# Bolsa Mexicana de Valores (BOLSAA.MX)

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

Analysis as of: 2026-10-16T07:43:38.494Z. Financial observations: FY2005–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 36.34 per share; close as of 2026-10-15.

Estimated value: low MXN 30.17 per share, central MXN 32.43 per share, high MXN 35.17 per share. Buy at or below the central value MXN 32.43 per share. Valuation as of 2026-10-16T07:43:38.494Z; scenarios are not confidence intervals.

Expected annual return: 11.9% at the stated quote. About 11.9% 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: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.51×

- FY2017: 0.52×

- FY2018: 0.50×

- FY2019: 0.50×

- FY2020: 0.52×

- FY2021: 0.55×

- FY2022: 0.54×

- FY2023: 0.48×

- FY2024: 0.49×

- FY2025: 0.48×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 94.6%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 64.6%

- Recent gross margin (lower of latest and 3-year median): 64.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 39.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: 94.6%

- FY2024: 99.0%

- FY2025: 81.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 8.1B

- Net income, five-year total: MXN 8.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: -2.3%

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

- FY2021: 1.11×

- FY2022: 1.10×

- FY2023: 0.97×

- FY2024: 0.95×

- FY2025: 0.95×

### 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: 149.5% vs 94.6%

- Per-share earnings: 1.94 to 2.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: MXN 4.5B

- Cumulative retained earnings: MXN 1.4B

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.7%

- Per-share value change: MXN 0.93

- Per-share value, starting three-year median: MXN 1.94

- Per-share value, ending three-year median: MXN 2.87

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 1.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 518M

- Cumulative net income, 10 years: MXN 14B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 94.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 1.63

- FY2017: MXN 1.94

- FY2018: MXN 2.32

- FY2019: MXN 2.26

- FY2020: MXN 2.52

- FY2021: MXN 2.72

- FY2022: MXN 2.87

- FY2023: MXN 2.62

- FY2024: MXN 2.89

- FY2025: MXN 2.87

### accounting: pass

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -7.5%

- FY2018: -5.7%

- FY2019: -3.8%

- FY2020: -4.6%

- FY2021: -2.2%

- FY2022: -5.5%

- FY2023: -4.8%

- FY2024: -5.4%

- FY2025: -3.1%

## Holders

## Price story

Price needs cash profits to grow 2.8% a year for ten years · sales +8.3%

Story as of 2026-10-16T10:00:12.775Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2024–2025

