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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,4x - 12,6x | 12,0x |
| Selected Fwd EBIT Multiple | 13,2x - 14,6x | 13,9x |
| Fair Value | Mex$ 120,48 - Mex$ 134,08 | Mex$ 127,28 |
| Upside | -6,9% - 3,6% | -1,6% |
| Benchmarks | Ticker | Full Ticker |
| Alfa S.A.B. de C.V. | ALFA A | BMV:ALFAA |
| Grupo KUO, S.A.B. de C.V. | KUO B | BMV:KUOB |
| Elecnor, S.A. | ENO | BME:ENO |
| Top Frontier Investment Holdings, Inc. | TFHI | PSE:TFHI |
| Grupo Rotoplas S.A.B. de C.V. | AGUA * | BMV:AGUA* |
| Grupo Carso, S.A.B. de C.V. | GCARSO A1 | BMV:GCARSOA1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALFA A | KUO B | ENO | TFHI | AGUA * | GCARSO A1 | ||
| BMV:ALFAA | BMV:KUOB | BME:ENO | PSE:TFHI | BMV:AGUA* | BMV:GCARSOA1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -2.4% | -12.2% | NM- | 4.7% | -8.0% | 16.3% | |
| 3Y CAGR | -24.3% | -15.8% | NM- | 8.8% | -6.8% | 25.3% | |
| Latest Twelve Months | 18.6% | 38.7% | -182.7% | 13.9% | -45.4% | -5.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | 2.9% | 3.1% | 10.2% | 12.2% | 10.9% | |
| Prior Fiscal Year | 6.7% | 2.0% | 1.9% | 10.0% | 13.3% | 12.5% | |
| Latest Fiscal Year | 7.5% | 3.0% | -1.6% | 10.4% | 7.9% | 11.5% | |
| Latest Twelve Months | 7.5% | 3.0% | -1.6% | 10.4% | 7.9% | 11.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.79x | 0.14x | 0.20x | 1.16x | 0.86x | 1.54x | |
| EV / LTM EBITDA | 8.1x | 1.4x | -111.0x | 8.5x | 6.6x | 11.0x | |
| EV / LTM EBIT | 10.5x | 4.6x | -12.5x | 11.1x | 11.0x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.5x | 10.5x | 11.1x | ||||
| Historical EV / LTM EBIT | 11.9x | 13.4x | 16.8x | ||||
| Selected EV / LTM EBIT | 11.4x | 12.0x | 12.6x | ||||
| (x) LTM EBIT | 23,291 | 23,291 | 23,291 | ||||
| (=) Implied Enterprise Value | 265,057 | 279,007 | 292,958 | ||||
| (-) Non-shareholder Claims * | (19,766) | (19,766) | (19,766) | ||||
| (=) Equity Value | 245,291 | 259,241 | 273,192 | ||||
| (/) Shares Outstanding | 2,255.3 | 2,255.3 | 2,255.3 | ||||
| Implied Value Range | 108.76 | 114.95 | 121.13 | ||||
| FX Rate: MXN/MXN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 108.76 | 114.95 | 121.13 | 129.41 | |||
| Upside / (Downside) | -16.0% | -11.2% | -6.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALFA A | KUO B | ENO | TFHI | AGUA * | GCARSO A1 | |
| Enterprise Value | 11,214 | 4,617 | 779 | 1,835,435 | 9,661 | 311,626 | |
| (+) Cash & Short Term Investments | 12,570 | 2,220 | 429 | 296,083 | 732 | 16,191 | |
| (+) Investments & Other | 117,076 | 10,863 | 571 | 49,756 | 24 | 37,954 | |
| (-) Debt | (62,526) | (1,082) | (270) | (1,608,601) | (5,357) | (54,173) | |
| (-) Other Liabilities | (10,186) | (0) | (0) | (600,632) | (35) | (19,738) | |
| (-) Preferred Stock | 0 | 0 | 0 | 48,063 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 68,148 | 16,619 | 1,509 | 20,104 | 5,025 | 291,860 | |
| (/) Shares Outstanding | 5,558.5 | 437.3 | 84.7 | 377.9 | 483.6 | 2,255.3 | |
| Implied Stock Price | 12.26 | 38.00 | 17.82 | 53.20 | 10.39 | 129.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.26 | 38.00 | 17.82 | 53.20 | 10.39 | 129.41 | |
| Trading Currency | MXN | MXN | EUR | PHP | MXN | MXN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |