# Alsea (ALSEA.MX)

Canonical: https://gigainvestors.com/s/ALSEA.MX

Analysis as of: 2026-10-16T07:40:37.784Z. Financial observations: FY2000–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 50.32 per share; close as of 2026-10-15.

Estimated value: low MXN 28.96 per share, central MXN 31.22 per share, high MXN 33.97 per share. Buy at or below the central value MXN 31.22 per share. Valuation as of 2026-10-16T07:40:37.784Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 13.3%). required return 13.3% a year (MX 10-year bond 9.3% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: -0.04×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 13.1%

- ROIC, second-lowest year: 7.2%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 66.0%

- Recent gross margin (lower of latest and 3-year median): 65.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.6%

- FY2017: 22.1%

- FY2018: 19.0%

- FY2019: 8.6%

- FY2020: -2.4%

- FY2021: 7.2%

- FY2022: 10.5%

- FY2023: 15.7%

- FY2024: 13.1%

- FY2025: 13.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 7.4B

- Net income, five-year total: MXN 8.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: -3.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.82×

- FY2022: 0.64×

- FY2023: 0.76×

- FY2024: -0.62×

- FY2025: 1.36×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.0% vs 13.1%

- Per-share earnings: 1.19 to 2.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 16.8%

- Market cap gain: MXN -6.2B

- Cumulative retained earnings: MXN 2.2B

- Diluted shares, 5-year annual growth: 16.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.8%

- Per-share value change: MXN 1.59

- Per-share value, starting three-year median: MXN 1.19

- Per-share value, ending three-year median: MXN 2.78

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 3.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 15B

- Cumulative net income, 10 years: MXN 9.3B

- ROIC, first three-year median: 19.0%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 1.19

- FY2017: MXN 1.30

- FY2018: MXN 1.14

- FY2019: MXN 1.10

- FY2020: MXN -8.76

- FY2021: MXN 1.00

- FY2022: MXN 2.03

- FY2023: MXN 3.66

- FY2024: MXN 0.95

- FY2025: MXN 2.78

### accounting: pass

- Sloan accruals: -16.5%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.93×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.4%

- FY2017: -9.0%

- FY2018: -11.1%

- FY2019: -14.1%

- FY2020: -12.0%

- FY2021: -16.7%

- FY2022: -17.5%

- FY2023: -15.6%

- FY2024: -16.1%

- FY2025: -16.5%

## Holders

## Price story

Down 39% since Mar 2024 · sales +7.6%

Story as of 2026-10-16T10:00:11.560Z; price observation 2026-10-15.

