# El Puerto de Liverpool (LIVEPOLC-1.MX)

Canonical: https://gigainvestors.com/s/LIVEPOLC-1.MX

Analysis as of: 2026-10-16T07:36:32.298Z. Financial observations: FY2013–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 102.94 per share; close as of 2026-10-15.

Estimated value: low MXN 149.05 per share, central MXN 196.72 per share, high MXN 217.81 per share. Buy at or below the central value MXN 196.72 per share. Valuation as of 2026-10-16T07:36:32.298Z; scenarios are not confidence intervals.

Expected annual return: 23.0% at the stated quote. About 23.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.04×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: -0.03×

- FY2021: 0.12×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: -3.1 pp

- Typical gross margin (annual median): 36.0%

- Recent gross margin (lower of latest and 3-year median): 39.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.4%

- FY2017: 3.5%

- FY2018: 5.7%

- FY2019: 5.5%

- FY2020: -2.4%

- FY2021: 11.7%

- FY2022: 13.3%

- FY2023: 15.4%

- FY2024: 14.3%

- FY2025: 11.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: MXN 77B

- Net income, five-year total: MXN 90B

- Return on incremental invested capital: 29.4%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 19.0%

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

- FY2021: 0.86×

- FY2022: 0.84×

- FY2023: 0.86×

- FY2024: 0.87×

- FY2025: 0.82×

### 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: 5.4% vs 14.3%

- Per-share earnings: 7.59 to 14.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: MXN -67B

- Cumulative retained earnings: MXN 93B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.7%

- Per-share value change: MXN 6.93

- Per-share value, starting three-year median: MXN 7.59

- Per-share value, ending three-year median: MXN 14.52

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: MXN 23B

- Cumulative net income, 10 years: MXN 135B

- ROIC, first three-year median: 5.4%

- ROIC, last three-year median: 14.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: MXN 7.59

- FY2017: MXN 7.37

- FY2018: MXN 8.72

- FY2019: MXN 9.26

- FY2020: MXN 0.56

- FY2021: MXN 9.59

- FY2022: MXN 12.95

- FY2023: MXN 14.52

- FY2024: MXN 17.25

- FY2025: MXN 12.78

### accounting: pass

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: -2.1%

- FY2018: -1.9%

- FY2019: -1.4%

- FY2020: -7.0%

- FY2021: -6.0%

- FY2022: -0.5%

- FY2023: -1.5%

- FY2024: 1.6%

- FY2025: -0.1%

## Holders

## Price story

Down 29% since Mar 2024 · sales +6.5%

Story as of 2026-10-16T10:00:07.661Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.2% a year for ten years

