GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V.

Financials Grupo Comercial Chedraui, S.A.B. de C.V.

Equities

CHDRAUI B

MX01CH170002

Food Retail & Distribution

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
124.2 ^MXN	0.00%		-0.23%	+21.12%

Apr. 24	Transcript : Grupo Comercial Chedraui, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 24, 2024
Apr. 24	Grupo Comercial Chedraui, S.A.B. de C.V. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,908	27,498	40,509	79,829	98,396	119,171	-	-
Enterprise Value (EV) ¹	35,424	51,578	95,749	79,829	131,934	153,752	149,381	145,074
P/E ratio	17.3 x	10.6 x	12 x	13.3 x	12.9 x	14.4 x	13 x	11.8 x
Yield	1.64%	1.54%	1.12%	-	0.91%	1.8%	1.34%	1.74%
Capitalization / Revenue	0.2 x	0.19 x	0.21 x	0.31 x	0.37 x	0.43 x	0.39 x	0.37 x
EV / Revenue	0.27 x	0.35 x	0.51 x	0.31 x	0.5 x	0.55 x	0.49 x	0.45 x
EV / EBITDA	3.88 x	4.78 x	6.85 x	3.73 x	5.66 x	6.23 x	5.63 x	5.11 x
EV / FCF	33.6 x	5.38 x	8.09 x	-	12.2 x	22.9 x	16.9 x	14.7 x
FCF Yield	2.98%	18.6%	12.4%	-	8.19%	4.36%	5.91%	6.79%
Price to Book	0.95 x	0.94 x	1.26 x	-	2.18 x	2.45 x	2.15 x	1.85 x
Nbr of stocks (in thousands)	955,293	956,115	954,953	959,711	959,213	959,200	-	-
Reference price ²	27.12	28.76	42.42	83.18	102.6	124.2	124.2	124.2
Announcement Date	2/25/20	2/25/21	2/15/22	2/21/23	2/20/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	129,443	146,287	188,487	259,326	263,058	277,976	302,209	323,988
EBITDA ¹	9,128	10,788	13,981	21,427	23,320	24,668	26,551	28,371
EBIT ¹	5,576	6,933	8,741	13,746	15,712	16,705	18,558	20,161
Operating Margin	4.31%	4.74%	4.64%	5.3%	5.97%	6.01%	6.14%	6.22%
Earnings before Tax (EBT) ¹	2,465	3,748	4,942	8,722	11,070	11,615	13,523	15,157
Net income ¹	1,518	2,589	3,391	5,997	7,645	8,272	9,136	10,150
Net margin	1.17%	1.77%	1.8%	2.31%	2.91%	2.98%	3.02%	3.13%
EPS ²	1.570	2.710	3.540	6.270	7.970	8.608	9.548	10.53
Free Cash Flow ¹	1,055	9,580	11,842	-	10,808	6,706	8,834	9,846
FCF margin	0.82%	6.55%	6.28%	-	4.11%	2.41%	2.92%	3.04%
FCF Conversion (EBITDA)	11.56%	88.8%	84.7%	-	46.35%	27.18%	33.27%	34.7%
FCF Conversion (Net income)	69.55%	370%	349.24%	-	141.38%	81.06%	96.69%	97.01%
Dividend per Share ²	0.4439	0.4439	0.4750	-	0.9333	2.232	1.669	2.167
Announcement Date	2/25/20	2/25/21	2/15/22	2/21/23	2/20/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	52,473	65,079	60,728	63,817	64,758	70,023	64,427	64,577	64,294	69,760	64,841	69,244	70,350	75,671	73,226
EBITDA ¹	4,206	4,617	4,748	5,347	5,388	5,944	5,412	5,817	5,712	6,380	5,772	6,285	6,246	6,805	6,289
EBIT ¹	2,804	2,516	2,850	3,445	3,451	4,000	3,500	3,851	3,880	4,482	3,903	4,306	4,303	4,880	4,238
Operating Margin	5.34%	3.87%	4.69%	5.4%	5.33%	5.71%	5.43%	5.96%	6.03%	6.42%	6.02%	6.22%	6.12%	6.45%	5.79%
Earnings before Tax (EBT) ¹	1,343	1,266	1,617	2,204	2,184	2,718	2,320	2,681	2,792	3,277	2,865	3,018	3,003	3,504	2,917
Net income ¹	887.3	975.3	1,064	1,450	1,427	2,056	1,553	1,800	1,880	2,412	1,922	1,993	1,961	2,351	1,921
Net margin	1.69%	1.5%	1.75%	2.27%	2.2%	2.94%	2.41%	2.79%	2.92%	3.46%	2.96%	2.88%	2.79%	3.11%	2.62%
EPS ²	0.9300	1.020	1.110	1.520	1.490	2.150	1.610	1.870	1.950	2.510	1.990	1.990	2.146	2.595	2.108
Dividend per Share ²	-	-	-	0.5224	-	-	-	-	-	-	-	1.189	-	1.037	-
Announcement Date	10/27/21	2/15/22	4/27/22	7/26/22	10/25/22	2/21/23	4/25/23	7/27/23	10/24/23	2/20/24	4/24/24	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,517	24,081	55,240	-	33,538	34,581	30,210	25,903
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.043 x	2.232 x	3.951 x	-	1.438 x	1.402 x	1.138 x	0.913 x
Free Cash Flow ¹	1,055	9,580	11,842	-	10,808	6,706	8,834	9,846
ROE (net income / shareholders' equity)	5.61%	9.13%	11%	-	18.1%	17.6%	17.8%	17.5%
ROA (Net income/ Total Assets)	1.73%	-	-	-	5.39%	5.86%	6.06%	6.05%
Assets ¹	87,812	-	-	-	141,808	141,193	150,813	167,651
Book Value Per Share ²	28.40	30.60	33.70	-	47.10	50.80	57.70	67.00
Cash Flow per Share ²	5.060	12.50	16.70	-	-	17.30	18.30	19.70
Capex ¹	3,790	2,348	4,137	-	7,374	9,809	10,755	11,137
Capex / Sales	2.93%	1.61%	2.19%	-	2.8%	3.53%	3.56%	3.44%
Announcement Date	2/25/20	2/25/21	2/15/22	2/21/23	2/20/24	-	-	-

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 Grupo Comercial Chedraui, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

124.2 MXN

Average target price

141.9 MXN

Spread / Average Target

+14.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V.	+21.12%	7.08B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.84%	39.04B
AVENUE SUPERMARTS LIMITED	+14.42%	36.29B
SEVEN & I HOLDINGS CO., LTD.	+7.67%	33.75B
SM INVESTMENTS CORPORATION	+0.92%	18.44B
COLES GROUP LIMITED	+1.49%	14.45B
JERÓNIMO MARTINS, SGPS, S.A.	-12.24%	13.77B
CASEY'S GENERAL STORES, INC.	+21.29%	12.5B
CARREFOUR	-2.05%	12.12B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores