Financials Wal-Mart de México, S.A.B. de C.V. Mexican S.E.

Equities

WALMEX V

MXP810081010

Discount Stores

End-of-day quote Mexican S.E. Other stock markets			5-day change	1st Jan Change
- ^MXN	-.--%		-.--%	-.--%

04-24	Wal-Mart de Mexico 1Q Net Profit Rises 14% on Year	DJ
04-24	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	945,535	977,489	1,328,638	1,197,678	1,248,633	1,203,796	-	-
Enterprise Value (EV) ¹	976,421	1,001,557	1,354,320	1,223,650	1,286,710	1,238,487	1,237,413	1,232,244
P/E ratio	25 x	29.2 x	30.1 x	24.5 x	24.2 x	21.1 x	19.1 x	17.2 x
Yield	3.84%	4.5%	2.14%	2.49%	-	3.2%	3.72%	4.08%
Capitalization / Revenue	1.46 x	1.4 x	1.81 x	1.46 x	1.41 x	1.25 x	1.15 x	1.06 x
EV / Revenue	1.51 x	1.44 x	1.84 x	1.49 x	1.45 x	1.28 x	1.18 x	1.09 x
EV / EBITDA	13.8 x	13.3 x	16.7 x	14 x	13.7 x	12 x	10.9 x	9.99 x
EV / FCF	27.1 x	22.4 x	30.5 x	28.3 x	22.8 x	27.8 x	22.5 x	19.2 x
FCF Yield	3.69%	4.46%	3.28%	3.53%	4.38%	3.59%	4.44%	5.2%
Price to Book	5.62 x	5.78 x	7.15 x	5.92 x	6.27 x	5.53 x	5.1 x	4.52 x
Nbr of stocks (in thousands)	17,461,403	17,461,403	17,461,403	17,461,403	17,446,322	17,446,322	-	-
Reference price ²	54.15	55.98	76.09	68.59	71.57	69.00	69.00	69.00
Announcement Date	20-02-13	21-02-18	22-02-16	23-02-15	24-02-14	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	646,846	696,711	736,044	819,169	886,523	965,009	1,046,263	1,130,891
EBITDA ¹	71,005	75,387	81,214	87,370	93,853	103,363	113,214	123,378
EBIT ¹	54,003	57,447	62,908	68,011	73,276	81,597	89,019	97,404
Operating Margin	8.35%	8.25%	8.55%	8.3%	8.27%	8.46%	8.51%	8.61%
Earnings before Tax (EBT) ¹	49,202	49,464	57,296	63,367	68,607	75,967	83,916	92,772
Net income ¹	37,898	33,435	44,138	48,974	51,590	57,485	63,772	70,285
Net margin	5.86%	4.8%	6%	5.98%	5.82%	5.96%	6.1%	6.22%
EPS ²	2.170	1.920	2.528	2.805	2.960	3.271	3.615	4.021
Free Cash Flow ¹	36,052	44,645	44,415	43,166	56,329	44,505	54,934	64,074
FCF margin	5.57%	6.41%	6.03%	5.27%	6.35%	4.61%	5.25%	5.67%
FCF Conversion (EBITDA)	50.77%	59.22%	54.69%	49.41%	60.02%	43.06%	48.52%	51.93%
FCF Conversion (Net income)	95.13%	133.53%	100.63%	88.14%	109.19%	77.42%	86.14%	91.16%
Dividend per Share ²	2.080	2.520	1.630	1.710	-	2.210	2.564	2.816
Announcement Date	20-02-13	21-02-18	22-02-16	23-02-15	24-02-14	-	-	-

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	214,571	187,844	195,619	197,885	237,821	206,075	213,725	213,065	253,658	226,194	233,138	231,797	276,194	244,916	253,410
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	0.7800	0.8000	1.000	0.8574	0.8160
Dividend per Share ²	1.630	-	-	-	1.710	-	-	-	-	-	-	-	2.170	-	-
Announcement Date	22-02-16	22-04-26	22-07-26	22-10-20	23-02-15	23-04-26	23-07-27	23-10-25	24-02-14	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	34,691	33,616	28,448
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.435 x	0.3193 x	0.3162 x	0.2973 x	0.4057 x	0.3356 x	0.2969 x	0.2306 x
Free Cash Flow ¹	36,052	44,645	44,415	43,166	56,329	44,505	54,934	64,075
ROE (net income / shareholders' equity)	22.8%	19.8%	24.9%	25.2%	25.7%	27.3%	27.8%	27.8%
ROA (Net income/ Total Assets)	12.9%	9.4%	11.7%	12%	12.1%	12.7%	12.7%	12.4%
Assets ¹	293,226	355,528	378,121	406,599	427,678	451,078	503,372	567,823
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	31,791	33,424	30,657
Capex / Sales	3.18%	2.4%	2.78%	2.6%	3.25%	3.29%	3.19%	2.71%
Announcement Date	20-02-13	21-02-18	22-02-16	23-02-15	24-02-14	-	-	-

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

69 MXN

Average target price

77.4 MXN

Spread / Average Target

+12.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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