sales +8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 2.8B 

- FY2017: MXN 3.2B 

- FY2018: MXN 3.4B 

- FY2019: MXN 3.4B 

- FY2020: MXN 3.7B 

- FY2021: MXN 3.9B 

- FY2022: MXN 3.9B 

- FY2023: MXN 3.7B 

- FY2024: MXN 3.9B 

- FY2025: MXN 4.2B 

### Gross margin · FY2025

gross margin 64%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 62.6% 

- FY2017: 64.6% 

- FY2018: 63.9% 

- FY2019: 66.7% 

- FY2020: 67.4% 

- FY2021: 67.7% 

- FY2022: 68.4% 

- FY2023: 64.1% 

- FY2024: 64.5% 

- FY2025: 64.0% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are MXN 4.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2025: revenue 4242050000; grossProfit 2713762000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64% to 64.5% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2023: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2024: grossProfit / revenue = 64.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2025: grossProfit / revenue = 64%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); 10-year return on capital observations [[2016,1.3292267844451497],[2017,1.494634854398175],[2018,1.6713885402629813],[2019,1.424739010099903],[2020,1.8146894998800738],[2021,1.7348627798132226],[2022,1.7717279628964084],[2023,0.946128464039273],[2024,0.9901450052093295],[2025,0.8171036307964115]]; median 1.459686932249039. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.6% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2016: growth capex 0; upkeep 71930000; owner earnings 1116839000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2017: growth capex 0; upkeep 9252000; owner earnings 1712512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2018: growth capex 0; upkeep 31335000; owner earnings 1769631000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2019: growth capex 0; upkeep 38119000; owner earnings 1449252400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2020: growth capex 0; upkeep 18178000; owner earnings 1632553400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2021: growth capex 0; upkeep 10825000; owner earnings 1766963000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2022: growth capex 0; upkeep 16734000; owner earnings 1824373800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2023: growth capex 0; upkeep 187861000; owner earnings 1469207000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2024: growth capex 29992000; upkeep 228887000; owner earnings 1554132600. Growth capex / owner earnings = 0.019298224617384643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2025: growth capex 8459000; upkeep 259921000; owner earnings 1516954000. Growth capex / owner earnings = 0.005576306203088558.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); Dividend observations: [[2016,646358000],[2017,741236000],[2018,895413000],[2019,1055520000],[2020,1073310000],[2021,1195609000],[2022,1269237000],[2023,1328724000],[2024,1206203000],[2025,1146282000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); FY2025: cash repurchases 152656000 MXN.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOLSAA.MX SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:38.494Z); Ten-year compound average after fade. Initial solved rate 0.02680687228137868. Price 36.34; 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 30.28 per share

