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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.2x - 3.5x | 3.3x |
| Selected Fwd Ps Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | €6.34 - €7 | €6.67 |
| Upside | 5.6% - 16.7% | 11.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banco del Bajío, S.A., Institución de Banca Múltiple | - | BMV:BBAJIOO |
| CaixaBank, S.A. | - | BMV:CABKN |
| M&T Bank Corporation | - | BMV:MTB* |
| Barclays PLC | - | BMV:BCSN |
| Intesa Sanpaolo S.p.A. | - | BMV:ISPN |
| Grupo Financiero Banorte, S.A.B. de C.V. | - | DB:4FN |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BBAJIO O | CABK N | MTB * | BCS N | ISP N | 4FN | |||
| BMV:BBAJIOO | BMV:CABKN | BMV:MTB* | BMV:BCSN | BMV:ISPN | DB:4FN | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.9% | 12.9% | 7.8% | 4.2% | 9.9% | 7.6% | ||
| 3Y CAGR | 23.1% | 16.6% | 12.6% | 2.4% | 11.9% | 12.6% | ||
| Latest Twelve Months | 2.1% | 14.7% | -3.7% | 3.2% | 9.6% | 8.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 41.2% | 34.6% | 28.7% | 23.2% | 27.3% | 41.8% | ||
| Prior Fiscal Year | 47.6% | 35.1% | 29.3% | 18.2% | 33.4% | 44.4% | ||
| Latest Fiscal Year | 45.0% | 37.2% | 28.3% | 21.9% | 34.2% | 43.8% | ||
| Latest Twelve Months | 45.0% | 37.2% | 28.3% | 21.9% | 34.2% | 43.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.2x | 3.0x | 3.0x | 1.5x | 2.8x | 3.0x | ||
| LTM P/E Ratio | 4.9x | 8.1x | 10.8x | 6.9x | 8.2x | 6.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.5x | 2.8x | 3.0x | |||||
| Historical LTM P/S Ratio | 3.0x | 3.9x | 4.5x | |||||
| Selected Price / Sales Multiple | 3.2x | 3.3x | 3.5x | |||||
| (x) LTM Sales | 128,243 | 128,243 | 128,243 | |||||
| (=) Equity Value | 405,294 | 426,626 | 447,957 | |||||
| (/) Shares Outstanding | 2,787.4 | 2,787.4 | 2,787.4 | |||||
| Implied Value Range | 145.40 | 153.06 | 160.71 | |||||
| FX Rate: MXN/EUR | 23.1 | 23.1 | 23.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.29 | 6.62 | 6.95 | 6.00 | ||||
| Upside / (Downside) | 4.8% | 10.4% | 15.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBAJIO O | CABK N | MTB * | BCS N | ISP N | 4FN | |
| Value of Common Equity | 52,666 | 47,729 | 26,620 | 38,207 | 72,199 | 386,566 | |
| (/) Shares Outstanding | 1,189.9 | 7,117.5 | 164.3 | 3,835.2 | 17,778.0 | 2,787.4 | |
| Implied Stock Price | 44.26 | 6.71 | 161.99 | 9.96 | 4.06 | 138.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.04 | 0.05 | 0.04 | 0.04 | 23.11 | |
| Implied Stock Price (Trading Cur) | 44.26 | 155.00 | 3,385.54 | 267.65 | 93.87 | 6.00 | |
| Trading Currency | MXN | MXN | MXN | MXN | MXN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.04 | 0.05 | 0.04 | 0.04 | 23.11 | |