Financials Bolsa Mexicana de Valores, S.A.B. de C.V.

Equities

BOLSA A

MX01BM1B0000

Financial & Commodity Market Operators

End-of-day quote Mexican S.E. 06:00:00 2024-06-09 pm EDT 5-day change 1st Jan Change
32.8 MXN +3.47% Intraday chart for Bolsa Mexicana de Valores, S.A.B. de C.V. +11.95% -6.66%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 24,514 27,965 22,897 21,769 20,030 18,635 - -
Enterprise Value (EV) 1 21,591 24,524 19,452 21,769 20,030 15,008 14,592 14,217
P/E ratio 18.3 x 18.7 x 13.4 x 13.1 x 13.3 x 11.9 x 11.1 x 10.6 x
Yield 4.38% 4.28% 5.55% - - 6.22% 7.11% 7.92%
Capitalization / Revenue 6.85 x 7.14 x 5.83 x 5.31 x 5.09 x 4.56 x 4.27 x 3.95 x
EV / Revenue 6.04 x 6.27 x 4.96 x 5.31 x 5.09 x 3.67 x 3.34 x 3.02 x
EV / EBITDA 10.3 x 10.3 x 8.07 x 8.7 x 9.15 x 6.41 x 5.78 x 5.14 x
EV / FCF 13.8 x 13.2 x 11.3 x - - 17.8 x 20.7 x 22.1 x
FCF Yield 7.24% 7.56% 8.83% - - 5.62% 4.82% 4.52%
Price to Book 3.6 x 3.85 x 2.96 x - - 2.44 x 2.39 x 2.3 x
Nbr of stocks (in thousands) 592,989 592,989 588,303 578,656 569,994 567,442 - -
Reference price 2 41.34 47.16 38.92 37.62 35.14 32.80 32.80 32.80
Announcement Date 2/18/20 2/16/21 2/15/22 2/15/23 2/13/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,577 3,914 3,924 4,100 3,931 4,089 4,365 4,712
EBITDA 1 2,105 2,376 2,409 2,503 2,188 2,341 2,525 2,767
EBIT 1 1,914 2,168 2,184 2,283 2,035 2,099 2,302 2,532
Operating Margin 53.52% 55.39% 55.65% 55.7% 51.77% 51.33% 52.74% 53.73%
Earnings before Tax (EBT) 1 2,058 2,294 2,334 2,538 2,427 2,464 2,565 2,715
Net income 1 1,338 1,493 1,597 1,662 1,508 1,590 1,694 1,757
Net margin 37.41% 38.15% 40.7% 40.53% 38.37% 38.88% 38.81% 37.28%
EPS 2 2.260 2.520 2.900 2.870 2.650 2.755 2.960 3.090
Free Cash Flow 1 1,563 1,854 1,717 - - 844 704 643
FCF margin 43.69% 47.38% 43.76% - - 20.64% 16.13% 13.65%
FCF Conversion (EBITDA) 74.24% 78.05% 71.29% - - 36.06% 27.88% 23.24%
FCF Conversion (Net income) 116.78% 124.21% 107.53% - - 53.09% 41.55% 36.6%
Dividend per Share 2 1.810 2.020 2.160 - - 2.039 2.332 2.596
Announcement Date 2/18/20 2/16/21 2/15/22 2/15/23 2/13/24 - - -
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 1,050 1,150 997.3 978.8 973.2 1,034 945.6 933.4 1,018 966.6 998.3 1,025 1,061 1,042 -
EBITDA 1 702 756.7 606.9 571.3 568 619.6 521.3 511.9 536 551.6 587.5 604.1 628.9 622.1 -
EBIT 1 643 700.9 550.6 517 515 563.3 462.2 458.1 535.5 490 517.5 538.7 565.2 552.6 -
Operating Margin 61.27% 60.93% 55.21% 52.82% 52.92% 54.47% 48.87% 49.08% 52.58% 50.69% 51.84% 52.58% 53.28% 53.04% -
Earnings before Tax (EBT) 688.2 726.1 639.2 600.5 572.4 654.2 572.6 559.4 633.7 594.7 - - - - -
Net income 1 498.1 478.7 403.9 400 379.1 414.9 355.8 329.5 408.2 375 381.5 410 432.8 415.7 -
Net margin 47.46% 41.62% 40.5% 40.87% 38.95% 40.12% 37.63% 35.3% 40.09% 38.8% 38.22% 40.02% 40.8% 39.9% -
EPS 2 0.9000 0.8200 0.6900 0.6900 0.6600 0.7200 0.6200 0.5700 0.7200 0.6600 0.6700 0.7200 0.7600 0.7250 0.7200
Dividend per Share 2 2.160 - - - - - - - - - - - - - 2.210
Announcement Date 2/15/22 4/19/22 7/19/22 10/18/22 2/15/23 4/18/23 7/18/23 10/17/23 2/13/24 4/23/24 - - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,923 3,441 3,444 - - 3,627 4,043 4,418
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,563 1,854 1,717 - - 844 704 643
ROE (net income / shareholders' equity) 20.1% 21.7% 21.7% - - 21.1% 21.3% 22.5%
ROA (Net income/ Total Assets) 17.7% 18.3% 18.8% - - 17.3% 17.9% 18.2%
Assets 1 7,581 8,140 8,512 - - 9,165 9,472 9,674
Book Value Per Share 2 11.50 12.20 13.10 - - 13.40 13.80 14.30
Cash Flow per Share 2 2.780 3.190 3.050 - - 3.440 4.040 3.590
Capex 1 84 40 79 - - 120 124 131
Capex / Sales 2.35% 1.02% 2.01% - - 2.92% 2.84% 2.78%
Announcement Date 2/18/20 2/16/21 2/15/22 2/15/23 2/13/24 - - -
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
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
32.8 MXN
Average target price
40 MXN
Spread / Average Target
+21.95%
Consensus
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  4. Financials Bolsa Mexicana de Valores, S.A.B. de C.V.