# Grupo Financiero Inbursa (GFINBURO.MX)

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

Analysis as of: 2026-10-16T07:35:13.308Z. Financial observations: FY2016–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 45.90 per share; close as of 2026-10-15.

Estimated value: low MXN 33.12 per share, central MXN 37.68 per share, high MXN 43.71 per share. Buy at or below the central value MXN 37.68 per share. Valuation as of 2026-10-16T07:35:13.308Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2016: MXN 12B

- FY2017: MXN 20B

- FY2018: MXN 17B

- FY2019: MXN 13B

- FY2020: MXN 13B

- FY2021: MXN 21B

- FY2022: MXN 24B

- FY2023: MXN 31B

- FY2024: MXN 34B

- FY2025: MXN 31B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.8%

- FY2017: 15.1%

- FY2018: 11.7%

- FY2019: 8.8%

- FY2020: 8.2%

- FY2021: 12.1%

- FY2022: 12.7%

- FY2023: 13.9%

- FY2024: 13.6%

- FY2025: 11.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 9 years

- Starting book value per share: MXN 17.31

- Ending book value per share: MXN 45.11

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 16.1%

- FY2018: 13.2%

- FY2019: 1.9%

- FY2020: 6.2%

- FY2021: 18.4%

- FY2022: 13.5%

- FY2023: 16.3%

- FY2024: 13.8%

- FY2025: 11.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.9%

- Share growth excluding flagged crisis recapitalisations: -1.0%

- Five-year share growth excluding flagged crisis recapitalisations: -1.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.00×

- Book value created per share: MXN 27.80

- Earnings retained per share after dividends and buybacks: MXN 27.68

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 94

- FY2022: 92

- FY2023: 92

- FY2024: 91

- FY2025: 91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.3% a year forever · net income -9.9%

Story as of 2026-10-16T10:00:04.143Z; price observation 2026-10-15.

The price assumes profits grow 7.3% a year forever

### Net income · FY2025

net income -9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 12B 

- FY2017: MXN 20B 

- FY2018: MXN 17B 

- FY2019: MXN 13B 

- FY2020: MXN 13B 

- FY2021: MXN 21B 

- FY2022: MXN 24B 

- FY2023: MXN 31B 

- FY2024: MXN 34B 

- FY2025: MXN 31B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are MXN 83.3 billion.

- Source: https://eodhd.com/api/fundamentals/GFINBURO.MX.json#2025-12-31 (filed 2026-10-16T07:35:13.308Z); FY2025: revenue 83290000000.

### Why customers stay

It earns 11.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:13.308Z); 10-year return on tangible equity observations [[2016,0.10771470160116449],[2017,0.15106391020068785],[2018,0.11661529228838757],[2019,0.08845487952590483],[2020,0.08159766974274373],[2021,0.12106812544910873],[2022,0.12712196185151092],[2023,0.13918404237619666],[2024,0.13594548687176555],[2025,0.11274262713040684]]; median 0.11884170886874815. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 8 years; bought back MXN 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:13.308Z); Dividend observations: [[2016,2928000000],[2017,1610000000],[2018,3188000000],[2019,3315000000],[2020,0],[2021,0],[2022,0],[2025,6075000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GFINBURO.MX.json#2025-12-31 (filed 2026-10-16T07:35:13.308Z); FY2025: cash repurchases 1538000000 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); GFINBURO.MX SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:13.308Z); Price 45.9; FX 1; original perpetual distributable cash 2.7326888398754057; discount 0.13252; growth 0.07298429542755107. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: MXN 30.67 per share