### Sales · FY2024–2025

sales +6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: MXN 91B 

- FY2017: MXN 112B 

- FY2018: MXN 124B 

- FY2019: MXN 130B 

- FY2020: MXN 103B 

- FY2021: MXN 151B 

- FY2022: MXN 176B 

- FY2023: MXN 195B 

- FY2024: MXN 214B 

- FY2025: MXN 228B 

### Gross margin · FY2025

gross margin 39.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.0% 

- FY2017: 34.3% 

- FY2018: 34.0% 

- FY2019: 33.3% 

- FY2020: 28.6% 

- FY2021: 37.7% 

- FY2022: 38.8% 

- FY2023: 40.0% 

- FY2024: 40.3% 

- FY2025: 39.1% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are MXN 227.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2025: revenue 227631632000; grossProfit 88902283000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 39.1% to 40.3% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2023: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2024: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2025: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); 10-year return on capital observations [[2016,0.05378333668819667],[2017,0.034670417149170484],[2018,0.05743098333162064],[2019,0.05459271818811832],[2020,-0.02369744966763731],[2021,0.11669860013726777],[2022,0.13335968917634614],[2023,0.1544816359793956],[2024,0.14310487497074184],[2025,0.11573242484897889]]; median 0.08658170409029976. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.4% of cash earnings on expansion; earns 29.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2016: growth capex 0; upkeep 6601959000; owner earnings 6233690000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2017: growth capex 0; upkeep 5807501000; owner earnings 7552941000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2018: growth capex 0; upkeep 5499806000; owner earnings 9496976000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2019: growth capex 1127580000; upkeep 4705436000; owner earnings 9939297400. Growth capex / owner earnings = 0.1134466506656698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2021: growth capex 0; upkeep 4442720000; owner earnings 11088782000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2022: growth capex 627394000; upkeep 5171085000; owner earnings 14661095400. Growth capex / owner earnings = 0.04279311899164097.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2023: growth capex 3079782000; upkeep 5385905000; owner earnings 16661860600. Growth capex / owner earnings = 0.184840221265565.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2024: growth capex 3659103000; upkeep 5703405000; owner earnings 20197223000. Growth capex / owner earnings = 0.18116861907203777.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2025: growth capex 2038318000; upkeep 6345968000; owner earnings 14147587600. Growth capex / owner earnings = 0.14407530510714067.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); Incremental return on capital 0.29361173524054096, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); Dividend observations: [[2016,1288366000],[2017,1288292000],[2018,1288360000],[2019,1474397000],[2020,8000],[2021,3018405000],[2022,3287730000],[2023,3502229000],[2024,3958247000],[2025,3958365000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); FY2025: cash repurchases 1114407000 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); LIVEPOLC-1.MX SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:32.298Z); Ten-year compound average after fade. Initial solved rate -0.058477480154488004. Price 102.94; 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 198.12 per share