Price needs cash profits to grow 8.3% a year for ten years

### Sales · FY2024–2025

sales +7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 38B 

- FY2017: MXN 43B 

- FY2018: MXN 46B 

- FY2019: MXN 58B 

- FY2020: MXN 38B 

- FY2021: MXN 53B 

- FY2022: MXN 69B 

- FY2023: MXN 75B 

- FY2024: MXN 79B 

- FY2025: MXN 85B 

### Gross margin · FY2025

gross margin 65.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 65.6% 

- FY2017: 66.3% 

- FY2018: 66.1% 

- FY2019: 67.4% 

- FY2020: 62.1% 

- FY2021: 67.6% 

- FY2022: 66.1% 

- FY2023: 65.8% 

- FY2024: 65.9% 

- FY2025: 65.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are MXN 85.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2025: revenue 85356430000; grossProfit 56079623000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 65.7% to 65.9% during 2023–25; it earns 13.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2023: grossProfit / revenue = 65.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2024: grossProfit / revenue = 65.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2025: grossProfit / revenue = 65.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); 10-year return on capital observations [[2016,0.13567004682499795],[2017,0.22097739187185653],[2018,0.18977502093366821],[2019,0.08586653133650454],[2020,-0.02419382010975468],[2021,0.07249040815243404],[2022,0.10535325110464978],[2023,0.1567467829416975],[2024,0.1311566875317277],[2025,0.13047309596651083]]; median 0.13081489174911926. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 66% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); Gross margin observations: [[2021,0.6763494219097609],[2022,0.6612397077172952],[2023,0.658342247586635]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 9 years; bought back MXN 6.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2016: growth capex 0; upkeep 4599242000; owner earnings 1125230000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2018: growth capex 0; upkeep 4253226000; owner earnings 2752537000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2019: growth capex 0; upkeep 3087269000; owner earnings 1194458400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2021: growth capex 0; upkeep 2740920000; owner earnings 1519883200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2022: growth capex 0; upkeep 3835579000; owner earnings 1089762400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2023: growth capex 0; upkeep 4970990000; owner earnings 2263934000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2025: growth capex 0; upkeep 5499020000; owner earnings 3029238000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); Dividend observations: [[2016,689949000],[2017,567763000],[2018,654091000],[2019,0],[2020,0],[2021,0],[2022,0],[2024,978017000],[2025,429180000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); FY2025: cash repurchases 6525013000 MXN.

### Are managers owners

Insiders own 39.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALSEA.MX SharesStats.PercentInsiders = 39.833 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:37.784Z); Ten-year compound average after fade. Initial solved rate 0.1057024699785859. Price 50.32; FX 1; discount 0.13252; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (MXN per share)