- 2016-11: MXN 28.06 per share

- 2016-12: MXN 31.37 per share

- 2017-01: MXN 30.91 per share

- 2017-02: MXN 28.68 per share

- 2017-03: MXN 31.03 per share

- 2017-04: MXN 31.79 per share

- 2017-05: MXN 30.90 per share

- 2017-06: MXN 31.00 per share

- 2017-07: MXN 32.17 per share

- 2017-08: MXN 30.30 per share

- 2017-09: MXN 33.31 per share

- 2017-10: MXN 32.95 per share

- 2017-11: MXN 32.92 per share

- 2017-12: MXN 32.12 per share

- 2018-01: MXN 32.93 per share

- 2018-02: MXN 30.12 per share

- 2018-03: MXN 30.09 per share

- 2018-04: MXN 31.16 per share

- 2018-05: MXN 28.17 per share

- 2018-06: MXN 27.80 per share

- 2018-07: MXN 30.70 per share

- 2018-08: MXN 30.36 per share

- 2018-09: MXN 29.36 per share

- 2018-10: MXN 26.33 per share

- 2018-11: MXN 27.42 per share

- 2018-12: MXN 28.29 per share

- 2019-01: MXN 27.70 per share

- 2019-02: MXN 28.76 per share

- 2019-03: MXN 26.89 per share

- 2019-04: MXN 29.02 per share

- 2019-05: MXN 26.00 per share

- 2019-06: MXN 27.76 per share

- 2019-07: MXN 23.52 per share

- 2019-08: MXN 24.77 per share

- 2019-09: MXN 25.10 per share

- 2019-10: MXN 23.90 per share

- 2019-11: MXN 23.21 per share

- 2019-12: MXN 23.19 per share

- 2020-01: MXN 21.49 per share

- 2020-02: MXN 21.12 per share

- 2020-03: MXN 17.04 per share

- 2020-04: MXN 14.50 per share

- 2020-05: MXN 15.20 per share

- 2020-06: MXN 15.95 per share

- 2020-07: MXN 15.99 per share

- 2020-08: MXN 16.01 per share

- 2020-09: MXN 17.23 per share

- 2020-10: MXN 15.71 per share

- 2020-11: MXN 19.73 per share

- 2020-12: MXN 20.06 per share

- 2021-01: MXN 18.28 per share

- 2021-02: MXN 18.86 per share

- 2021-03: MXN 18.57 per share

- 2021-04: MXN 18.82 per share

- 2021-05: MXN 20.23 per share

- 2021-06: MXN 19.72 per share

- 2021-07: MXN 19.28 per share

- 2021-08: MXN 19.23 per share

- 2021-09: MXN 19.34 per share

- 2021-10: MXN 20.67 per share

- 2021-11: MXN 20.69 per share

- 2021-12: MXN 24.52 per share

- 2022-01: MXN 29.75 per share

- 2022-02: MXN 33.38 per share

- 2022-03: MXN 41.67 per share

- 2022-04: MXN 34.59 per share

- 2022-05: MXN 40.09 per share

- 2022-06: MXN 32.02 per share

- 2022-07: MXN 37.54 per share

- 2022-08: MXN 31.74 per share

- 2022-09: MXN 31.92 per share

- 2022-10: MXN 36.57 per share

- 2022-11: MXN 35.83 per share

- 2022-12: MXN 32.84 per share

- 2023-01: MXN 40.50 per share

- 2023-02: MXN 37.97 per share

- 2023-03: MXN 38.75 per share

- 2023-04: MXN 43.76 per share

- 2023-05: MXN 39.29 per share

- 2023-06: MXN 40.66 per share

- 2023-07: MXN 40.65 per share

- 2023-08: MXN 36.83 per share

- 2023-09: MXN 34.27 per share

- 2023-10: MXN 37.18 per share

- 2023-11: MXN 42.45 per share

- 2023-12: MXN 46.71 per share

- 2024-01: MXN 50.85 per share

- 2024-02: MXN 51.71 per share

- 2024-03: MXN 51.13 per share

- 2024-04: MXN 47.47 per share

- 2024-05: MXN 45.59 per share

- 2024-06: MXN 43.47 per share

- 2024-07: MXN 45.37 per share

- 2024-08: MXN 46.81 per share

- 2024-09: MXN 44.60 per share

- 2024-10: MXN 44.93 per share

- 2024-11: MXN 48.00 per share

- 2024-12: MXN 43.39 per share

- 2025-01: MXN 44.06 per share

- 2025-02: MXN 47.58 per share

- 2025-03: MXN 45.99 per share

- 2025-04: MXN 50.41 per share

- 2025-05: MXN 48.61 per share

- 2025-06: MXN 48.44 per share

- 2025-07: MXN 48.65 per share

- 2025-08: MXN 49.19 per share

- 2025-09: MXN 50.36 per share

- 2025-10: MXN 45.12 per share

- 2025-11: MXN 43.36 per share

- 2025-12: MXN 43.57 per share

- 2026-01: MXN 43.72 per share

- 2026-02: MXN 43.80 per share

- 2026-03: MXN 45.15 per share

- 2026-04: MXN 43.00 per share

- 2026-05: MXN 43.20 per share

- 2026-06: MXN 41.68 per share

- 2026-07: MXN 44.63 per share

- 2026-08: MXN 44.27 per share

- 2026-09: MXN 41.27 per share

- 2026-10: MXN 44.51 per share

## Annual estimated value (MXN per share)

- FY2017: low MXN 13.14 per share, central MXN 14.95 per share, high MXN 17.34 per share

