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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.4x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | €1.24 - €1.43 | €1.34 |
| Upside | 7.4% - 24.8% | 16.1% |
| Benchmarks | Ticker | Full Ticker |
| La Comer, S.A.B. de C.V. | LACOMER UBC | BMV:LACOMERUBC |
| Grupo Comercial Chedraui, S.A.B. de C.V. | CHDRAUI B | BMV:CHDRAUIB |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LACOMER UBC | CHDRAUI B | TBBB N | WALMEX * | COST * | OSOB | ||
| BMV:LACOMERUBC | BMV:CHDRAUIB | BMV:TBBBN | BMV:WALMEX* | BMV:COST* | DB:OSOB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 18.1% | 20.2% | NM- | 7.1% | 13.1% | 0.3% | |
| 3Y CAGR | 15.8% | 17.6% | 49.9% | 7.2% | 10.4% | 1.1% | |
| Latest Twelve Months | 13.6% | -7.7% | 29.6% | 5.3% | 10.7% | -9.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 6.9% | 3.1% | 10.1% | 4.4% | 7.2% | |
| Prior Fiscal Year | 9.9% | 7.7% | 3.1% | 10.0% | 4.4% | 7.0% | |
| Latest Fiscal Year | 10.0% | 7.0% | 3.6% | 9.9% | 4.5% | 6.7% | |
| Latest Twelve Months | 10.4% | 6.5% | 3.3% | 9.6% | 4.6% | 6.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.98x | 0.68x | 0.97x | 1.05x | 1.51x | 0.39x | |
| EV / LTM EBITDA | 9.4x | 10.4x | 29.1x | 11.0x | 32.6x | 5.9x | |
| EV / LTM EBIT | 13.3x | 13.2x | 46.4x | 13.7x | 40.2x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.4x | 11.0x | 32.6x | ||||
| Historical EV / LTM EBITDA | 5.8x | 6.4x | 7.2x | ||||
| Selected EV / LTM EBITDA | 6.4x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 11,670 | 11,670 | 11,670 | ||||
| (=) Implied Enterprise Value | 74,327 | 78,239 | 82,151 | ||||
| (-) Non-shareholder Claims * | (25,400) | (25,400) | (25,400) | ||||
| (=) Equity Value | 48,927 | 52,839 | 56,751 | ||||
| (/) Shares Outstanding | 1,800.0 | 1,800.0 | 1,800.0 | ||||
| Implied Value Range | 27.18 | 29.36 | 31.53 | ||||
| FX Rate: MXN/EUR | 21.5 | 21.5 | 21.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.26 | 1.36 | 1.47 | 1.15 | |||
| Upside / (Downside) | 9.9% | 18.6% | 27.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LACOMER UBC | CHDRAUI B | TBBB N | WALMEX * | COST * | OSOB | |
| Enterprise Value | 44,233 | 201,629 | 59,918 | 1,033,888 | 404,754 | 69,936 | |
| (+) Cash & Short Term Investments | 3,072 | 10,775 | 4,632 | 32,444 | 14,850 | 5,016 | |
| (+) Investments & Other | 0 | 1,071 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,354) | (66,105) | (9,734) | (78,780) | (8,358) | (30,416) | |
| (-) Other Liabilities | 0 | (739) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,951 | 146,631 | 54,815 | 987,551 | 411,246 | 44,536 | |
| (/) Shares Outstanding | 1,097.2 | 960.6 | 114.2 | 17,349.8 | 443.5 | 1,800.0 | |
| Implied Stock Price | 40.97 | 152.65 | 479.99 | 56.92 | 927.32 | 24.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 21.52 | |
| Implied Stock Price (Trading Cur) | 40.97 | 152.65 | 479.99 | 56.92 | 17,453.58 | 1.15 | |
| Trading Currency | MXN | MXN | MXN | MXN | MXN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | 21.52 | |