Stock GRUMA B GRUMA, S.A.B. DE C.V.
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Financials Gruma, S.A.B. de C.V.

Equities

GRUMA B

MXP4948K1056

Food Processing

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-06-09 pm EDT 		5-day change 1st Jan Change
334.6 MXN +0.10% Intraday chart for Gruma, S.A.B. de C.V. +2.10% +7.55%
Apr. 26 Gruma, S.A.B. de C.V.'s Equity Buyback announced on July 21, 2023 has expired. CI
Apr. 18 Transcript : Gruma, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 18, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 80,267 94,136 100,046 96,554 114,851 121,875 - -
Enterprise Value (EV) 1 98,075 117,519 125,822 127,726 134,333 144,388 137,532 135,403
P/E ratio 16.6 x 17.5 x 16.7 x 16.6 x 15.7 x 15.1 x 13.4 x 12.5 x
Yield 2.3% 2.17% 1.98% 2.07% 1.74% 1.7% 1.79% 1.53%
Capitalization / Revenue 1.04 x 1.03 x 1.06 x 0.94 x 1.06 x 1.04 x 1.01 x 0.99 x
EV / Revenue 1.27 x 1.29 x 1.33 x 1.24 x 1.24 x 1.23 x 1.14 x 1.1 x
EV / EBITDA 7.83 x 7.63 x 8.4 x 8.57 x 7.83 x 7.57 x 6.86 x 6.78 x
EV / FCF 17.9 x 12.7 x 22.6 x 4,802 x 14.9 x 14 x 12.9 x -
FCF Yield 5.59% 7.85% 4.43% 0.02% 6.73% 7.13% 7.74% -
Price to Book 3.09 x 3.4 x 3.38 x 3.66 x 3.67 x 3.08 x 2.89 x 2.35 x
Nbr of stocks (in thousands) 413,471 397,315 381,099 370,309 369,129 364,220 - -
Reference price 2 194.1 236.9 262.5 260.7 311.1 334.6 334.6 334.6
Announcement Date 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 77,388 91,103 94,250 103,173 108,763 117,419 120,891 123,197
EBITDA 1 12,528 15,394 14,987 14,910 17,162 19,078 20,043 19,976
EBIT 1 9,282 11,348 11,283 11,248 13,264 14,699 15,441 15,776
Operating Margin 11.99% 12.46% 11.97% 10.9% 12.2% 12.52% 12.77% 12.81%
Earnings before Tax (EBT) 1 7,560 8,477 9,619 9,403 10,745 11,289 13,095 -
Net income 1 4,836 5,370 6,144 5,885 7,325 8,148 9,009 9,185
Net margin 6.25% 5.89% 6.52% 5.7% 6.74% 6.94% 7.45% 7.46%
EPS 2 11.70 13.52 15.72 15.67 19.79 22.11 24.92 26.71
Free Cash Flow 1 5,485 9,221 5,579 26.6 9,040 10,301 10,647 -
FCF margin 7.09% 10.12% 5.92% 0.03% 8.31% 8.77% 8.81% -
FCF Conversion (EBITDA) 43.78% 59.9% 37.23% 0.18% 52.68% 53.99% 53.12% -
FCF Conversion (Net income) 113.42% 171.72% 90.8% 0.45% 123.41% 126.42% 118.18% -
Dividend per Share 2 4.465 5.145 5.200 5.400 5.400 5.686 5.996 5.121
Announcement Date 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - - -
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 25,718 25,304 27,410 28,966 28,701 28,623 27,760 30,954 27,976 27,956 29,571 28,981 29,728 30,754 -
EBITDA 1 4,105 3,302 3,824 4,188 4,598 3,802 4,088 5,090 4,660 4,487 4,489 5,049 5,107 5,108 -
EBIT 1 3,124 2,325 2,843 3,207 3,615 2,849 3,093 4,024 3,667 3,496 3,470 4,059 4,071 4,012 -
Operating Margin 12.15% 9.19% 10.37% 11.07% 12.59% 9.95% 11.14% 13% 13.11% 12.51% 11.73% 14.01% 13.69% 13.05% -
Earnings before Tax (EBT) - 2,018 2,281 - 3,155 - 2,419 3,371 3,046 - - - - - -
Net income 1 1,814 1,225 1,401 1,552 2,076 1,369 1,618 2,489 2,061 1,884 1,943 2,326 2,456 2,332 -
Net margin 7.05% 4.84% 5.11% 5.36% 7.23% 4.78% 5.83% 8.04% 7.37% 6.74% 6.57% 8.03% 8.26% 7.58% -
EPS 2 4.640 3.204 3.689 4.228 5.530 3.610 4.356 6.762 5.629 5.091 5.522 6.155 6.308 6.109 6.120
Dividend per Share 1.300 - - - 5.400 - - - 5.400 - - - - - -
Announcement Date 2/24/22 4/21/22 7/20/22 10/19/22 2/23/23 4/19/23 7/19/23 10/18/23 2/21/24 4/17/24 - - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 17,808 23,383 25,776 31,172 19,482 22,513 15,657 13,527
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.421 x 1.519 x 1.72 x 2.091 x 1.135 x 1.18 x 0.7812 x 0.6772 x
Free Cash Flow 1 5,485 9,221 5,579 26.6 9,040 10,301 10,647 -
ROE (net income / shareholders' equity) 18.6% 20% 21.5% 22.2% 24.7% 23.6% 22.2% 19.4%
ROA (Net income/ Total Assets) 7.53% 7.64% 8.03% 7.77% 9.47% 10.4% 11.1% -
Assets 1 64,230 70,324 76,548 75,710 77,354 78,459 81,200 -
Book Value Per Share 2 62.80 69.70 77.60 71.30 84.80 109.0 116.0 142.0
Cash Flow per Share 2 17.30 32.10 29.90 14.70 34.20 37.00 33.70 36.30
Capex 1 1,370 3,347 5,114 5,481 3,599 4,387 4,603 5,245
Capex / Sales 1.77% 3.67% 5.43% 5.31% 3.31% 3.74% 3.81% 4.26%
Announcement Date 2/26/20 2/26/21 2/24/22 2/23/23 2/21/24 - - -
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 Gruma, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
334.6 MXN
Average target price
355.5 MXN
Spread / Average Target
+6.24%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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