- 2016-11: MXN 27.23 per share

- 2016-12: MXN 27.29 per share

- 2017-01: MXN 28.49 per share

- 2017-02: MXN 28.98 per share

- 2017-03: MXN 31.03 per share

- 2017-04: MXN 32.75 per share

- 2017-05: MXN 31.88 per share

- 2017-06: MXN 31.73 per share

- 2017-07: MXN 30.65 per share

- 2017-08: MXN 30.91 per share

- 2017-09: MXN 30.45 per share

- 2017-10: MXN 32.01 per share

- 2017-11: MXN 31.97 per share

- 2017-12: MXN 33.85 per share

- 2018-01: MXN 35.62 per share

- 2018-02: MXN 34.94 per share

- 2018-03: MXN 34.74 per share

- 2018-04: MXN 36.08 per share

- 2018-05: MXN 32.51 per share

- 2018-06: MXN 33.32 per share

- 2018-07: MXN 35.53 per share

- 2018-08: MXN 38.61 per share

- 2018-09: MXN 38.26 per share

- 2018-10: MXN 30.61 per share

- 2018-11: MXN 35.32 per share

- 2018-12: MXN 33.49 per share

- 2019-01: MXN 38.22 per share

- 2019-02: MXN 40.20 per share

- 2019-03: MXN 40.16 per share

- 2019-04: MXN 39.09 per share

- 2019-05: MXN 35.74 per share

- 2019-06: MXN 36.33 per share

- 2019-07: MXN 31.96 per share

- 2019-08: MXN 36.87 per share

- 2019-09: MXN 37.11 per share

- 2019-10: MXN 42.18 per share

- 2019-11: MXN 42.53 per share

- 2019-12: MXN 41.34 per share

- 2020-01: MXN 43.52 per share

- 2020-02: MXN 41.58 per share

- 2020-03: MXN 36.24 per share

- 2020-04: MXN 43.78 per share

- 2020-05: MXN 42.49 per share

- 2020-06: MXN 43.02 per share

- 2020-07: MXN 44.92 per share

- 2020-08: MXN 46.10 per share

- 2020-09: MXN 50.11 per share

- 2020-10: MXN 43.12 per share

- 2020-11: MXN 45.72 per share

- 2020-12: MXN 47.16 per share

- 2021-01: MXN 46.00 per share

- 2021-02: MXN 42.85 per share

- 2021-03: MXN 41.25 per share

- 2021-04: MXN 44.94 per share

- 2021-05: MXN 44.50 per share

- 2021-06: MXN 43.91 per share

- 2021-07: MXN 40.63 per share

- 2021-08: MXN 41.60 per share

- 2021-09: MXN 39.72 per share

- 2021-10: MXN 39.44 per share

- 2021-11: MXN 36.16 per share

- 2021-12: MXN 38.92 per share

- 2022-01: MXN 35.18 per share

- 2022-02: MXN 39.22 per share

- 2022-03: MXN 42.06 per share

- 2022-04: MXN 40.43 per share

- 2022-05: MXN 36.25 per share

- 2022-06: MXN 35.69 per share

- 2022-07: MXN 37.94 per share

- 2022-08: MXN 36.39 per share

- 2022-09: MXN 33.69 per share

- 2022-10: MXN 36.08 per share

- 2022-11: MXN 37.91 per share

- 2022-12: MXN 37.62 per share

- 2023-01: MXN 40.84 per share

- 2023-02: MXN 35.58 per share

- 2023-03: MXN 38.61 per share

- 2023-04: MXN 39.75 per share

- 2023-05: MXN 37.33 per share

- 2023-06: MXN 35.52 per share

- 2023-07: MXN 35.50 per share

- 2023-08: MXN 34.04 per share

- 2023-09: MXN 32.71 per share

- 2023-10: MXN 28.11 per share

- 2023-11: MXN 33.07 per share

- 2023-12: MXN 35.14 per share

- 2024-01: MXN 34.87 per share

- 2024-02: MXN 36.76 per share

- 2024-03: MXN 37.02 per share

- 2024-04: MXN 32.18 per share

- 2024-05: MXN 31.10 per share

- 2024-06: MXN 30.98 per share

- 2024-07: MXN 29.00 per share

- 2024-08: MXN 30.30 per share

- 2024-09: MXN 31.77 per share

- 2024-10: MXN 32.72 per share

- 2024-11: MXN 31.96 per share

- 2024-12: MXN 33.36 per share

- 2025-01: MXN 31.89 per share

- 2025-02: MXN 36.47 per share

- 2025-03: MXN 33.98 per share

- 2025-04: MXN 41.15 per share

- 2025-05: MXN 42.36 per share

- 2025-06: MXN 42.99 per share

- 2025-07: MXN 40.46 per share

- 2025-08: MXN 38.02 per share

- 2025-09: MXN 38.27 per share

- 2025-10: MXN 35.46 per share

- 2025-11: MXN 37.81 per share

- 2025-12: MXN 37.02 per share

- 2026-01: MXN 35.05 per share

- 2026-02: MXN 38.04 per share

- 2026-03: MXN 37.92 per share

- 2026-04: MXN 39.35 per share

- 2026-05: MXN 36.63 per share

- 2026-06: MXN 34.85 per share

- 2026-07: MXN 38.55 per share

- 2026-08: MXN 38.89 per share

- 2026-09: MXN 37.54 per share

- 2026-10: MXN 35.80 per share

## Annual estimated value (MXN per share)

- FY2017: low MXN 21.11 per share, central MXN 22.64 per share, high MXN 24.51 per share

- FY2018: low MXN 24.28 per share, central MXN 26.13 per share, high MXN 28.37 per share

- FY2019: low MXN 25.04 per share, central MXN 26.90 per share, high MXN 29.16 per share

- FY2020: low MXN 27.75 per share, central MXN 29.77 per share, high MXN 32.23 per share

- FY2021: low MXN 29.81 per share, central MXN 32.02 per share, high MXN 34.70 per share

- FY2022: low MXN 30.62 per share, central MXN 32.86 per share, high MXN 35.58 per share

- FY2023: low MXN 28.37 per share, central MXN 30.43 per share, high MXN 32.93 per share

- FY2024: low MXN 30.36 per share, central MXN 32.59 per share, high MXN 35.29 per share

- FY2025: low MXN 30.46 per share, central MXN 32.69 per share, high MXN 35.39 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

## 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.

Bolsa Mexicana de Valores

BOLSAA · MX

IPC

A wonderful business at too high a price

Passes the quality tests.

Share price: MXN 36.34
Buy up to: MXN 32.43
Expected / yr: 11.9% at today's price (13.3% at central value)

The business

How it makes money
Why customers stay
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 4.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 50.3%
Worst year: 47.7%
Latest · 2025: 47.7%

Capital return excluding acquisitions: median >100% (minimum 15%), and the second-worst year 94.6% (minimum 10%).

