Financials Becle, S.A.B. de C.V.

Equities

CUERVO *

MX01CU010003

Distillers & Wineries

End-of-day quote Mexican S.E. Other stock markets 23:00:00 25/04/2024 BST			5-day change	1st Jan Change
34.97 ^MXN	-0.14%		+9.32%	+5.11%

04-25	Transcript : Becle, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 25, 2024
04-24	Becle, S.A.B. de C.V. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	94,132	126,116	179,343	184,443	152,158	125,583	125,583	-
Enterprise Value (EV) ¹	91,897	125,878	181,653	190,249	165,242	119,478	146,013	140,091
P/E ratio	24.1 x	33.8 x	34.9 x	36.7 x	25.8 x	25.2 x	25.6 x	19.2 x
Yield	-	1.56%	0.86%	0.82%	0.99%	1.42%	1.33%	1.44%
Capitalization / Revenue	3.34 x	4.25 x	5.12 x	4.68 x	3.33 x	2.69 x	2.59 x	2.38 x
EV / Revenue	3.26 x	4.24 x	5.18 x	4.83 x	3.61 x	2.69 x	3.02 x	2.66 x
EV / EBITDA	15.1 x	20.6 x	23.9 x	24 x	16.8 x	16.3 x	15.3 x	12.1 x
EV / FCF	-51.3 x	380 x	899 x	-196 x	-29.2 x	-583 x	-800 x	39.7 x
FCF Yield	-1.95%	0.26%	0.11%	-0.51%	-3.43%	-0.17%	-0.12%	2.52%
Price to Book	1.96 x	2.6 x	3.28 x	3.16 x	2.61 x	2.14 x	2.07 x	1.92 x
Nbr of stocks (in thousands)	3,584,606	3,586,913	3,591,176	3,591,176	3,591,176	3,591,176	3,591,176	-
Reference price ²	26.26	35.16	49.94	51.36	42.37	34.97	34.97	34.97
Announcement Date	27/02/19	27/02/20	25/02/21	17/02/22	17/02/23	22/02/24	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	28,158	29,705	35,036	39,419	45,729	44,355	48,422	52,683
EBITDA ¹	6,074	6,096	7,607	7,938	9,843	7,312	9,520	11,555
EBIT ¹	5,543	5,410	6,893	7,121	8,890	6,238	7,676	10,345
Operating Margin	19.69%	18.21%	19.67%	18.06%	19.44%	14.06%	15.85%	19.64%
Earnings before Tax (EBT) ¹	5,146	5,147	6,854	-	8,231	6,188	6,683	9,546
Net income ¹	3,893	3,712	5,146	5,020	5,856	4,716	5,064	6,694
Net margin	13.83%	12.5%	14.69%	12.73%	12.81%	10.63%	10.46%	12.71%
EPS ²	1.090	1.040	1.430	1.400	1.640	1.320	1.367	1.821
Free Cash Flow ¹	-1,791	331.1	202	-972.3	-5,668	-244	-182.5	3,525
FCF margin	-6.36%	1.11%	0.58%	-2.47%	-12.39%	-0.55%	-0.38%	6.69%
FCF Conversion (EBITDA)	-	5.43%	2.66%	-	-	-	-	30.51%
FCF Conversion (Net income)	-	8.92%	3.93%	-	-	-	-	52.66%
Dividend per Share ²	-	0.5473	0.4304	0.4205	0.4205	0.4949	0.4650	0.5047
Announcement Date	27/02/19	27/02/20	25/02/21	17/02/22	17/02/23	22/02/24	-	-

¹MXN in Million²MXN

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	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
Net sales ¹	9,531	9,592	13,128	9,068	11,334	11,527	13,801	9,583	11,065	10,542	13,164	9,417	11,470	11,695	14,049
EBITDA ¹	2,004	2,111	2,316	2,191	2,343	2,814	2,495	1,800	1,917	1,159	2,436	1,540	2,024	1,957	2,939
EBIT ¹	1,804	1,910	2,097	1,983	2,129	2,595	2,183	1,540	1,648	892.7	2,158	1,369	1,733	1,648	2,619
Operating Margin	18.93%	19.91%	15.97%	21.87%	18.78%	22.52%	15.82%	16.07%	14.89%	8.47%	16.39%	14.53%	15.11%	14.09%	18.64%
Earnings before Tax (EBT) ¹	1,207	-	-	-	-	-	-	1,710	1,851	288.4	2,339	1,380	1,667	1,266	2,859
Net income ¹	883	-	-	-	-	1,715	-	1,224	1,326	203.5	1,962	924	1,193	907	2,057
Net margin	9.26%	-	-	-	-	14.88%	-	12.77%	11.99%	1.93%	14.9%	9.81%	10.4%	7.76%	14.64%
EPS ²	0.2500	0.3700	0.4400	0.3800	0.3900	0.4800	0.3900	0.3400	0.3700	0.0600	0.5500	0.2620	0.3400	0.4200	0.6200
Dividend per Share ²	-	0.4304	-	-	-	0.4205	-	-	-	0.4913	-	-	-	0.4900	-
Announcement Date	28/07/21	28/10/21	17/02/22	28/04/22	28/07/22	27/10/22	17/02/23	27/04/23	27/07/23	25/10/23	22/02/24	-	-	-	-

¹MXN in Million²MXN

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	2,310	5,806	13,084	16,557	20,430	14,508
Net Cash position ¹	2,235	237	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.3037 x	0.7315 x	1.329 x	2.278 x	2.146 x	1.256 x
Free Cash Flow ¹	-1,791	331	202	-972	-5,668	-244	-183	3,525
ROE (net income / shareholders' equity)	8.2%	7.71%	9.97%	8.88%	10%	7.7%	13.3%	11.7%
ROA (Net income/ Total Assets)	5.91%	5.4%	6.76%	5.66%	6.06%	4.18%	5.09%	6.27%
Assets ¹	65,871	68,718	76,154	88,710	96,697	99,884	99,538	106,781
Book Value Per Share ²	13.40	13.50	15.20	16.20	16.20	16.40	16.90	18.30
Cash Flow per Share ²	-	0.6600	1.040	1.190	-0.4900	0.4700	1.630	1.730
Capex ¹	827	2,038	3,544	5,250	3,924	3,807	2,980	3,089
Capex / Sales	2.94%	6.86%	10.12%	13.32%	8.58%	8.56%	6.15%	5.86%
Announcement Date	27/02/19	27/02/20	25/02/21	17/02/22	17/02/23	22/02/24	-	-

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 Becle, S.A.B. de C.V.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

34.97 MXN

Average target price

41.32 MXN

Spread / Average Target

+18.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Distilleries

	1st Jan change	Capi.
BECLE, S.A.B. DE C.V.	+5.11%	7.31B
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WULIANGYE YIBIN CO.,LTD.	+8.51%	81.55B
SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD.	+9.34%	42.47B
LUZHOU LAOJIAO CO.,LTD	+3.90%	37.87B
JIANGSU YANGHE BREWERY JOINT-STOCK CO., LTD.	-8.93%	20.81B
ANHUI GUJING DISTILLERY CO., LTD.	+13.62%	16.62B
DAVIDE CAMPARI-MILANO N.V.	-8.10%	12.04B
UNITED SPIRITS LIMITED	+7.26%	10.21B
JIANGSU KING'S LUCK BREWERY JOINT-STOCK CO.,LTD.	+21.13%	10.16B

Distilleries