Financials Wal-Mart de México, S.A.B. de C.V. OTC Markets

Equities

WMMVY

US93114W1071

Discount Stores

Market Closed - OTC Markets Other stock markets 01:27:48 08/06/2024 am IST			5-day change	1st Jan Change
34.04 ^USD	-2.77%		-9.11%	-19.37%

24/04	Wal-Mart de Mexico 1Q Net Profit Rises 14% on Year	DJ
24/04	Retailer Walmex's quarterly profit jumps on more stores, higher wages	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,45,535	9,77,489	13,28,638	11,97,678	12,48,633	11,06,097	-	-
Enterprise Value (EV) ¹	9,76,421	10,01,557	13,54,320	12,23,650	12,86,710	11,37,375	11,35,125	11,28,043
P/E ratio	25 x	29.2 x	30.1 x	24.5 x	24.2 x	19.1 x	17.3 x	15.6 x
Yield	3.84%	4.5%	2.14%	2.49%	-	3.53%	4.09%	4.5%
Capitalization / Revenue	1.46 x	1.4 x	1.81 x	1.46 x	1.41 x	1.15 x	1.06 x	0.98 x
EV / Revenue	1.51 x	1.44 x	1.84 x	1.49 x	1.45 x	1.18 x	1.08 x	1 x
EV / EBITDA	13.8 x	13.3 x	16.7 x	14 x	13.7 x	11 x	10 x	9.14 x
EV / FCF	27.1 x	22.4 x	30.5 x	28.3 x	22.8 x	23.6 x	20.6 x	17.6 x
FCF Yield	3.69%	4.46%	3.28%	3.53%	4.38%	4.23%	4.85%	5.69%
Price to Book	5.62 x	5.78 x	7.15 x	5.92 x	6.27 x	5.02 x	4.62 x	4.1 x
Nbr of stocks (in thousands)	1,74,61,403	1,74,61,403	1,74,61,403	1,74,61,403	1,74,46,322	1,74,46,322	-	-
Reference price ²	54.15	55.98	76.09	68.59	71.57	62.59	62.59	62.59
Announcement Date	13/02/20	18/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,46,846	6,96,711	7,36,044	8,19,169	8,86,523	9,65,167	10,46,394	11,30,982
EBITDA ¹	71,005	75,387	81,214	87,370	93,853	1,03,400	1,13,244	1,23,414
EBIT ¹	54,003	57,447	62,908	68,011	73,276	81,146	89,052	97,409
Operating Margin	8.35%	8.25%	8.55%	8.3%	8.27%	8.41%	8.51%	8.61%
Earnings before Tax (EBT) ¹	49,202	49,464	57,296	63,367	68,607	75,811	83,937	92,695
Net income ¹	37,898	33,435	44,138	48,974	51,590	57,452	63,774	70,241
Net margin	5.86%	4.8%	6%	5.98%	5.82%	5.95%	6.09%	6.21%
EPS ²	2.170	1.920	2.528	2.805	2.960	3.277	3.615	4.019
Free Cash Flow ¹	36,052	44,645	44,415	43,166	56,329	48,158	55,090	64,135
FCF margin	5.57%	6.41%	6.03%	5.27%	6.35%	4.99%	5.26%	5.67%
FCF Conversion (EBITDA)	50.77%	59.22%	54.69%	49.41%	60.02%	46.57%	48.65%	51.97%
FCF Conversion (Net income)	95.13%	133.53%	100.63%	88.14%	109.19%	83.82%	86.38%	91.31%
Dividend per Share ²	2.080	2.520	1.630	1.710	-	2.210	2.563	2.816
Announcement Date	13/02/20	18/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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	2,14,571	1,87,844	1,95,619	1,97,885	2,37,821	2,06,075	2,13,725	2,13,065	2,53,658	2,26,194	2,33,138	2,31,797	2,76,194	2,44,916	2,53,410
EBITDA ¹	23,564	20,743	20,145	21,163	25,339	22,316	21,863	22,967	27,168	24,622	23,578	24,651	28,500	25,829	25,783
EBIT ¹	18,856	15,937	15,385	16,303	20,386	17,337	16,837	17,746	21,356	19,170	19,065	19,231	23,982	21,068	20,465
Operating Margin	8.79%	8.48%	7.86%	8.24%	8.57%	8.41%	7.88%	8.33%	8.42%	8.48%	8.18%	8.3%	8.68%	8.6%	8.08%
Earnings before Tax (EBT) ¹	17,472	14,344	14,147	15,434	19,440	16,020	15,684	17,027	19,876	17,146	16,678	18,405	22,712	19,393	18,730
Net income ¹	13,254	11,109	10,892	12,153	14,821	11,519	11,444	13,632	14,996	13,183	12,975	14,295	17,097	14,739	14,235
Net margin	6.18%	5.91%	5.57%	6.14%	6.23%	5.59%	5.35%	6.4%	5.91%	5.83%	5.57%	6.17%	6.19%	6.02%	5.62%
EPS ²	0.7590	0.6360	0.6240	0.6960	0.8490	0.6600	0.6550	0.7810	0.8600	0.7560	0.7579	0.8296	0.9904	0.8574	0.8160
Dividend per Share ²	1.630	-	-	-	1.710	-	-	-	-	-	-	-	2.170	-	-
Announcement Date	16/02/22	26/04/22	26/07/22	20/10/22	15/02/23	26/04/23	27/07/23	25/10/23	14/02/24	24/04/24	-	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,886	24,068	25,682	25,972	38,077	31,278	29,028	21,946
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.435 x	0.3193 x	0.3162 x	0.2973 x	0.4057 x	0.3025 x	0.2563 x	0.1778 x
Free Cash Flow ¹	36,052	44,645	44,415	43,166	56,329	48,158	55,090	64,135
ROE (net income / shareholders' equity)	22.8%	19.8%	24.9%	25.2%	25.7%	27.5%	27.7%	27.8%
ROA (Net income/ Total Assets)	12.9%	9.4%	11.7%	12%	12.1%	12.6%	12.7%	12.3%
Assets ¹	2,93,226	3,55,528	3,78,121	4,06,599	4,27,678	4,54,845	5,03,784	5,69,308
Book Value Per Share ²	9.630	9.690	10.60	11.60	11.40	12.50	13.50	15.30
Cash Flow per Share ²	3.240	3.520	3.720	3.690	-	4.370	4.860	5.630
Capex ¹	20,575	16,728	20,466	21,304	28,792	32,704	33,355	30,661
Capex / Sales	3.18%	2.4%	2.78%	2.6%	3.25%	3.39%	3.19%	2.71%
Announcement Date	13/02/20	18/02/21	16/02/22	15/02/23	14/02/24	-	-	-

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

Ratings for Wal-Mart de 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

62.59 MXN

Average target price

77.16 MXN

Spread / Average Target

+23.29%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Discount Stores