- FY2018: low MXN 14.90 per share, central MXN 16.95 per share, high MXN 19.66 per share

- FY2019: low MXN 14.50 per share, central MXN 16.50 per share, high MXN 19.14 per share

- FY2020: low MXN 18.52 per share, central MXN 19.91 per share, high MXN 21.54 per share

- FY2021: low MXN 22.30 per share, central MXN 23.98 per share, high MXN 25.94 per share

- FY2022: low MXN 22.30 per share, central MXN 25.37 per share, high MXN 29.43 per share

- FY2023: low MXN 25.93 per share, central MXN 29.50 per share, high MXN 34.22 per share

- FY2024: low MXN 29.50 per share, central MXN 33.57 per share, high MXN 38.93 per share

- FY2025: low MXN 32.17 per share, central MXN 36.60 per share, high MXN 42.46 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 2026-10-15T06:40:57.197Z 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.

Grupo Financiero Inbursa

GFINBURO · MX

IPC

Not a wonderful business

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

Share price: MXN 45.90
Buy up to: MXN 37.68
Expected / yr: 12.0% 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

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: MXN 20B
Worst year: MXN 12B
Latest · 2025: MXN 31B

Earned a median 11.9% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 11.9%
Worst year: 8.2%
Latest · 2025: 11.3%

Book value plus dividends grew 12.2% a year (minimum 7%).

Annual book + dividend return

9y median: 13.5%
Worst year: 1.9%
Latest · 2025: 11.5%

Ordinary share growth was -1% over the full period and -1.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 97
Worst year: 100
Latest · 2025: 91

