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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,0x - 9,9x | 9,4x |
| Selected Fwd EBIT Multiple | 8,4x - 9,3x | 8,8x |
| Fair Value | €1,42 - €1,62 | €1,52 |
| Upside | 26,9% - 44,7% | 35,8% |
| Benchmarks | Ticker | Full Ticker |
| Grupo Comercial Chedraui, S.A.B. de C.V. | CHDRAUI B | BMV:CHDRAUIB |
| La Comer, S.A.B. de C.V. | LACOMER UBC | BMV:LACOMERUBC |
| BBB Foods Inc. | TBBB N | BMV:TBBBN |
| Wal-Mart de México, S.A.B. de C.V. | WALMEX * | BMV:WALMEX* |
| Costco Wholesale Corporation | COST * | BMV:COST* |
| Organización Soriana, S. A. B. de C. V. | OSOB | DB:OSOB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CHDRAUI B | LACOMER UBC | TBBB N | WALMEX * | COST * | OSOB | ||
| BMV:CHDRAUIB | BMV:LACOMERUBC | BMV:TBBBN | BMV:WALMEX* | BMV:COST* | DB:OSOB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.2% | 21.6% | NM- | 7.5% | 14.4% | -1.2% | |
| 3Y CAGR | 18.9% | 18.2% | 49.9% | 7.4% | 11.0% | -1.8% | |
| Latest Twelve Months | -7.5% | 16.0% | 20.8% | 0.2% | 11.7% | -10.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.3% | 6.7% | 2.0% | 8.3% | 3.5% | 5.6% | |
| Prior Fiscal Year | 6.0% | 6.7% | 2.0% | 8.3% | 3.5% | 5.5% | |
| Latest Fiscal Year | 5.4% | 7.0% | 2.3% | 8.1% | 3.6% | 4.9% | |
| Latest Twelve Months | 5.1% | 7.3% | 2.1% | 7.7% | 3.8% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.68x | 0.99x | 0.96x | 1.03x | 1.59x | 0.36x | |
| EV / LTM EBITDA | 11.1x | 9.6x | 28.9x | 10.8x | 34.4x | 5.5x | |
| EV / LTM EBIT | 13.4x | 13.5x | 46.2x | 13.4x | 42.5x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.4x | 13.5x | 46.2x | ||||
| Historical EV / LTM EBIT | 7.2x | 8.1x | 9.2x | ||||
| Selected EV / LTM EBIT | 9.0x | 9.4x | 9.9x | ||||
| (x) LTM EBIT | 8,192 | 8,192 | 8,192 | ||||
| (=) Implied Enterprise Value | 73,352 | 77,212 | 81,073 | ||||
| (-) Non-shareholder Claims * | (18,227) | (18,227) | (18,227) | ||||
| (=) Equity Value | 55,125 | 58,985 | 62,846 | ||||
| (/) Shares Outstanding | 1,800.0 | 1,800.0 | 1,800.0 | ||||
| Implied Value Range | 30.62 | 32.77 | 34.91 | ||||
| FX Rate: MXN/EUR | 21.7 | 21.7 | 21.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.41 | 1.51 | 1.61 | 1.12 | |||
| Upside / (Downside) | 26.3% | 35.1% | 44.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHDRAUI B | LACOMER UBC | TBBB N | WALMEX * | COST * | OSOB | |
| Enterprise Value | 202,537 | 45,012 | 59,903 | 1,021,379 | 427,197 | 61,874 | |
| (+) Cash & Short Term Investments | 9,740 | 3,072 | 4,632 | 32,444 | 14,850 | 7,540 | |
| (+) Investments & Other | 1,010 | 0 | 0 | 0 | 0 | 4,511 | |
| (-) Debt | (59,760) | (2,354) | (9,734) | (78,780) | (8,358) | (30,154) | |
| (-) Other Liabilities | (746) | 0 | 0 | 0 | 0 | (124) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 152,782 | 45,730 | 54,800 | 975,043 | 433,689 | 43,647 | |
| (/) Shares Outstanding | 960.8 | 1,097.2 | 114.2 | 17,334.1 | 443.5 | 1,800.0 | |
| Implied Stock Price | 159.02 | 41.68 | 479.86 | 56.25 | 977.93 | 24.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 21.65 | |
| Implied Stock Price (Trading Cur) | 159.02 | 41.68 | 479.86 | 56.25 | 18,242.00 | 1.12 | |
| Trading Currency | MXN | MXN | MXN | MXN | MXN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 21.65 | |