Financials FIBRA Macquarie México

Equities

FIBRAMQ 12

MXCFFI0U0002

Commercial REITs

End-of-day quote Mexican S.E. Other stock markets 23:00:00 28/04/2024 BST			5-day change	1st Jan Change
30.96 ^MXN	-0.23%		+1.44%	-2.48%

04-26	Transcript : FIBRA Macquarie México, Q1 2024 Earnings Call, Apr 26, 2024
04-26	FIBRA Macquarie México Reaffirms Dividend Guidance for the Fiscal Year 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	693.3	996.7	1,079	974.1	1,112	1,450	1,450	-
Enterprise Value (EV) ¹	1,476	1,751	1,802	1,731	1,968	2,419	2,455	2,521
P/E ratio	6.98 x	34.9 x	13.6 x	2.6 x	7.37 x	6.44 x	9.48 x	8.19 x
Yield	9.28%	7.28%	6.55%	7.16%	7.59%	6.26%	7%	7.99%
Capitalization / Revenue	3.74 x	4.91 x	5.48 x	5.25 x	5.15 x	6.24 x	5.36 x	4.89 x
EV / Revenue	7.96 x	8.63 x	9.15 x	9.33 x	9.11 x	10.1 x	9.07 x	8.5 x
EV / EBITDA	9.49 x	10.3 x	10.7 x	10.9 x	10.7 x	12.1 x	11.4 x	10.6 x
EV / FCF	12.3 x	14.7 x	12.8 x	18.9 x	16.1 x	30 x	20.5 x	18.6 x
FCF Yield	8.16%	6.82%	7.83%	5.29%	6.22%	3.34%	4.87%	5.37%
Price to Book	0.48 x	0.7 x	0.83 x	0.61 x	0.58 x	0.71 x	0.61 x	0.61 x
Nbr of stocks (in thousands)	806,441	801,931	797,662	797,311	797,311	797,311	797,311	-
Reference price ²	0.8598	1.243	1.352	1.222	1.394	1.818	1.818	1.818
Announcement Date	22/02/19	30/01/20	04/02/21	04/02/22	03/02/23	09/02/24	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	185.3	203	196.8	185.4	216	239.2	270.6	296.5
EBITDA ¹	155.5	169.6	167.6	158.2	184	200	215.6	238.5
EBIT ¹	147.9	153.5	153.7	142.9	174.1	175	208.9	225.1
Operating Margin	79.8%	75.6%	78.12%	77.08%	80.59%	73.14%	77.21%	75.93%
Earnings before Tax (EBT) ¹	101.5	28.86	77.52	376	150.4	235.2	119.8	183.1
Net income ¹	100.8	28.56	77.55	375.5	150.9	232	148	168.4
Net margin	54.4%	14.07%	39.41%	202.5%	69.85%	97%	54.7%	56.81%
EPS ²	0.1232	0.0356	0.0996	0.4707	0.1892	0.2909	0.1918	0.2219
Free Cash Flow ¹	120.4	119.4	141	91.54	122.5	80.73	119.6	135.3
FCF margin	64.96%	58.8%	71.67%	49.37%	56.69%	33.75%	44.18%	45.66%
FCF Conversion (EBITDA)	77.4%	70.38%	84.13%	57.86%	66.54%	40.36%	55.45%	56.74%
FCF Conversion (Net income)	119.4%	418%	181.87%	24.38%	81.16%	34.8%	80.78%	80.37%
Dividend per Share ²	0.0798	0.0905	0.0886	0.0874	0.1058	0.1173	0.1274	0.1453
Announcement Date	22/02/19	30/01/20	04/02/21	04/02/22	03/02/23	09/02/24	-	-

¹USD in Million²USD

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
Net sales ¹	47.84	49.04	51.11	52.08	55.67	57.18	64.8	54.66	61.47	63.6	69.03	71.68	72.34
EBITDA ¹	41.05	42.29	41.52	44.66	46.24	48.73	51.34	45.99	49.87	50.55	53.79	56.79	55.36
EBIT ¹	36.85	38.4	37.27	40.4	43.84	43.39	44.42	40.19	43.27	43.84	51.68	53.86	53.16
Operating Margin	77.02%	78.31%	72.92%	77.58%	78.75%	75.88%	68.55%	73.52%	70.39%	68.94%	74.87%	75.14%	73.49%
Earnings before Tax (EBT) ¹	-	-	-	52.07	-7.261	-	-	-	-	62.85	41.42	45.32	41.8
Net income ¹	231.3	7.411	87.49	51.96	-6.905	-46.13	-	120.6	71.17	46.18	37.01	38.99	37.56
Net margin	483.56%	15.11%	171.2%	99.78%	-12.4%	-80.67%	-	220.64%	115.77%	72.61%	53.62%	54.39%	51.92%
EPS ²	0.2904	0.009370	0.1098	0.0654	-0.008600	-0.0578	0.1055	0.1513	0.0893	0.0785	0.0495	0.0530	0.0510
Dividend per Share ²	0.0219	0.0234	0.0233	0.0240	0.0265	0.0278	0.0299	0.0275	0.0293	-	0.0300	0.0330	0.0310
Announcement Date	04/02/22	29/04/22	27/07/22	25/10/22	03/02/23	28/04/23	27/07/23	26/10/23	09/02/24	24/04/24	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	783	755	723	757	857	925	1,006	1,071
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.032 x	4.449 x	4.311 x	4.784 x	4.655 x	4.627 x	4.665 x	4.49 x
Free Cash Flow ¹	120	119	141	91.5	122	80.7	120	135
ROE (net income / shareholders' equity)	7.24%	7.92%	6.96%	7.6%	6.35%	11.3%	5.4%	7.85%
ROA (Net income/ Total Assets)	4.49%	4.95%	-	4.76%	4.13%	7.51%	4.52%	4.84%
Assets ¹	2,247	577.3	-	7,897	3,654	3,088	3,277	3,478
Book Value Per Share ²	1.780	1.760	1.630	2.010	2.390	2.640	2.960	2.990
Cash Flow per Share ²	0.1800	0.2000	0.2200	0.1700	0.2300	0.2100	0.0300	0.0300
Capex ¹	26.1	43.2	35	44.6	59.1	85.3	69	97.6
Capex / Sales	14.08%	21.27%	17.8%	24.04%	27.35%	35.67%	25.51%	32.93%
Announcement Date	22/02/19	30/01/20	04/02/21	04/02/22	03/02/23	09/02/24	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for FIBRA Macquarie México

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.818 USD

Average target price

2.218 USD

Spread / Average Target

+21.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial REITs

	1st Jan change	Capi.
FIBRA MACQUARIE MÉXICO	-2.48%	1.45B
PROLOGIS, INC.	-23.44%	97.22B
GOODMAN GROUP	+25.26%	38.86B
REXFORD INDUSTRIAL REALTY, INC.	-23.69%	9.43B
EASTGROUP PROPERTIES, INC.	-15.35%	7.59B
AMERICOLD REALTY TRUST, INC.	-27.42%	6.36B
STAG INDUSTRIAL, INC.	-12.40%	6.3B
FIRST INDUSTRIAL REALTY TRUST, INC.	-13.76%	6.15B
WAREHOUSES DE PAUW SA	-12.49%	5.89B
FIBRA PROLOGIS	-12.56%	5.52B

Industrial REITs