- 2016-11: MXN 162.31 per share

- 2016-12: MXN 149.55 per share

- 2017-01: MXN 131.58 per share

- 2017-02: MXN 140.31 per share

- 2017-03: MXN 146.14 per share

- 2017-04: MXN 145.23 per share

- 2017-05: MXN 141.70 per share

- 2017-06: MXN 143.17 per share

- 2017-07: MXN 160.09 per share

- 2017-08: MXN 160.18 per share

- 2017-09: MXN 147.00 per share

- 2017-10: MXN 130.60 per share

- 2017-11: MXN 126.40 per share

- 2017-12: MXN 124.30 per share

- 2018-01: MXN 137.76 per share

- 2018-02: MXN 128.70 per share

- 2018-03: MXN 135.50 per share

- 2018-04: MXN 124.78 per share

- 2018-05: MXN 113.11 per share

- 2018-06: MXN 127.44 per share

- 2018-07: MXN 138.31 per share

- 2018-08: MXN 134.51 per share

- 2018-09: MXN 140.44 per share

- 2018-10: MXN 128.73 per share

- 2018-11: MXN 121.30 per share

- 2018-12: MXN 126.17 per share

- 2019-01: MXN 125.22 per share

- 2019-02: MXN 120.91 per share

- 2019-03: MXN 123.10 per share

- 2019-04: MXN 122.72 per share

- 2019-05: MXN 109.72 per share

- 2019-06: MXN 106.87 per share

- 2019-07: MXN 93.08 per share

- 2019-08: MXN 103.97 per share

- 2019-09: MXN 108.13 per share

- 2019-10: MXN 98.02 per share

- 2019-11: MXN 96.43 per share

- 2019-12: MXN 96.11 per share

- 2020-01: MXN 99.72 per share

- 2020-02: MXN 91.81 per share

- 2020-03: MXN 51.77 per share

- 2020-04: MXN 60.71 per share

- 2020-05: MXN 55.48 per share

- 2020-06: MXN 56.36 per share

- 2020-07: MXN 54.56 per share

- 2020-08: MXN 57.50 per share

- 2020-09: MXN 62.86 per share

- 2020-10: MXN 57.09 per share

- 2020-11: MXN 67.51 per share

- 2020-12: MXN 69.89 per share

- 2021-01: MXN 65.51 per share

- 2021-02: MXN 63.33 per share

- 2021-03: MXN 71.63 per share

- 2021-04: MXN 85.69 per share

- 2021-05: MXN 84.22 per share

- 2021-06: MXN 88.75 per share

- 2021-07: MXN 94.10 per share

- 2021-08: MXN 89.05 per share

- 2021-09: MXN 85.38 per share

- 2021-10: MXN 91.09 per share

- 2021-11: MXN 82.32 per share

- 2021-12: MXN 88.76 per share

- 2022-01: MXN 94.49 per share

- 2022-02: MXN 99.46 per share

- 2022-03: MXN 101.46 per share

- 2022-04: MXN 102.88 per share

- 2022-05: MXN 103.87 per share

- 2022-06: MXN 87.01 per share

- 2022-07: MXN 91.48 per share

- 2022-08: MXN 89.84 per share

- 2022-09: MXN 88.03 per share

- 2022-10: MXN 101.23 per share

- 2022-11: MXN 112.08 per share

- 2022-12: MXN 115.30 per share

- 2023-01: MXN 119.43 per share

- 2023-02: MXN 111.18 per share

- 2023-03: MXN 112.92 per share

- 2023-04: MXN 110.48 per share

- 2023-05: MXN 103.88 per share

- 2023-06: MXN 104.43 per share

- 2023-07: MXN 104.77 per share

- 2023-08: MXN 106.33 per share

- 2023-09: MXN 91.22 per share

- 2023-10: MXN 91.79 per share

- 2023-11: MXN 101.44 per share

- 2023-12: MXN 116.17 per share

- 2024-01: MXN 120.73 per share

- 2024-02: MXN 124.88 per share

- 2024-03: MXN 144.22 per share

- 2024-04: MXN 136.97 per share

- 2024-05: MXN 129.00 per share

- 2024-06: MXN 131.48 per share

- 2024-07: MXN 131.97 per share

- 2024-08: MXN 113.96 per share

- 2024-09: MXN 117.74 per share

- 2024-10: MXN 105.21 per share

- 2024-11: MXN 102.99 per share

- 2024-12: MXN 99.50 per share

- 2025-01: MXN 103.44 per share

- 2025-02: MXN 100.95 per share

- 2025-03: MXN 96.00 per share

- 2025-04: MXN 90.31 per share

- 2025-05: MXN 94.20 per share

- 2025-06: MXN 101.63 per share

- 2025-07: MXN 92.08 per share

- 2025-08: MXN 92.28 per share

- 2025-09: MXN 92.12 per share

- 2025-10: MXN 90.52 per share

- 2025-11: MXN 100.70 per share

- 2025-12: MXN 100.00 per share

- 2026-01: MXN 105.40 per share

- 2026-02: MXN 107.68 per share

- 2026-03: MXN 107.50 per share

- 2026-04: MXN 103.24 per share

- 2026-05: MXN 102.99 per share

- 2026-06: MXN 102.01 per share

- 2026-07: MXN 103.93 per share

- 2026-08: MXN 101.29 per share

- 2026-09: MXN 105.66 per share

- 2026-10: MXN 102.03 per share

## Annual estimated value (MXN per share)

- FY2017: low MXN 53.14 per share, central MXN 57.34 per share, high MXN 62.43 per share

- FY2018: low MXN 57.91 per share, central MXN 62.55 per share, high MXN 68.19 per share

- FY2019: low MXN 64.68 per share, central MXN 69.59 per share, high MXN 75.54 per share

- FY2020: low MXN 59.79 per share, central MXN 63.69 per share, high MXN 68.42 per share

- FY2021: low MXN 86.99 per share, central MXN 93.07 per share, high MXN 100.45 per share

- FY2022: low MXN 94.30 per share, central MXN 101.66 per share, high MXN 110.58 per share

- FY2023: low MXN 126.22 per share, central MXN 163.54 per share, high MXN 180.06 per share

- FY2024: low MXN 143.47 per share, central MXN 188.25 per share, high MXN 208.06 per share

- FY2025: low MXN 152.29 per share, central MXN 199.96 per share, high MXN 221.05 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 2026-10-15T06:42:16.570Z 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.