- 2016-10: MXN 70.54 per share

- 2016-11: MXN 60.40 per share

- 2016-12: MXN 59.33 per share

- 2017-01: MXN 60.29 per share

- 2017-02: MXN 56.65 per share

- 2017-03: MXN 62.39 per share

- 2017-04: MXN 66.89 per share

- 2017-05: MXN 67.17 per share

- 2017-06: MXN 68.69 per share

- 2017-07: MXN 69.30 per share

- 2017-08: MXN 65.46 per share

- 2017-09: MXN 66.97 per share

- 2017-10: MXN 58.12 per share

- 2017-11: MXN 61.59 per share

- 2017-12: MXN 64.37 per share

- 2018-01: MXN 60.88 per share

- 2018-02: MXN 64.26 per share

- 2018-03: MXN 63.53 per share

- 2018-04: MXN 69.56 per share

- 2018-05: MXN 65.41 per share

- 2018-06: MXN 68.40 per share

- 2018-07: MXN 64.29 per share

- 2018-08: MXN 68.06 per share

- 2018-09: MXN 63.67 per share

- 2018-10: MXN 51.94 per share

- 2018-11: MXN 51.01 per share

- 2018-12: MXN 51.15 per share

- 2019-01: MXN 52.92 per share

- 2019-02: MXN 48.81 per share

- 2019-03: MXN 40.67 per share

- 2019-04: MXN 42.38 per share

- 2019-05: MXN 38.29 per share

- 2019-06: MXN 37.78 per share

- 2019-07: MXN 39.07 per share

- 2019-08: MXN 42.74 per share

- 2019-09: MXN 45.88 per share

- 2019-10: MXN 51.32 per share

- 2019-11: MXN 52.98 per share

- 2019-12: MXN 49.83 per share

- 2020-01: MXN 45.76 per share

- 2020-02: MXN 39.92 per share

- 2020-03: MXN 15.18 per share

- 2020-04: MXN 19.87 per share

- 2020-05: MXN 18.75 per share

- 2020-06: MXN 22.61 per share

- 2020-07: MXN 21.66 per share

- 2020-08: MXN 22.63 per share

- 2020-09: MXN 21.08 per share

- 2020-10: MXN 18.25 per share

- 2020-11: MXN 27.75 per share

- 2020-12: MXN 25.89 per share

- 2021-01: MXN 23.11 per share

- 2021-02: MXN 25.44 per share

- 2021-03: MXN 30.28 per share

- 2021-04: MXN 32.95 per share

- 2021-05: MXN 33.41 per share

- 2021-06: MXN 35.47 per share

- 2021-07: MXN 40.37 per share

- 2021-08: MXN 39.26 per share

- 2021-09: MXN 41.61 per share

- 2021-10: MXN 43.22 per share

- 2021-11: MXN 36.69 per share

- 2021-12: MXN 37.95 per share

- 2022-01: MXN 42.31 per share

- 2022-02: MXN 44.36 per share

- 2022-03: MXN 49.86 per share

- 2022-04: MXN 44.73 per share

- 2022-05: MXN 42.15 per share

- 2022-06: MXN 38.08 per share

- 2022-07: MXN 39.66 per share

- 2022-08: MXN 36.56 per share

- 2022-09: MXN 36.29 per share

- 2022-10: MXN 37.99 per share

- 2022-11: MXN 38.47 per share

- 2022-12: MXN 36.86 per share

- 2023-01: MXN 44.87 per share

- 2023-02: MXN 40.44 per share

- 2023-03: MXN 43.16 per share

- 2023-04: MXN 48.18 per share

- 2023-05: MXN 51.31 per share

- 2023-06: MXN 55.51 per share

- 2023-07: MXN 58.11 per share

- 2023-08: MXN 60.06 per share

- 2023-09: MXN 63.41 per share

- 2023-10: MXN 59.74 per share

- 2023-11: MXN 60.66 per share

- 2023-12: MXN 64.16 per share

- 2024-01: MXN 67.26 per share

- 2024-02: MXN 65.32 per share

- 2024-03: MXN 81.98 per share

- 2024-04: MXN 71.76 per share

- 2024-05: MXN 67.52 per share

- 2024-06: MXN 63.60 per share

- 2024-07: MXN 56.25 per share

- 2024-08: MXN 53.91 per share

- 2024-09: MXN 54.14 per share

- 2024-10: MXN 48.38 per share

- 2024-11: MXN 45.06 per share

- 2024-12: MXN 43.49 per share

- 2025-01: MXN 44.15 per share

- 2025-02: MXN 44.81 per share

- 2025-03: MXN 43.52 per share

- 2025-04: MXN 44.36 per share

- 2025-05: MXN 48.40 per share

- 2025-06: MXN 50.98 per share

- 2025-07: MXN 56.54 per share

- 2025-08: MXN 53.68 per share

- 2025-09: MXN 60.87 per share

- 2025-10: MXN 51.31 per share

- 2025-11: MXN 50.17 per share

- 2025-12: MXN 53.87 per share

- 2026-01: MXN 53.37 per share

- 2026-02: MXN 60.75 per share

- 2026-03: MXN 57.85 per share

- 2026-04: MXN 51.42 per share

- 2026-05: MXN 53.07 per share

- 2026-06: MXN 45.80 per share

- 2026-07: MXN 42.12 per share

- 2026-08: MXN 41.63 per share

- 2026-09: MXN 45.50 per share

- 2026-10: MXN 49.58 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 12.77 per share, central MXN 13.76 per share, high MXN 14.96 per share

- FY2017: low MXN 10.15 per share, central MXN 11.02 per share, high MXN 12.08 per share

- FY2018: low MXN 11.39 per share, central MXN 12.34 per share, high MXN 13.49 per share

- FY2019: low MXN 14.45 per share, central MXN 15.64 per share, high MXN 17.08 per share

- FY2020: low MXN 25.42 per share, central MXN 26.99 per share, high MXN 28.91 per share

- FY2021: low MXN 17.24 per share, central MXN 18.20 per share, high MXN 19.37 per share

- FY2022: low MXN 18.28 per share, central MXN 19.52 per share, high MXN 21.03 per share

- FY2023: low MXN 20.93 per share, central MXN 22.33 per share, high MXN 24.02 per share

- FY2024: low MXN 18.25 per share, central MXN 19.39 per share, high MXN 20.78 per share

- FY2025: low MXN 28.79 per share, central MXN 31.02 per share, high MXN 33.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:23.073Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Alsea

ALSEA · MX

IPC

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: MXN 50.32
Buy up to: MXN 31.22
Expected / yr: 8.8% at today's price (13.3% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 53.9% around their average (limit 35%).

Operating margin

10y median: 7.9%
Worst year: -3.9%
Latest · 2025: 9.8%

Capital return excluding acquisitions: median 13.1% (minimum 15%), and the second-worst year 7.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 13.1%
Worst year: -2.4%
Latest · 2025: 13.0%

Each $1 of profit left $0.87 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.87×
Annual median: 0.76×
Latest · 2025: 1.36×

Per-share value rose from 1.19 to 2.78, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: MXN 1.17
Worst year: MXN -8.76
Latest · 2025: MXN 2.78

Profits were backed by cash: accruals were -16.5% of assets (limit 10%).

