Financials FIBRA Prologis

Equities

FIBRAPL 14

MXCFFI170008

Commercial REITs

End-of-day quote Mexican S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
71.26 MXN -0.64% Intraday chart for FIBRA Prologis +5.57% -11.75%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 26,999 37,908 48,259 47,814 91,968 94,060 - -
Enterprise Value (EV) 1 41,367 54,536 69,685 63,010 104,180 108,817 116,802 117,075
P/E ratio 12.6 x 10.2 x 14.5 x 6.62 x 5.94 x 19.4 x 18.3 x 17.5 x
Yield 5.56% 4.47% 3.62% - 2.76% 3.44% 4.37% 5.11%
Capitalization / Revenue 7.06 x 8.13 x 9.84 x 8.63 x 16.4 x 14.9 x 12.9 x 12.1 x
EV / Revenue 10.8 x 11.7 x 14.2 x 11.4 x 18.6 x 17.2 x 16 x 15 x
EV / EBITDA 14.4 x 14.4 x 17.8 x - 23.5 x 22 x 20.4 x 18.5 x
EV / FCF 18.1 x -7.15 x 25.1 x - -42.1 x -42.1 x -14.2 x -25.3 x
FCF Yield 5.53% -14% 3.99% - -2.37% -2.38% -7.03% -3.96%
Price to Book 0.91 x 0.89 x 0.97 x 0.95 x 1.31 x 1.09 x 1.04 x 0.99 x
Nbr of stocks (in thousands) 644,674 849,186 849,186 856,419 1,138,919 1,319,956 - -
Reference price 2 41.88 44.64 56.83 55.83 80.75 71.26 71.26 71.26
Announcement Date 1/22/20 1/27/21 1/19/22 1/18/23 1/17/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,825 4,662 4,906 5,543 5,606 6,316 7,282 7,790
EBITDA 1 2,863 3,794 3,925 - 4,437 4,943 5,716 6,339
EBIT 1 2,810 3,746 3,385 3,509 3,381 4,499 5,451 5,965
Operating Margin 73.46% 80.35% 69% 63.31% 60.3% 71.23% 74.86% 76.57%
Earnings before Tax (EBT) 1 2,159 3,563 9,979 7,548 15,032 4,997 5,162 5,313
Net income 1 2,159 5,125 9,979 7,548 15,032 4,479 4,792 5,313
Net margin 56.45% 109.93% 203.39% 136.17% 268.12% 70.91% 65.81% 68.2%
EPS 2 3.328 4.395 3.916 8.438 13.59 3.672 3.887 4.069
Free Cash Flow 1 2,287 -7,623 2,780 - -2,472 -2,585 -8,213 -4,632
FCF margin 59.8% -163.52% 56.67% - -44.09% -40.93% -112.78% -59.46%
FCF Conversion (EBITDA) 79.89% - 70.84% - - - - -
FCF Conversion (Net income) 105.93% - 27.86% - - - - -
Dividend per Share 2 2.327 1.997 2.056 - 2.227 2.453 3.117 3.640
Announcement Date 1/22/20 1/27/21 1/19/22 1/18/23 1/17/24 - - -
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 1,274 1,386 1,350 1,397 1,410 1,421 1,356 1,366 1,464 1,512 1,551 1,627 1,650 1,673 1,816
EBITDA 1 1,003 1,053 1,014 1,062 - 1,111 1,073 1,106 1,147 - 1,167 1,267 1,284 - -
EBIT 1 950.1 1,058 359.1 1,062 1,031 1,111 34.54 1,107 1,052 1,192 1,158 1,228 1,245 1,209 -
Operating Margin 74.59% 76.31% 26.59% 76% 73.11% 78.17% 2.55% 81.08% 71.86% 78.81% 74.67% 75.49% 75.46% 72.24% -
Earnings before Tax (EBT) 4,860 - - 470.3 812.5 - - - 3,515 - - - - - -
Net income 1 4,860 4,341 1,924 470.3 812.5 1,067 3,386 6,988 3,515 7,410 788.9 996 1,035 1,126 757.6
Net margin 381.54% 313.16% 142.47% 33.67% 57.64% 75.1% 249.79% 511.6% 240.11% 489.98% 50.85% 61.23% 62.7% 67.32% 41.73%
EPS 2 5.695 5.053 2.239 0.5472 0.8135 1.036 3.079 6.114 3.103 6.138 1.010 1.067 0.9926 0.9770 0.6570
Dividend per Share 2 0.5464 0.5464 0.5948 0.6141 - - - 0.4752 - - 0.5400 0.6000 0.6100 0.3710 0.6870
Announcement Date 1/19/22 4/20/22 7/19/22 10/19/22 1/18/23 4/18/23 7/20/23 10/17/23 1/17/24 4/17/24 - - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 14,369 16,628 21,426 15,196 12,212 14,757 22,742 23,015
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.019 x 4.382 x 5.458 x - 2.752 x 2.985 x 3.979 x 3.631 x
Free Cash Flow 1 2,287 -7,623 2,780 - -2,472 -2,585 -8,213 -4,632
ROE (net income / shareholders' equity) 7.12% 14.5% 22.1% 13.8% 22.9% 10% 6.59% 7.02%
ROA (Net income/ Total Assets) 4.66% 9.95% 15.3% 10% 18.1% 5.35% 5.57% 5.48%
Assets 1 46,294 51,499 65,131 75,357 83,072 83,795 86,020 96,987
Book Value Per Share 2 45.90 50.00 58.40 58.50 61.70 65.10 68.50 71.60
Cash Flow per Share 4.390 4.250 3.910 4.020 3.630 - - -
Capex 1 567 11,070 550 - 6,493 8,570 8,234 4,644
Capex / Sales 14.83% 237.46% 11.2% - 115.81% 135.69% 113.07% 59.61%
Announcement Date 1/22/20 1/27/21 1/19/22 1/18/23 1/17/24 - - -
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
9
Last Close Price
71.26 MXN
Average target price
80.39 MXN
Spread / Average Target
+12.81%
Consensus