Financials Arca Continental, S.A.B. de C.V. Deutsche Boerse AG

Equities

AJZ

MX01AC100006

Non-Alcoholic Beverages

Market Closed - Deutsche Boerse AG Other stock markets 14:29:02 13/06/2024 BST			5-day change	1st Jan Change
9.7 ^EUR	+18.29%		0.00%	-4.90%

05-07	Indian vote body tells X to remove Modi party video targeting Muslims, opposition	RE
04-25	Transcript : Arca Continental, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	175,994	168,118	229,580	272,846	314,288	304,117	-	-
Enterprise Value (EV) ¹	208,387	191,359	248,537	292,002	337,398	327,128	322,734	322,563
P/E ratio	18.5 x	16.4 x	18.8 x	17.7 x	18.3 x	15.9 x	14.4 x	13.7 x
Yield	2.3%	2.61%	4.24%	-	-	3.99%	4.35%	4.77%
Capitalization / Revenue	1.08 x	0.99 x	1.25 x	1.31 x	1.47 x	1.31 x	1.22 x	1.16 x
EV / Revenue	1.28 x	1.13 x	1.36 x	1.41 x	1.58 x	1.41 x	1.3 x	1.23 x
EV / EBITDA	6.85 x	5.95 x	7.02 x	7.37 x	7.96 x	7.13 x	6.47 x	6.12 x
EV / FCF	13 x	8.72 x	10.4 x	14.5 x	18.8 x	17.6 x	15.7 x	13.6 x
FCF Yield	7.72%	11.5%	9.61%	6.88%	5.31%	5.67%	6.39%	7.35%
Price to Book	1.56 x	1.44 x	1.91 x	2.32 x	2.98 x	2.78 x	2.57 x	2.37 x
Nbr of stocks (in thousands)	1,760,294	1,757,085	1,758,966	1,724,254	1,695,097	1,695,097	-	-
Reference price ²	99.98	95.68	130.5	158.2	185.4	179.4	179.4	179.4
Announcement Date	14/02/20	16/02/21	15/02/22	09/02/23	08/02/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	162,728	169,314	183,366	207,785	213,632	231,397	249,035	262,668
EBITDA ¹	30,403	32,147	35,406	39,622	42,382	45,861	49,914	52,681
EBIT ¹	20,200	21,472	25,361	30,587	34,557	36,792	39,698	41,727
Operating Margin	12.41%	12.68%	13.83%	14.72%	16.18%	15.9%	15.94%	15.89%
Earnings before Tax (EBT) ¹	16,608	18,001	22,072	27,494	31,004	34,094	37,399	39,138
Net income ¹	9,548	10,276	12,282	15,503	17,504	19,848	21,741	22,699
Net margin	5.87%	6.07%	6.7%	7.46%	8.19%	8.58%	8.73%	8.64%
EPS ²	5.410	5.830	6.960	8.920	10.14	11.29	12.44	13.07
Free Cash Flow ¹	16,090	21,938	23,893	20,089	17,900	18,535	20,607	23,718
FCF margin	9.89%	12.96%	13.03%	9.67%	8.38%	8.01%	8.27%	9.03%
FCF Conversion (EBITDA)	52.92%	68.24%	67.48%	50.7%	42.23%	40.42%	41.28%	45.02%
FCF Conversion (Net income)	168.52%	213.48%	194.54%	129.58%	102.26%	93.39%	94.78%	104.49%
Dividend per Share ²	2.300	2.500	5.540	-	-	7.158	7.808	8.557
Announcement Date	14/02/20	16/02/21	15/02/22	09/02/23	08/02/24	-	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	49,138	45,065	53,363	55,723	52,635	50,684	56,051	56,911	49,986	50,743	59,942	62,214	56,604	56,506	-
EBITDA ¹	9,127	8,527	10,436	10,675	9,983	9,550	11,314	11,509	10,008	9,663	11,920	12,110	11,226	-	-
EBIT ¹	6,309	6,362	8,314	8,458	7,759	7,386	9,207	9,419	8,695	7,531	10,271	10,392	8,763	8,124	-
Operating Margin	12.84%	14.12%	15.58%	15.18%	14.74%	14.57%	16.43%	16.55%	17.39%	14.84%	17.13%	16.7%	15.48%	14.38%	-
Earnings before Tax (EBT) ¹	5,568	5,442	7,438	7,584	7,031	6,526	8,277	8,341	7,861	6,541	9,153	9,351	8,430	-	-
Net income ¹	3,187	3,094	4,222	4,230	3,956	3,731	4,693	4,537	4,544	3,761	5,128	5,242	4,730	-	-
Net margin	6.49%	6.87%	7.91%	7.59%	7.52%	7.36%	8.37%	7.97%	9.09%	7.41%	8.55%	8.43%	8.36%	-	-
EPS ²	1.806	1.812	2.132	2.430	2.268	2.168	2.632	2.637	2.703	-	2.982	3.104	2.768	2.520	3.320
Dividend per Share ²	1.100	-	-	-	-	-	-	-	-	-	4.640	-	-	-	5.534
Announcement Date	15/02/22	29/04/22	22/07/22	26/10/22	09/02/23	26/04/23	21/07/23	26/10/23	08/02/24	25/04/24	-	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	32,393	23,241	18,957	19,156	23,110	23,011	18,617	18,446
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.065 x	0.723 x	0.5354 x	0.4835 x	0.5453 x	0.5017 x	0.373 x	0.3501 x
Free Cash Flow ¹	16,090	21,938	23,893	20,089	17,900	18,535	20,607	23,718
ROE (net income / shareholders' equity)	8.53%	8.95%	10.4%	13%	15.7%	17.3%	17.6%	17.5%
ROA (Net income/ Total Assets)	4.03%	4.24%	4.87%	6.03%	7.07%	7.58%	7.88%	8%
Assets ¹	237,164	242,189	252,006	257,162	247,620	261,720	275,756	283,809
Book Value Per Share ²	64.00	66.50	68.20	68.30	62.20	64.40	69.90	75.60
Cash Flow per Share ²	15.70	16.30	17.60	17.10	17.70	18.30	21.10	22.50
Capex ¹	11,568	6,723	7,176	9,755	12,622	15,724	15,646	15,570
Capex / Sales	7.11%	3.97%	3.91%	4.69%	5.91%	6.8%	6.28%	5.93%
Announcement Date	14/02/20	16/02/21	15/02/22	09/02/23	08/02/24	-	-	-

¹MXN in Million²MXN

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Arca Continental, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

179.4 MXN

Average target price

201.9 MXN

Spread / Average Target

+12.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Non-Alcoholic Beverages

	1st Jan change	Capi.
THE COCA-COLA COMPANY	+8.01%	274B
KEURIG DR PEPPER INC.	+0.24%	45.28B
VARUN BEVERAGES LIMITED	+31.74%	25.4B
COCA-COLA HELLENIC	+17.05%	12.41B
SUNTORY BEVERAGE & FOOD LIMITED	+22.73%	10.96B
SWIRE PACIFIC LIMITED	+4.39%	11.19B
COCA-COLA CONSOLIDATED, INC.	+16.87%	10.17B
COCA-COLA IÇECEK ANONIM SIRKETI	+57.18%	6.41B
NATIONAL BEVERAGE CORP.	+3.06%	4.8B

Other Non-Alcoholic Beverages