Sloan accruals

10y median: -14.9%
Worst year: -9.0%
Latest · 2025: -16.5%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 7.4%, three-year average owner earnings per share 1.99 MXN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price MXN 70.54 · Value 13.76 · Buy at or below 13.76; 2016-11 · Price MXN 60.40 · Value 13.76 · Buy at or below 13.76; 2016-12 · Price MXN 59.33 · Value 13.76 · Buy at or below 13.76; 2017-01 · Price MXN 60.29 · Value 13.76 · Buy at or below 13.76; 2017-02 · Price MXN 56.65 · Value 11.02 · Buy at or below 11.02; 2017-03 · Price MXN 62.39 · Value 11.02 · Buy at or below 11.02; 2017-04 · Price MXN 66.89 · Value 11.02 · Buy at or below 11.02; 2017-05 · Price MXN 67.17 · Value 11.02 · Buy at or below 11.02; 2017-06 · Price MXN 68.69 · Value 11.02 · Buy at or below 11.02; 2017-07 · Price MXN 69.30 · Value 11.02 · Buy at or below 11.02; 2017-08 · Price MXN 65.46 · Value 11.02 · Buy at or below 11.02; 2017-09 · Price MXN 66.97 · Value 11.02 · Buy at or below 11.02; 2017-10 · Price MXN 58.12 · Value 11.02 · Buy at or below 11.02; 2017-11 · Price MXN 61.59 · Value 11.02 · Buy at or below 11.02; 2017-12 · Price MXN 64.37 · Value 11.02 · Buy at or below 11.02; 2018-01 · Price MXN 60.88 · Value 11.02 · Buy at or below 11.02; 2018-02 · Price MXN 64.26 · Value 12.34 · Buy at or below 12.34; 2018-03 · Price MXN 63.53 · Value 12.34 · Buy at or below 12.34; 2018-04 · Price MXN 69.56 · Value 12.34 · Buy at or below 12.34; 2018-05 · Price MXN 65.41 · Value 12.34 · Buy at or below 12.34; 2018-06 · Price MXN 68.40 · Value 12.34 · Buy at or below 12.34; 2018-07 · Price MXN 64.29 · Value 12.34 · Buy at or below 12.34; 2018-08 · Price MXN 68.06 · Value 12.34 · Buy at or below 12.34; 2018-09 · Price MXN 63.67 · Value 12.34 · Buy at or below 12.34; 2018-10 · Price MXN 51.94 · Value 12.34 · Buy at or below 12.34; 2018-11 · Price MXN 51.01 · Value 12.34 · Buy at or below 12.34; 2018-12 · Price MXN 51.15 · Value 12.34 · Buy at or below 12.34; 2019-01 · Price MXN 52.92 · Value 12.34 · Buy at or below 12.34; 2019-02 · Price MXN 48.81 · Value 15.64 · Buy at or below 15.64; 2019-03 · Price MXN 40.67 · Value 15.64 · Buy at or below 15.64; 2019-04 · Price MXN 42.38 · Value 15.64 · Buy at or below 15.64; 2019-05 · Price MXN 38.29 · Value 15.64 · Buy at or below 15.64; 2019-06 · Price MXN 37.78 · Value 15.64 · Buy at or below 15.64; 2019-07 · Price MXN 39.07 · Value 15.64 · Buy at or below 15.64; 2019-08 · Price MXN 42.74 · Value 15.64 · Buy at or below 15.64; 2019-09 · Price MXN 45.88 · Value 15.64 · Buy at or below 15.64; 2019-10 · Price MXN 51.32 · Value 15.64 · Buy at or below 15.64; 2019-11 · Price MXN 52.98 · Value 15.64 · Buy at or below 15.64; 2019-12 · Price MXN 49.83 · Value 15.64 · Buy at or below 15.64; 2020-01 · Price MXN 45.76 · Value 15.64 · Buy at or below 15.64; 2020-02 · Price MXN 39.92 · Value 26.99 · Buy at or below 26.99; 2020-03 · Price MXN 15.18 · Value 26.99 · Buy at or below 26.99; 2020-04 · Price MXN 19.87 · Value 26.99 · Buy at or below 26.99; 2020-05 · Price MXN 18.75 · Value 26.99 · Buy at or below 26.99; 2020-06 · Price MXN 22.61 · Value 26.99 · Buy at or below 26.99; 2020-07 · Price MXN 21.66 · Value 26.99 · Buy at or below 26.99; 2020-08 · Price MXN 22.63 · Value 26.99 · Buy at or below 26.99; 2020-09 · Price MXN 21.08 · Value 26.99 · Buy at or below 26.99; 2020-10 · Price MXN 18.25 · Value 26.99 · Buy at or below 26.99; 2020-11 · Price MXN 27.75 · Value 26.99 · Buy at or below 26.99; 2020-12 · Price MXN 25.89 · Value 26.99 · Buy at or below 26.99; 2021-01 · Price MXN 23.11 · Value 26.99 · Buy at or below 26.99; 2021-02 · Price MXN 25.44 · Value 18.20 · Buy at or below 18.20; 2021-03 · Price MXN 30.28 · Value 18.20 · Buy at or below 18.20; 2021-04 · Price MXN 32.95 · Value 18.20 · Buy at or below 18.20; 2021-05 · Price MXN 33.41 · Value 18.20 · Buy at or below 18.20; 2021-06 · Price MXN 35.47 · Value 18.20 · Buy at or below 18.20; 2021-07 · Price MXN 40.37 · Value 18.20 · Buy at or below 18.20; 2021-08 · Price MXN 39.26 · Value 18.20 · Buy at or below 18.20; 2021-09 · Price MXN 41.61 · Value 18.20 · Buy at or below 18.20; 2021-10 · Price MXN 43.22 · Value 18.20 · Buy at or below 18.20; 2021-11 · Price MXN 36.69 · Value 18.20 · Buy at or below 18.20; 2021-12 · Price MXN 37.95 · Value 18.20 · Buy at or below 18.20; 2022-01 · Price MXN 42.31 · Value 18.20 · Buy at or below 18.20; 2022-02 · Price MXN 44.36 · Value 19.52 · Buy at or below 19.52; 2022-03 · Price MXN 49.86 · Value 19.52 · Buy at or below 19.52; 2022-04 · Price MXN 44.73 · Value 19.52 · Buy at or below 19.52; 2022-05 · Price MXN 42.15 · Value 19.52 · Buy at or below 19.52; 2022-06 · Price MXN 38.08 · Value 19.52 · Buy at or below 19.52; 2022-07 · Price MXN 39.66 · Value 19.52 · Buy at or below 19.52; 2022-08 · Price MXN 36.56 · Value 19.52 · Buy at or below 19.52; 2022-09 · Price MXN 36.29 · Value 19.52 · Buy at or below 19.52; 2022-10 · Price MXN 37.99 · Value 19.52 · Buy at or below 19.52; 2022-11 · Price MXN 38.47 · Value 19.52 · Buy at or below 19.52; 2022-12 · Price MXN 36.86 · Value 19.52 · Buy at or below 19.52; 2023-01 · Price MXN 44.87 · Value 19.52 · Buy at or below 19.52; 2023-02 · Price MXN 40.44 · Value 22.33 · Buy at or below 22.33; 2023-03 · Price MXN 43.16 · Value 22.33 · Buy at or below 22.33; 2023-04 · Price MXN 48.18 · Value 22.33 · Buy at or below 22.33; 2023-05 · Price MXN 51.31 · Value 22.33 · Buy at or below 22.33; 2023-06 · Price MXN 55.51 · Value 22.33 · Buy at or below 22.33; 2023-07 · Price MXN 58.11 · Value 22.33 · Buy at or below 22.33; 2023-08 · Price MXN 60.06 · Value 22.33 · Buy at or below 22.33; 2023-09 · Price MXN 63.41 · Value 22.33 · Buy at or below 22.33; 2023-10 · Price MXN 59.74 · Value 22.33 · Buy at or below 22.33; 2023-11 · Price MXN 60.66 · Value 22.33 · Buy at or below 22.33; 2023-12 · Price MXN 64.16 · Value 22.33 · Buy at or