400	0.4485	0.5134	0.5120
Free Cash Flow ¹	1,867	3,086	5,221	3,759	-	4,268	4,791	5,244
FCF margin	17.48%	28.29%	35.33%	27.1%	-	26.69%	27.71%	30.27%
FCF Conversion (EBITDA)	37.74%	57.67%	58.48%	52.64%	-	51.25%	50.56%	54.96%
FCF Conversion (Net income)	103.14%	134.05%	134.96%	115.48%	-	117.17%	120.75%	131.23%
Dividend per Share ²	0.1672	0.1721	0.3312	0.2354	-	0.2972	0.3084	0.3674
Announcement Date	26/02/20	26/01/21	01/02/22	03/02/23	02/02/24	-	-	-

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	4,099	4,152	4,359	4,855	-
EBITDA ¹	2,190	2,205	1,421	1,424	2,092	2,106	1,628	1,782	1,526	1,966	2,116	2,199	2,421	2,501	-
EBIT ¹	1,885	2,012	1,120	1,123	1,782	1,805	1,359	1,473	1,240	1,544	1,716	1,796	2,016	2,066	-
Operating Margin	49.93%	53.46%	34.95%	36.06%	47.04%	46.73%	39.35%	40.4%	36.24%	40.63%	41.86%	43.24%	46.25%	42.55%	-
Earnings before Tax (EBT) ¹	1,761	1,890	1,010	1,010	1,711	1,742	1,305	1,432	1,207	-	1,673	1,695	1,866	-	-
Net income ¹	901.2	1,018	610.9	587.3	1,039	1,103	839.9	697.6	757.4	864.5	950	964	1,077	-	-
Net margin	23.86%	27.05%	19.07%	18.85%	27.44%	28.57%	24.32%	19.13%	22.13%	22.76%	23.18%	23.22%	24.71%	-	-
EPS ²	0.1200	0.1300	0.0800	0.0800	0.1300	0.1400	0.1100	0.0900	0.1000	0.1200	0.1410	0.1419	0.1492	0.1500	0.1500
Dividend per Share ²	0.0850	0.0734	0.0487	0.0378	0.0554	0.0555	0.0478	-	-	0.0582	0.0536	0.0586	0.0680	0.0688	-
Announcement Date	01/02/22	02/05/22	27/07/22	27/10/22	03/02/23	29/04/23	27/07/23	24/10/23	02/02/24	25/04/24	-	-	-	-	-

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	-	576	-	-
Net Cash position ¹	-	4,883	-	-	-	-	819	4,069
Leverage (Debt/EBITDA)	0.9923 x	-	0.2764 x	0.3307 x	-	0.0691 x	-	-
Free Cash Flow ¹	1,867	3,086	5,221	3,759	-	4,269	4,791	5,244
ROE (net income / shareholders' equity)	22%	14.4%	25.8%	17.1%	-	21.6%	21.2%	19.3%
ROA (Net income/ Total Assets)	6.78%	3.9%	12.3%	10%	-	9.85%	10.7%	10.5%
Assets ¹	26,685	59,103	31,391	32,552	-	36,978	37,015	38,172
Book Value Per Share ²	1.550	2.130	2.030	2.540	-	2.390	2.660	2.970
Cash Flow per Share ²	0.3800	0.5400	0.8500	0.6800	-	0.6600	0.8300	0.8400
Capex ¹	1,123	1,113	1,362	1,502	-	1,809	1,859	1,525
Capex / Sales	10.51%	10.2%	9.22%	10.83%	-	11.31%	10.76%	8.8%
Announcement Date	26/02/20	26/01/21	01/02/22	03/02/23	02/02/24	-	-	-

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

Ratings for Grupo México, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.299 USD

Average target price

6.1 USD

Spread / Average Target

+15.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

	1st Jan change	Capi.
BHP GROUP LIMITED	-14.40%	15TCr
RIO TINTO PLC	-11.40%	11TCr
GLENCORE PLC	-4.10%	6.97TCr
SAUDI ARABIAN MINING COMPANY (MA'ADEN)	-11.33%	4.3TCr
ANGLO AMERICAN PLC	+26.36%	3.87TCr
HINDUSTAN ZINC LIMITED	+111.43%	3.29TCr
TECK RESOURCES LIMITED	+17.51%	2.5TCr
VEDANTA LIMITED	+71.46%	1.96TCr
IVANHOE MINES LTD.	+36.03%	1.66TCr

Integrated Mining