ROIC excluding acquisitions

10y median: >100%
Worst year: 81.7%
Latest · 2025: 81.7%

Each $1 of profit left $1.02 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.02×
Annual median: 0.97×
Latest · 2025: 0.95×

Per-share value rose from 1.94 to 2.87, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: MXN 2.57
Worst year: MXN 1.63
Latest · 2025: MXN 2.87

Profits were backed by cash: accruals were -3.1% of assets (limit 10%).

Sloan accruals

10y median: -4.7%
Worst year: -2.2%
Latest · 2025: -3.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 50.8%, three-year average owner earnings per share 2.67 MXN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price MXN 30.28; 2016-11 · Price MXN 27.23; 2016-12 · Price MXN 27.29; 2017-01 · Price MXN 28.49 · Value 22.64 · Buy at or below 22.64; 2017-02 · Price MXN 28.98 · Value 22.64 · Buy at or below 22.64; 2017-03 · Price MXN 31.03 · Value 22.64 · Buy at or below 22.64; 2017-04 · Price MXN 32.75 · Value 22.64 · Buy at or below 22.64; 2017-05 · Price MXN 31.88 · Value 22.64 · Buy at or below 22.64; 2017-06 · Price MXN 31.73 · Value 22.64 · Buy at or below 22.64; 2017-07 · Price MXN 30.65 · Value 22.64 · Buy at or below 22.64; 2017-08 · Price MXN 30.91 · Value 22.64 · Buy at or below 22.64; 2017-09 · Price MXN 30.45 · Value 22.64 · Buy at or below 22.64; 2017-10 · Price MXN 32.01 · Value 22.64 · Buy at or below 22.64; 2017-11 · Price MXN 31.97 · Value 22.64 · Buy at or below 22.64; 2017-12 · Price MXN 33.85 · Value 22.64 · Buy at or below 22.64; 2018-01 · Price MXN 35.62 · Value 22.64 · Buy at or below 22.64; 2018-02 · Price MXN 34.94 · Value 26.13 · Buy at or below 26.13; 2018-03 · Price MXN 34.74 · Value 26.13 · Buy at or below 26.13; 2018-04 · Price MXN 36.08 · Value 26.13 · Buy at or below 26.13; 2018-05 · Price MXN 32.51 · Value 26.13 · Buy at or below 26.13; 2018-06 · Price MXN 33.32 · Value 26.13 · Buy at or below 26.13; 2018-07 · Price MXN 35.53 · Value 26.13 · Buy at or below 26.13; 2018-08 · Price MXN 38.61 · Value 26.13 · Buy at or below 26.13; 2018-09 · Price MXN 38.26 · Value 26.13 · Buy at or below 26.13; 2018-10 · Price MXN 30.61 · Value 26.13 · Buy at or below 26.13; 2018-11 · Price MXN 35.32 · Value 26.13 · Buy at or below 26.13; 2018-12 · Price MXN 33.49 · Value 26.13 · Buy at or below 26.13; 2019-01 · Price MXN 38.22 · Value 26.13 · Buy at or below 26.13; 2019-02 · Price MXN 40.20 · Value 26.90 · Buy at or below 26.90; 2019-03 · Price MXN 40.16 · Value 26.90 · Buy at or below 26.90; 2019-04 · Price MXN 39.09 · Value 26.90 · Buy at or below 26.90; 2019-05 · Price MXN 35.74 · Value 26.90 · Buy at or below 26.90; 2019-06 · Price MXN 36.33 · Value 26.90 · Buy at or below 26.90; 2019-07 · Price MXN 31.96 · Value 26.90 · Buy at or below 26.90; 2019-08 · Price MXN 36.87 · Value 26.90 · Buy at or below 26.90; 2019-09 · Price MXN 37.11 · Value 26.90 · Buy at or below 26.90; 2019-10 · Price MXN 42.18 · Value 26.90 · Buy at or below 26.90; 2019-11 · Price MXN 42.53 · Value 26.90 · Buy at or below 