below 22.33; 2024-01 · Price MXN 67.26 · Value 22.33 · Buy at or below 22.33; 2024-02 · Price MXN 65.32 · Value 19.39 · Buy at or below 19.39; 2024-03 · Price MXN 81.98 · Value 19.39 · Buy at or below 19.39; 2024-04 · Price MXN 71.76 · Value 19.39 · Buy at or below 19.39; 2024-05 · Price MXN 67.52 · Value 19.39 · Buy at or below 19.39; 2024-06 · Price MXN 63.60 · Value 19.39 · Buy at or below 19.39; 2024-07 · Price MXN 56.25 · Value 19.39 · Buy at or below 19.39; 2024-08 · Price MXN 53.91 · Value 19.39 · Buy at or below 19.39; 2024-09 · Price MXN 54.14 · Value 19.39 · Buy at or below 19.39; 2024-10 · Price MXN 48.38 · Value 19.39 · Buy at or below 19.39; 2024-11 · Price MXN 45.06 · Value 19.39 · Buy at or below 19.39; 2024-12 · Price MXN 43.49 · Value 19.39 · Buy at or below 19.39; 2025-01 · Price MXN 44.15 · Value 19.39 · Buy at or below 19.39; 2025-02 · Price MXN 44.81 · Value 31.02 · Buy at or below 31.02; 2025-03 · Price MXN 43.52 · Value 31.02 · Buy at or below 31.02; 2025-04 · Price MXN 44.36 · Value 31.02 · Buy at or below 31.02; 2025-05 · Price MXN 48.40 · Value 31.02 · Buy at or below 31.02; 2025-06 · Price MXN 50.98 · Value 31.02 · Buy at or below 31.02; 2025-07 · Price MXN 56.54 · Value 31.02 · Buy at or below 31.02; 2025-08 · Price MXN 53.68 · Value 31.02 · Buy at or below 31.02; 2025-09 · Price MXN 60.87 · Value 31.02 · Buy at or below 31.02; 2025-10 · Price MXN 51.31 · Value 31.02 · Buy at or below 31.02; 2025-11 · Price MXN 50.17 · Value 31.02 · Buy at or below 31.02; 2025-12 · Price MXN 53.87 · Value 31.02 · Buy at or below 31.02; 2026-01 · Price MXN 53.37 · Value 31.02 · Buy at or below 31.02; 2026-02 · Price MXN 60.75 · Value 31.22 · Buy at or below 31.22; 2026-03 · Price MXN 57.85 · Value 31.22 · Buy at or below 31.22; 2026-04 · Price MXN 51.42 · Value 31.22 · Buy at or below 31.22; 2026-05 · Price MXN 53.07 · Value 31.22 · Buy at or below 31.22; 2026-06 · Price MXN 45.80 · Value 31.22 · Buy at or below 31.22; 2026-07 · Price MXN 42.12 · Value 31.22 · Buy at or below 31.22; 2026-08 · Price MXN 41.63 · Value 31.22 · Buy at or below 31.22; 2026-09 · Price MXN 45.50 · Value 31.22 · Buy at or below 31.22; 2026-10 · Price MXN 49.58 · Value 31.22 · Buy at or below 31.22; 2026-10 · Price MXN 50.32 · Value 31.22 · Buy at or below 31.22

MXN per share · annual estimates

Price & return math
Value range	MXN 28.96 – MXN 33.97
Buy at or below	Central value MXN 31.22
Discount to value	1 − 50.32 / 31.22 = -61.2%
Return / year	About 8.8% a year at today's price (required return 13.3%)
Cash-flow inputs	Owner cash MXN 3.07/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash MXN 4.78/share today.
Required return	13.3% / year, earned by construction at the central value

RevenueMXN 85B

Revenue

Owner earningsMXN 3.0B

Owner earnings

Operating margin9.8%

Operating margin

Net cash / debtMXN -28B

Net cash / debt

Diluted shares803M

Diluted shares

Prices 15 Oct 2026 · FY2025