BMC BOLSA MERCANTIL DE COLOMBIA S.A.

Financials BMC Bolsa Mercantil de Colombia S.A.

Equities

BMC

COR02PA00018

Financial & Commodity Market Operators

End-of-day quote Bolsa De Valores De Colombia Other stock markets 23:00:00 13/06/2024 BST			5-day change	1st Jan Change
1,910 ^COP	0.00%		0.00%	+15.06%

05-16	BMC Bolsa Mercantil de Colombia S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
2023	BMC Bolsa Mercantil de Colombia S.A. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	43,807	86,431	43,215	95,310	95,310	98,270
Enterprise Value (EV) ¹	-10,264	30,128	-13,330	41,428	27,503	32,320
P/E ratio	3.92 x	6.25 x	2.73 x	5.91 x	4.28 x	5.8 x
Yield	-	-	-	14.5%	20.3%	23.6%
Capitalization / Revenue	1.04 x	1.65 x	0.77 x	1.55 x	1.2 x	1.09 x
EV / Revenue	-0.24 x	0.58 x	-0.24 x	0.67 x	0.35 x	0.36 x
EV / EBITDA	-0.69 x	1.76 x	-0.71 x	1.76 x	0.9 x	0.86 x
EV / FCF	-2.6 x	3.18 x	-2.68 x	5.87 x	1.24 x	4 x
FCF Yield	-38.5%	31.5%	-37.2%	17%	80.7%	25%
Price to Book	0.55 x	1.03 x	0.5 x	1.09 x	1 x	1.05 x
Nbr of stocks (in thousands)	59,199	59,199	59,199	59,199	59,199	59,199
Reference price ²	740.0	1,460	730.0	1,610	1,610	1,660
Announcement Date	05/03/19	28/02/20	05/03/21	30/03/22	30/03/23	28/03/24

¹COP in Million²COP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	42,207	52,291	56,470	61,465	79,337	90,010
EBITDA ¹	14,854	17,126	18,709	23,481	30,689	37,606
EBIT ¹	14,333	16,383	18,143	21,270	28,252	35,039
Operating Margin	33.96%	31.33%	32.13%	34.6%	35.61%	38.93%
Earnings before Tax (EBT) ¹	17,644	19,170	21,560	21,958	31,652	34,003
Net income ¹	11,184	13,834	15,840	16,124	22,270	16,933
Net margin	26.5%	26.46%	28.05%	26.23%	28.07%	18.81%
EPS ²	188.9	233.7	267.6	272.4	376.2	286.0
Free Cash Flow ¹	3,948	9,476	4,965	7,052	22,192	8,087
FCF margin	9.36%	18.12%	8.79%	11.47%	27.97%	8.98%
FCF Conversion (EBITDA)	26.58%	55.33%	26.54%	30.03%	72.31%	21.51%
FCF Conversion (Net income)	35.3%	68.5%	31.34%	43.74%	99.65%	47.76%
Dividend per Share	-	-	-	232.7	327.1	392.5
Announcement Date	05/03/19	28/02/20	05/03/21	30/03/22	30/03/23	28/03/24

¹COP in Million²COP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	54,071	56,302	56,545	53,883	67,808	65,951
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	3,948	9,476	4,965	7,052	22,192	8,087
ROE (net income / shareholders' equity)	14.6%	16.9%	18.5%	18.5%	24.4%	17.9%
ROA (Net income/ Total Assets)	9.69%	10.6%	11.3%	13.1%	15.6%	17.9%
Assets ¹	115,383	131,085	140,198	122,851	142,707	94,855
Book Value Per Share ²	1,345	1,420	1,474	1,473	1,616	1,582
Cash Flow per Share ²	96.40	71.60	119.0	71.50	222.0	236.0
Capex ¹	802	205	187	-	4,031	1,662
Capex / Sales	1.9%	0.39%	0.33%	-	5.08%	1.85%
Announcement Date	05/03/19	28/02/20	05/03/21	30/03/22	30/03/23	28/03/24

¹COP in Million²COP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Securities & Commodity Exchanges

	1st Jan change	Capi.
BMC BOLSA MERCANTIL DE COLOMBIA S.A.	+15.06%	27.21M
CME GROUP INC.	-6.40%	70.98B
JAPAN EXCHANGE GROUP, INC.	+19.78%	11.96B
SAUDI TADAWUL GROUP HOLDING COMPANY	+28.59%	7.59B
ASX LIMITED	-8.31%	7.24B
BSE LIMITED	+24.21%	4.47B
DUBAI FINANCIAL MARKET	-6.47%	2.83B
MULTI COMMODITY EXCHANGE OF INDIA LIMITED	+22.19%	2.39B
INDIAN ENERGY EXCHANGE LIMITED	+6.95%	1.91B
BOLSAS Y MERCADOS ARGENTINOS S.A.	+100.65%	1.43B

Securities & Commodity Exchanges

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Financials BMC Bolsa Mercantil de Colombia S.A.

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