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 5.26 MXN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price MXN 30.67; 2016-11 · Price MXN 28.06; 2016-12 · Price MXN 31.37; 2017-01 · Price MXN 30.91 · Value 14.95 · Buy at or below 14.95; 2017-02 · Price MXN 28.68 · Value 14.95 · Buy at or below 14.95; 2017-03 · Price MXN 31.03 · Value 14.95 · Buy at or below 14.95; 2017-04 · Price MXN 31.79 · Value 14.95 · Buy at or below 14.95; 2017-05 · Price MXN 30.90 · Value 14.95 · Buy at or below 14.95; 2017-06 · Price MXN 31.00 · Value 14.95 · Buy at or below 14.95; 2017-07 · Price MXN 32.17 · Value 14.95 · Buy at or below 14.95; 2017-08 · Price MXN 30.30 · Value 14.95 · Buy at or below 14.95; 2017-09 · Price MXN 33.31 · Value 14.95 · Buy at or below 14.95; 2017-10 · Price MXN 32.95 · Value 14.95 · Buy at or below 14.95; 2017-11 · Price MXN 32.92 · Value 14.95 · Buy at or below 14.95; 2017-12 · Price MXN 32.12 · Value 14.95 · Buy at or below 14.95; 2018-01 · Price MXN 32.93 · Value 14.95 · Buy at or below 14.95; 2018-02 · Price MXN 30.12 · Value 16.95 · Buy at or below 16.95; 2018-03 · Price MXN 30.09 · Value 16.95 · Buy at or below 16.95; 2018-04 · Price MXN 31.16 · Value 16.95 · Buy at or below 16.95; 2018-05 · Price MXN 28.17 · Value 16.95 · Buy at or below 16.95; 2018-06 · Price MXN 27.80 · Value 16.95 · Buy at or below 16.95; 2018-07 · Price MXN 30.70 · Value 16.95 · Buy at or below 16.95; 2018-08 · Price MXN 30.36 · Value 16.95 · Buy at or below 16.95; 2018-09 · Price MXN 29.36 · Value 16.95 · Buy at or below 16.95; 2018-10 · Price MXN 26.33 · Value 16.95 · Buy at or below 16.95; 2018-11 · Price MXN 27.42 · Value 16.95 · Buy at or below 16.95; 2018-12 · Price MXN 28.29 · Value 16.95 · Buy at or below 16.95; 2019-01 · Price MXN 27.70 · Value 16.95 · Buy at or below 16.95; 2019-02 · Price MXN 28.76 · Value 16.50 · Buy at or below 16.50; 2019-03 · Price MXN 26.89 · Value 16.50 · Buy at or below 16.50; 2019-04 · Price MXN 29.02 · Value 16.50 · Buy at or below 16.50; 2019-05 · Price MXN 26.00 · Value 16.50 · Buy at or below 16.50; 2019-06 · Price MXN 27.76 · Value 16.50 · Buy at or below 16.50; 2019-07 · Price MXN 23.52 · Value 16.50 · Buy at or below 16.50; 2019-08 · Price MXN 24.77 · Value 16.50 · Buy at or below 16.50; 2019-09 · Price MXN 25.10 · Value 16.50 · Buy at or below 16.50; 2019-10 · Price MXN 23.90 · Value 16.50 · Buy at or below 16.50; 2019-11 · Price MXN 23.21 · Value 16.50 · Buy at or below 16.50; 2019-12 · Price MXN 23.19 · Value 16.50 · Buy at or below 16.50; 2020-01 · Price MXN 21.49 · Value 16.50 · Buy at or below 16.50; 2020-02 · Price MXN 21.12 · Value 19.91 · Buy at or below 19.91; 2020-03 · Price MXN 17.04 · Value 19.91 · Buy at or below 19.91; 2020-04 · Price MXN 14.50 · Value 19.91 · Buy at or below 19.91; 2020-05 · Price MXN 15.20 · Value 19.91 · Buy at or below 19.91; 2020-06 · Price MXN 15.95 · Value 19.91 · Buy at or below 19.91; 2020-07 · Price MXN 15.99 · Value 19.91 · Buy at or below 19.91; 2020-08 · Price MXN 16.01 · Value 19.91 · Buy at or below 19.91; 2020-09 · Price MXN 17.23 · Value 19.91 · Buy at or below 19.91; 2020-10 · Price MXN 15.71 · Value 19.91 · Buy at or below 19.91; 2020-11 · Price MXN 19.73 · Value 19.91 · Buy at or below 19.91; 2020-12 · Price MXN 20.06 · Value 19.91 · Buy at or below 19.91; 2021-01 · Price MXN 18.28 · Value 19.91 · Buy at or below 19.91; 2021-02 · Price MXN 18.86 · Value 23.98 · Buy at or below 23.98; 2021-03 · Price MXN 18.57 · Value 23.98 · Buy at or below 23.98; 2021-04 · Price MXN 18.82 · Value 23.98 · Buy at or below 23.98; 2021-05 · Price MXN 20.23 · Value 23.98 · Buy at or below 23.98; 2021-06 · Price MXN 19.72 · Value 23.98 · Buy at or below 23.98; 2021-07 · Price MXN 19.28 · Value 23.98 · Buy at or below 23.98; 2021-08 · Price MXN 19.23 · Value 23.98 · Buy at or below 23.98; 2021-09 · Price MXN 19.34 · Value 23.98 · Buy at or below 23.98; 2021-10 · Price MXN 20.67 · Value 23.98 · Buy at or below 23.98; 2021-11 · Price MXN 20.69 · Value 23.98 · Buy at or below 23.98; 2021-12 · Price MXN 24.52 · Value 23.98 · Buy at or below 23.98; 2022-01 · Price MXN 29.75 · Value 23.98 · Buy at or below 23.98; 2022-02 · Price MXN 33.38 · Value 25.37 · Buy at or below 25.37; 2022-03 · Price MXN 41.67 · Value 25.37 · Buy at or below 25.37; 2022-04 · Price