Financials Organización Soriana, S. A. B. de C. V.

Equities

SORIANA B

MXP8728U1671

Food Retail & Distribution

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
32.96 ^MXN	-0.12%		+0.33%	-9.30%

Apr. 25	Transcript : Organización Soriana, S. A. B. de C. V., Q1 2024 Earnings Call, Apr 25, 2024
Apr. 25	Organización Soriana, 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	45,792	36,162	46,764	56,304	65,412	59,400	-	-
Enterprise Value (EV) ¹	70,378	57,948	62,521	69,306	81,945	75,614	70,462	67,147
P/E ratio	14.1 x	9.85 x	10.8 x	11.2 x	13 x	12.5 x	11.3 x	9.6 x
Yield	1.53%	-	-	-	-	2.36%	1.39%	2.08%
Capitalization / Revenue	0.29 x	0.23 x	0.3 x	0.34 x	0.37 x	0.32 x	0.31 x	0.29 x
EV / Revenue	0.45 x	0.37 x	0.4 x	0.42 x	0.47 x	0.41 x	0.37 x	0.33 x
EV / EBITDA	5.69 x	4.72 x	5.1 x	5.49 x	6.35 x	5.7 x	5.07 x	4.49 x
EV / FCF	15 x	4.29 x	6.11 x	11 x	235 x	22.6 x	18.5 x	16.9 x
FCF Yield	6.67%	23.3%	16.4%	9.12%	0.42%	4.43%	5.41%	5.91%
Price to Book	0.72 x	0.54 x	0.66 x	0.74 x	0.83 x	0.68 x	0.64 x	0.6 x
Nbr of stocks (in thousands)	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000	-	-
Reference price ²	25.44	20.09	25.98	31.28	36.34	33.00	33.00	33.00
Announcement Date	2/25/20	2/26/21	2/23/22	2/23/23	2/23/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	155,744	157,053	155,246	166,013	176,120	182,845	192,172	203,296
EBITDA ¹	12,372	12,272	12,253	12,629	12,905	13,260	13,909	14,945
EBIT ¹	9,213	9,091	9,137	9,389	9,440	9,879	10,208	10,888
Operating Margin	5.92%	5.79%	5.89%	5.66%	5.36%	5.4%	5.31%	5.36%
Earnings before Tax (EBT) ¹	5,302	5,813	6,854	7,086	6,707	8,264	9,221	10,084
Net income ¹	3,235	3,681	4,331	5,023	5,021	4,817	5,614	6,229
Net margin	2.08%	2.34%	2.79%	3.03%	2.85%	2.63%	2.92%	3.06%
EPS ²	1.800	2.040	2.410	2.790	2.790	2.630	2.919	3.439
Free Cash Flow ¹	4,695	13,502	10,228	6,321	348.1	3,351	3,810	3,969
FCF margin	3.01%	8.6%	6.59%	3.81%	0.2%	1.83%	1.98%	1.95%
FCF Conversion (EBITDA)	37.95%	110.02%	83.47%	50.05%	2.7%	25.27%	27.4%	26.56%
FCF Conversion (Net income)	145.14%	366.8%	236.16%	125.84%	6.93%	69.56%	67.87%	63.72%
Dividend per Share ²	0.3889	-	-	-	-	0.7800	0.4599	0.6854
Announcement Date	2/25/20	2/26/21	2/23/22	2/23/23	2/23/24	-	-	-

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	38,550	42,814	37,408	41,735	41,581	45,289	39,409	44,374	42,930	49,407	41,879	46,803	44,974	52,195	43,209
EBITDA ¹	2,635	3,947	2,879	3,062	2,633	4,055	2,906	3,085	2,674	4,240	2,955	3,062	2,574	4,069	3,057
EBIT ¹	1,857	3,148	2,071	2,265	1,819	3,234	2,094	2,253	1,781	3,311	1,989	2,260	1,903	3,670	2,166
Operating Margin	4.82%	7.35%	5.54%	5.43%	4.37%	7.14%	5.31%	5.08%	4.15%	6.7%	4.75%	4.83%	4.23%	7.03%	5.01%
Earnings before Tax (EBT) ¹	1,467	2,548	1,486	1,611	1,281	2,708	1,595	1,467	1,121	2,523	1,207	1,661	1,865	2,948	2,167
Net income ¹	782	1,725	930	1,168	960	1,965	1,064	801	977	2,180	783	1,137	1,278	2,029	1,485
Net margin	2.03%	4.03%	2.49%	2.8%	2.31%	4.34%	2.7%	1.81%	2.28%	4.41%	1.87%	2.43%	2.84%	3.89%	3.44%
EPS ²	0.4300	0.9600	0.5200	0.6500	0.5300	1.090	0.5900	0.4500	0.5400	1.210	0.6536	0.6260	0.5509	1.048	0.8251
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	0.5461	-
Announcement Date	10/26/21	2/23/22	4/27/22	7/22/22	10/26/22	2/23/23	4/28/23	7/26/23	10/27/23	2/23/24	4/25/24	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24,586	21,786	15,757	13,002	16,533	16,214	11,062	7,747
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.987 x	1.775 x	1.286 x	1.03 x	1.281 x	1.223 x	0.7954 x	0.5183 x
Free Cash Flow ¹	4,695	13,502	10,228	6,321	348	3,351	3,810	3,969
ROE (net income / shareholders' equity)	5.16%	5.6%	6.26%	6.86%	6.5%	6.31%	6.74%	6.98%
ROA (Net income/ Total Assets)	2.32%	2.56%	3.04%	3.48%	3.38%	3%	3.21%	3.45%
Assets ¹	139,170	143,772	142,561	144,223	148,441	160,466	174,675	180,603
Book Value Per Share ²	35.50	37.40	39.30	42.10	43.70	48.20	51.50	55.30
Cash Flow per Share ²	3.550	8.010	6.620	5.490	3.710	4.690	-	-
Capex ¹	1,678	944	1,666	3,554	6,322	6,308	6,631	6,946
Capex / Sales	1.08%	0.6%	1.07%	2.14%	3.59%	3.45%	3.45%	3.42%
Announcement Date	2/25/20	2/26/21	2/23/22	2/23/23	2/23/24	-	-	-

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 Organización Soriana, S. A. B. de C. V.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

32.96 MXN

Average target price

26.43 MXN

Spread / Average Target

-19.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
ORGANIZACIÓN SORIANA, S. A. B. DE C. V.	-9.30%	3.58B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-11.04%	38.7B
AVENUE SUPERMARTS LIMITED	+14.40%	36.49B
SEVEN & I HOLDINGS CO., LTD.	+9.68%	33.85B
SM INVESTMENTS CORPORATION	+0.34%	18.54B
COLES GROUP LIMITED	+1.06%	14.54B
JERÓNIMO MARTINS, SGPS, S.A.	-9.72%	14.02B
CASEY'S GENERAL STORES, INC.	+21.74%	12.42B
CARREFOUR	-1.42%	12.42B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores