Stock GMEXICO B GRUPO MÉXICO, S.A.B. DE C.V.
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Financials Grupo México, S.A.B. de C.V.

Equities

GMEXICO B

MXP370841019

Diversified Mining

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
109.1 MXN +2.28% Intraday chart for Grupo México, S.A.B. de C.V. +8.39% +15.88%
May. 02 ETF of the week: Mexico's future looks golden Our Logo
Apr. 26 USMCA Labor Panel Rules in Favor of Mexico in Mine Dispute, Government Says DJ

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 16,025 21,363 32,940 33,908 27,344 48,337 48,337 -
Enterprise Value (EV) 1 22,853 26,273 28,057 36,376 29,705 43,263 48,483 47,400
P/E ratio 13.9 x 11.8 x 14.1 x 8.71 x 8.36 x 12.6 x 14.5 x 12.4 x
Yield 7.57% 6.09% 4.07% 7.6% 6.7% 3.99% 4.43% 5.33%
Capitalization / Revenue 1.53 x 2 x 3.02 x 2.29 x 1.97 x 3.01 x 3.11 x 2.79 x
EV / Revenue 2.18 x 2.46 x 2.57 x 2.46 x 2.14 x 3.01 x 3.11 x 2.73 x
EV / EBITDA 4.67 x 5.31 x 5.24 x 4.07 x 4.16 x 6.14 x 5.98 x 5.04 x
EV / FCF 17.9 x 14.1 x 9.09 x 6.97 x 7.9 x 13.6 x 8.68 x 10.2 x
FCF Yield 5.59% 7.11% 11% 14.4% 12.7% 7.36% 11.5% 9.84%
Price to Book 1.32 x 1.77 x 1.99 x 2.14 x 1.38 x 2.87 x 2.47 x 2.35 x
Nbr of stocks (in thousands) 7,785,000 7,785,000 7,785,000 7,785,000 7,785,000 7,785,000 7,785,000 -
Reference price 2 2.058 2.744 4.231 4.356 3.512 6.209 6.209 6.209
Announcement Date 2/11/19 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 10,495 10,683 10,909 14,777 13,870 14,385 15,566 17,341
EBITDA 1 4,892 4,948 5,352 8,927 7,141 7,041 8,103 9,411
EBIT 1 3,601 3,491 4,671 7,533 6,037 5,877 6,603 7,895
Operating Margin 34.31% 32.68% 42.82% 50.98% 43.52% 40.86% 42.42% 45.53%
Earnings before Tax (EBT) 1 2,504 3,452 4,140 7,041 5,621 5,687 5,363 6,590
Net income 1 1,149 1,810 2,302 3,868 3,255 3,398 3,528 3,972
Net margin 10.95% 16.94% 21.1% 26.18% 23.47% 23.62% 22.66% 22.91%
EPS 2 0.1476 0.2325 0.3000 0.5000 0.4200 0.4400 0.4276 0.5011
Free Cash Flow 1 1,277 1,867 3,086 5,221 3,759 3,647 5,586 4,662
FCF margin 12.17% 17.48% 28.29% 35.33% 27.1% 24.87% 35.88% 26.88%
FCF Conversion (EBITDA) 26.11% 37.74% 57.67% 58.48% 52.64% 49.97% 68.94% 49.54%
FCF Conversion (Net income) 111.15% 103.14% 134.05% 134.96% 115.48% 122.5% 158.35% 117.36%
Dividend per Share 2 0.1558 0.1672 0.1721 0.3312 0.2354 0.2477 0.2750 0.3307
Announcement Date 2/11/19 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - -
1USD in Million2USD
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 3,776 3,764 3,203 3,115 3,788 3,862 3,454 3,647 3,422 3,799 3,791 3,876 3,969 - -
EBITDA 1 2,190 2,205 1,421 1,424 2,092 2,106 1,628 1,782 1,526 1,966 1,724 1,779 1,918 - -
EBIT 1 1,885 2,012 1,120 1,123 1,782 1,805 1,359 1,473 1,240 1,544 1,357 1,454 1,555 - -
Operating Margin 49.93% 53.46% 34.95% 36.06% 47.04% 46.73% 39.35% 40.4% 36.24% 40.63% 35.8% 37.5% 39.17% - -
Earnings before Tax (EBT) 1 1,761 1,890 1,010 1,010 1,711 1,742 1,305 1,432 1,207 - 1,264 1,330 1,502 - -
Net income 1 901.2 1,018 610.9 587.3 1,039 1,103 839.9 697.6 757.4 864.5 737 781 894 - -
Net margin 23.86% 27.05% 19.07% 18.85% 27.44% 28.57% 24.32% 19.13% 22.13% 22.76% 19.44% 20.15% 22.52% - -
EPS 2 0.1200 0.1300 0.0800 0.0800 0.1300 0.1400 0.1100 0.0900 0.1000 0.1200 0.1300 0.1500 0.1600 0.1400 0.1300
Dividend per Share 2 0.0850 0.0734 0.0487 0.0378 0.0554 0.0555 0.0478 - - - 0.0397 0.0412 0.0447 - -
Announcement Date 2/1/22 5/2/22 7/27/22 10/27/22 2/3/23 4/29/23 7/27/23 10/24/23 2/2/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 6,828 4,910 - 2,468 2,361 1,227 146 -
Net Cash position 1 - - 4,883 - - - - 937
Leverage (Debt/EBITDA) 1.396 x 0.9923 x - 0.2764 x 0.3307 x 0.1681 x 0.018 x -
Free Cash Flow 1 1,277 1,867 3,086 5,221 3,759 3,647 5,586 4,662
ROE (net income / shareholders' equity) 9.96% 22% 14.4% 25.8% 17.1% 18.1% 21% 20.9%
ROA (Net income/ Total Assets) 4.49% 6.78% 3.9% 12.3% 10% 8.69% 8.72% 10.2%
Assets 1 25,624 26,685 59,103 31,391 32,552 34,269 40,455 38,757
Book Value Per Share 2 1.560 1.550 2.130 2.030 2.540 2.170 2.520 2.650
Cash Flow per Share 2 0.3800 0.3800 0.5400 0.8500 0.6800 0.6100 0.6700 0.8100
Capex 1 1,687 1,123 1,113 1,362 1,502 1,657 1,910 1,719
Capex / Sales 16.07% 10.51% 10.2% 9.22% 10.83% 11.3% 12.27% 9.91%
Announcement Date 2/11/19 2/26/20 1/26/21 2/1/22 2/3/23 2/2/24 - -
1USD in Million2USD
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 México, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
6.209 USD
Average target price
6.005 USD
Spread / Average Target
-3.29%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Mining

1st Jan change Capi.
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Integrated Mining
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