26.90; 2019-12 · Price MXN 41.34 · Value 26.90 · Buy at or below 26.90; 2020-01 · Price MXN 43.52 · Value 26.90 · Buy at or below 26.90; 2020-02 · Price MXN 41.58 · Value 29.77 · Buy at or below 29.77; 2020-03 · Price MXN 36.24 · Value 29.77 · Buy at or below 29.77; 2020-04 · Price MXN 43.78 · Value 29.77 · Buy at or below 29.77; 2020-05 · Price MXN 42.49 · Value 29.77 · Buy at or below 29.77; 2020-06 · Price MXN 43.02 · Value 29.77 · Buy at or below 29.77; 2020-07 · Price MXN 44.92 · Value 29.77 · Buy at or below 29.77; 2020-08 · Price MXN 46.10 · Value 29.77 · Buy at or below 29.77; 2020-09 · Price MXN 50.11 · Value 29.77 · Buy at or below 29.77; 2020-10 · Price MXN 43.12 · Value 29.77 · Buy at or below 29.77; 2020-11 · Price MXN 45.72 · Value 29.77 · Buy at or below 29.77; 2020-12 · Price MXN 47.16 · Value 29.77 · Buy at or below 29.77; 2021-01 · Price MXN 46.00 · Value 29.77 · Buy at or below 29.77; 2021-02 · Price MXN 42.85 · Value 32.02 · Buy at or below 32.02; 2021-03 · Price MXN 41.25 · Value 32.02 · Buy at or below 32.02; 2021-04 · Price MXN 44.94 · Value 32.02 · Buy at or below 32.02; 2021-05 · Price MXN 44.50 · Value 32.02 · Buy at or below 32.02; 2021-06 · Price MXN 43.91 · Value 32.02 · Buy at or below 32.02; 2021-07 · Price MXN 40.63 · Value 32.02 · Buy at or below 32.02; 2021-08 · Price MXN 41.60 · Value 32.02 · Buy at or below 32.02; 2021-09 · Price MXN 39.72 · Value 32.02 · Buy at or below 32.02; 2021-10 · Price MXN 39.44 · Value 32.02 · Buy at or below 32.02; 2021-11 · Price MXN 36.16 · Value 32.02 · Buy at or below 32.02; 2021-12 · Price MXN 38.92 · Value 32.02 · Buy at or below 32.02; 2022-01 · Price MXN 35.18 · Value 32.02 · Buy at or below 32.02; 2022-02 · Price MXN 39.22 · Value 32.86 · Buy at or below 32.86; 2022-03 · Price MXN 42.06 · Value 32.86 · Buy at or below 32.86; 2022-04 · Price MXN 40.43 · Value 32.86 · Buy at or below 32.86; 2022-05 · Price MXN 36.25 · Value 32.86 · Buy at or below 32.86; 2022-06 · Price MXN 35.69 · Value 32.86 · Buy at or below 32.86; 2022-07 · Price MXN 37.94 · Value 32.86 · Buy at or below 32.86; 2022-08 · Price MXN 36.39 · Value 32.86 · Buy at or below 32.86; 2022-09 · Price MXN 33.69 · Value 32.86 · Buy at or below 32.86; 2022-10 · Price MXN 36.08 · Value 32.86 · Buy at or below 32.86; 2022-11 · Price MXN 37.91 · Value 32.86 · Buy at or below 32.86; 2022-12 · Price MXN 37.62 · Value 32.86 · Buy at or below 32.86; 2023-01 · Price MXN 40.84 · Value 32.86 · Buy at or below 32.86; 2023-02 · Price MXN 35.58 · Value 30.43 · Buy at or below 30.43; 2023-03 · Price MXN 38.61 · Value 30.43 · Buy at or below 30.43; 2023-04 · Price MXN 39.75 · Value 30.43 · Buy at or below 30.43; 2023-05 · Price MXN 37.33 · Value 30.43 · Buy at or below 30.43; 2023-06 · Price MXN 35.52 · Value 30.43 · Buy at or below 30.43; 2023-07 · Price MXN 35.50 · Value 30.43 · Buy at or below 30.43; 2023-08 · Price MXN 34.04 · Value 30.43 · Buy at or below 30.43; 2023-09 · Price MXN 32.71 · Value 30.43 · Buy at or below 30.43; 2023-10 · Price