MXN 34.59 · Value 25.37 · Buy at or below 25.37; 2022-05 · Price MXN 40.09 · Value 25.37 · Buy at or below 25.37; 2022-06 · Price MXN 32.02 · Value 25.37 · Buy at or below 25.37; 2022-07 · Price MXN 37.54 · Value 25.37 · Buy at or below 25.37; 2022-08 · Price MXN 31.74 · Value 25.37 · Buy at or below 25.37; 2022-09 · Price MXN 31.92 · Value 25.37 · Buy at or below 25.37; 2022-10 · Price MXN 36.57 · Value 25.37 · Buy at or below 25.37; 2022-11 · Price MXN 35.83 · Value 25.37 · Buy at or below 25.37; 2022-12 · Price MXN 32.84 · Value 25.37 · Buy at or below 25.37; 2023-01 · Price MXN 40.50 · Value 25.37 · Buy at or below 25.37; 2023-02 · Price MXN 37.97 · Value 29.50 · Buy at or below 29.50; 2023-03 · Price MXN 38.75 · Value 29.50 · Buy at or below 29.50; 2023-04 · Price MXN 43.76 · Value 29.50 · Buy at or below 29.50; 2023-05 · Price MXN 39.29 · Value 29.50 · Buy at or below 29.50; 2023-06 · Price MXN 40.66 · Value 29.50 · Buy at or below 29.50; 2023-07 · Price MXN 40.65 · Value 29.50 · Buy at or below 29.50; 2023-08 · Price MXN 36.83 · Value 29.50 · Buy at or below 29.50; 2023-09 · Price MXN 34.27 · Value 29.50 · Buy at or below 29.50; 2023-10 · Price MXN 37.18 · Value 29.50 · Buy at or below 29.50; 2023-11 · Price MXN 42.45 · Value 29.50 · Buy at or below 29.50; 2023-12 · Price MXN 46.71 · Value 29.50 · Buy at or below 29.50; 2024-01 · Price MXN 50.85 · Value 29.50 · Buy at or below 29.50; 2024-02 · Price MXN 51.71 · Value 33.57 · Buy at or below 33.57; 2024-03 · Price MXN 51.13 · Value 33.57 · Buy at or below 33.57; 2024-04 · Price MXN 47.47 · Value 33.57 · Buy at or below 33.57; 2024-05 · Price MXN 45.59 · Value 33.57 · Buy at or below 33.57; 2024-06 · Price MXN 43.47 · Value 33.57 · Buy at or below 33.57; 2024-07 · Price MXN 45.37 · Value 33.57 · Buy at or below 33.57; 2024-08 · Price MXN 46.81 · Value 33.57 · Buy at or below 33.57; 2024-09 · Price MXN 44.60 · Value 33.57 · Buy at or below 33.57; 2024-10 · Price MXN 44.93 · Value 33.57 · Buy at or below 33.57; 2024-11 · Price MXN 48.00 · Value 33.57 · Buy at or below 33.57; 2024-12 · Price MXN 43.39 · Value 33.57 · Buy at or below 33.57; 2025-01 · Price MXN 44.06 · Value 33.57 · Buy at or below 33.57; 2025-02 · Price MXN 47.58 · Value 36.60 · Buy at or below 36.60; 2025-03 · Price MXN 45.99 · Value 36.60 · Buy at or below 36.60; 2025-04 · Price MXN 50.41 · Value 36.60 · Buy at or below 36.60; 2025-05 · Price MXN 48.61 · Value 36.60 · Buy at or below 36.60; 2025-06 · Price MXN 48.44 · Value 36.60 · Buy at or below 36.60; 2025-07 · Price MXN 48.65 · Value 36.60 · Buy at or below 36.60; 2025-08 · Price MXN 49.19 · Value 36.60 · Buy at or below 36.60; 2025-09 · Price MXN 50.36 · Value 36.60 · Buy at or below 36.60; 2025-10 · Price MXN 45.12 · Value 36.60 · Buy at or below 36.60; 2025-11 · Price MXN 43.36 · Value 36.60 · Buy at or below 36.60; 2025-12 · Price MXN 43.57 · Value 36.60 · Buy at or below 36.60; 2026-01 · Price MXN 43.72 · Value 36.60 · Buy at or below 36.60; 2026-02 · Price MXN 43.80 · Value 37.68 · Buy at or below 37.68; 2026-03 · Price MXN 45.15 · Value 37.68 · Buy at or below 37.68; 2026-04 · Price MXN 43.00 · Value 37.68 · Buy at or below 37.68; 2026-05 · Price MXN 43.20 · Value 37.68 · Buy at or below 37.68; 2026-06 · Price MXN 41.68 · Value 37.68 · Buy at or below 37.68; 2026-07 · Price MXN 44.63 · Value 37.68 · Buy at or below 37.68; 2026-08 · Price MXN 44.27 · Value 37.68 · Buy at or below 37.68; 2026-09 · Price MXN 41.27 · Value 37.68 · Buy at or below 37.68; 2026-10 · Price MXN 44.51 · Value 37.68 · Buy at or below 37.68; 2026-10 · Price MXN 45.90 · Value 37.68 · Buy at or below 37.68

MXN per share · annual estimates

Price & return math
Value range	MXN 33.12 – MXN 43.71
Buy at or below	Central value MXN 37.68
Discount to value	1 − 45.90 / 37.68 = -21.8%
Return / year	About 12.0% a year at today's price (required return 13.3%)
Cash-flow inputs	Book MXN 46.44/share; ROE 11.9%; first payout MXN 2.73/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	13.3% / year, earned by construction at the central value

Net incomeMXN 31B

Net income

Book / shareMXN 45.11

Book / share

Dividend / shareMXN 1.00

Dividend / share

Return on tangible equity11.3%

Return on tangible equity

Diluted shares6.1B

Diluted shares

Prices 15 Oct 2026 · FY2025