MXN 28.11 · Value 30.43 · Buy at or below 30.43; 2023-11 · Price MXN 33.07 · Value 30.43 · Buy at or below 30.43; 2023-12 · Price MXN 35.14 · Value 30.43 · Buy at or below 30.43; 2024-01 · Price MXN 34.87 · Value 30.43 · Buy at or below 30.43; 2024-02 · Price MXN 36.76 · Value 32.59 · Buy at or below 32.59; 2024-03 · Price MXN 37.02 · Value 32.59 · Buy at or below 32.59; 2024-04 · Price MXN 32.18 · Value 32.59 · Buy at or below 32.59; 2024-05 · Price MXN 31.10 · Value 32.59 · Buy at or below 32.59; 2024-06 · Price MXN 30.98 · Value 32.59 · Buy at or below 32.59; 2024-07 · Price MXN 29.00 · Value 32.59 · Buy at or below 32.59; 2024-08 · Price MXN 30.30 · Value 32.59 · Buy at or below 32.59; 2024-09 · Price MXN 31.77 · Value 32.59 · Buy at or below 32.59; 2024-10 · Price MXN 32.72 · Value 32.59 · Buy at or below 32.59; 2024-11 · Price MXN 31.96 · Value 32.59 · Buy at or below 32.59; 2024-12 · Price MXN 33.36 · Value 32.59 · Buy at or below 32.59; 2025-01 · Price MXN 31.89 · Value 32.59 · Buy at or below 32.59; 2025-02 · Price MXN 36.47 · Value 32.69 · Buy at or below 32.69; 2025-03 · Price MXN 33.98 · Value 32.69 · Buy at or below 32.69; 2025-04 · Price MXN 41.15 · Value 32.69 · Buy at or below 32.69; 2025-05 · Price MXN 42.36 · Value 32.69 · Buy at or below 32.69; 2025-06 · Price MXN 42.99 · Value 32.69 · Buy at or below 32.69; 2025-07 · Price MXN 40.46 · Value 32.69 · Buy at or below 32.69; 2025-08 · Price MXN 38.02 · Value 32.69 · Buy at or below 32.69; 2025-09 · Price MXN 38.27 · Value 32.69 · Buy at or below 32.69; 2025-10 · Price MXN 35.46 · Value 32.69 · Buy at or below 32.69; 2025-11 · Price MXN 37.81 · Value 32.69 · Buy at or below 32.69; 2025-12 · Price MXN 37.02 · Value 32.69 · Buy at or below 32.69; 2026-01 · Price MXN 35.05 · Value 32.69 · Buy at or below 32.69; 2026-02 · Price MXN 38.04 · Value 32.43 · Buy at or below 32.43; 2026-03 · Price MXN 37.92 · Value 32.43 · Buy at or below 32.43; 2026-04 · Price MXN 39.35 · Value 32.43 · Buy at or below 32.43; 2026-05 · Price MXN 36.63 · Value 32.43 · Buy at or below 32.43; 2026-06 · Price MXN 34.85 · Value 32.43 · Buy at or below 32.43; 2026-07 · Price MXN 38.55 · Value 32.43 · Buy at or below 32.43; 2026-08 · Price MXN 38.89 · Value 32.43 · Buy at or below 32.43; 2026-09 · Price MXN 37.54 · Value 32.43 · Buy at or below 32.43; 2026-10 · Price MXN 35.80 · Value 32.43 · Buy at or below 32.43; 2026-10 · Price MXN 36.34 · Value 32.43 · Buy at or below 32.43

MXN per share · annual estimates

Price & return math
Value range	MXN 30.17 – MXN 35.17
Buy at or below	Central value MXN 32.43
Discount to value	1 − 36.34 / 32.43 = -12.1%
Return / year	About 11.9% 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 6.03/share today.
Required return	13.3% / year, earned by construction at the central value

RevenueMXN 4.2B

Revenue

Owner earningsMXN 1.5B

Owner earnings

Operating margin47.7%

Operating margin

Net cash / debtMXN 3.3B

Net cash / debt

Diluted shares559M

Diluted shares

Prices 15 Oct 2026 · FY2025