Stock VESTA * CORPORACIÓN INMOBILIARIA VESTA, S.A.B. DE C.V.
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Financials Corporación Inmobiliaria Vesta, S.A.B. de C.V.

Equities

VESTA *

MX01VE0M0003

Real Estate Development & Operations

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-04-28 pm EDT 		5-day change 1st Jan Change
62.54 MXN +0.48% Intraday chart for Corporación Inmobiliaria Vesta, S.A.B. de C.V. +0.81% -7.25%
Apr. 26 Transcript : Corporación Inmobiliaria Vesta, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 26, 2024
Apr. 25 Earnings Flash (VTMX) CORPORACION INMOBILIARIA VESTA S.A.B. DE C.V. Posts Q1 Revenue $60.6M MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 19,497 21,886 27,635 30,751 57,702 51,866 - -
Enterprise Value (EV) 1 31,549 36,558 37,418 30,751 64,780 64,263 68,640 71,359
P/E ratio 7.93 x 14.7 x 8.09 x 7.08 x 9.37 x 11.9 x 22 x 20.8 x
Yield 5.07% 5.04% 4.16% - 1.94% 2.18% 2.65% 3.19%
Capitalization / Revenue 7.18 x 7.15 x 8.47 x 9.28 x 15.8 x 12 x 10.1 x 9.02 x
EV / Revenue 11.6 x 11.9 x 11.5 x 9.28 x 17.7 x 14.8 x 13.4 x 12.4 x
EV / EBITDA 13.8 x 14.2 x 13.6 x 11 x 21.8 x 17.7 x 16.3 x 15.1 x
EV / FCF -352 x 68.6 x -1,281 x - - -27.6 x -47.2 x 146 x
FCF Yield -0.28% 1.46% -0.08% - - -3.62% -2.12% 0.68%
Price to Book 0.96 x 0.98 x 0.96 x - 1.36 x 1.2 x 1.19 x 1.17 x
Nbr of stocks (in thousands) 573,455 564,214 670,269 661,169 855,732 855,732 - -
Reference price 2 34.00 38.79 41.23 46.51 67.43 60.61 60.61 60.61
Announcement Date 2/20/20 2/18/21 2/17/22 2/15/23 2/21/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,716 3,060 3,263 3,314 3,659 4,338 5,139 5,750
EBITDA 1 2,284 2,577 2,756 2,798 2,971 3,635 4,209 4,736
EBIT 1 2,256 2,547 2,723 2,770 2,944 3,487 4,144 4,663
Operating Margin 83.04% 83.22% 83.47% 83.61% 80.47% 80.37% 80.64% 81.1%
Earnings before Tax (EBT) 1 3,484 2,754 5,195 5,419 6,509 4,706 3,767 3,896
Net income 1 2,533 1,517 3,530 4,526 5,400 2,984 2,544 2,647
Net margin 93.24% 49.59% 108.18% 136.58% 147.6% 68.78% 49.51% 46.04%
EPS 2 4.290 2.644 5.096 6.565 7.200 5.113 2.756 2.915
Free Cash Flow 1 -89.56 532.8 -29.22 - - -2,327 -1,454 488.1
FCF margin -3.3% 17.41% -0.9% - - -53.63% -28.3% 8.49%
FCF Conversion (EBITDA) - 20.67% - - - - - 10.31%
FCF Conversion (Net income) - 35.11% - - - - - 18.44%
Dividend per Share 2 1.725 1.954 1.715 - 1.311 1.321 1.605 1.936
Announcement Date 2/20/20 2/18/21 2/17/22 2/15/23 2/21/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q1
Net sales 1 827.7 844.4 840.8 890.3 911.8 882.8 903.9 873.9 1,033 953.5 1,042 1,028 1,079 1,139 1,206
EBITDA 1 693.9 696.6 709.1 751.9 775.5 740.6 756.2 720.4 829.5 752.2 870.4 862.7 891.1 952 1,020
EBIT 1 686 688.3 702.1 707.1 767.3 733.5 749.5 714 824.4 742 867.2 855.5 882.5 942.2 1,010
Operating Margin 82.88% 81.52% 83.5% 79.42% 84.15% 83.09% 82.92% 81.7% 79.82% 77.82% 83.2% 83.24% 81.79% 82.73% 83.76%
Earnings before Tax (EBT) 1 954 1,555 1,218 1,383 1,778 1,380 776.2 - 2,398 - 2,590 697.8 736.4 742.8 861.5
Net income 1 96.27 943.8 985.2 1,101 1,242 1,456 996.4 1,611 1,396 1,941 2,148 761.2 766.4 801 680.6
Net margin 11.63% 111.78% 117.17% 123.7% 136.21% 164.92% 110.24% 184.34% 135.14% 203.58% 206.09% 74.07% 71.03% 70.33% 56.42%
EPS 2 0.1393 1.363 1.596 1.512 1.814 2.047 1.533 2.387 1.465 2.257 2.427 0.8520 0.8520 0.8520 0.8185
Dividend per Share 2 0.4164 0.4100 0.4143 0.4331 0.4180 - - 0.3045 0.3230 0.2915 0.3400 0.3400 0.3400 0.3400 -
Announcement Date 10/20/21 2/17/22 4/20/22 7/21/22 10/20/22 2/15/23 4/20/23 7/20/23 10/19/23 2/21/24 4/24/24 - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,051 14,673 9,783 - 7,078 12,397 16,774 19,493
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.277 x 5.694 x 3.55 x - 2.382 x 3.41 x 3.986 x 4.115 x
Free Cash Flow 1 -89.6 533 -29.2 - - -2,327 -1,454 488
ROE (net income / shareholders' equity) 12.4% 6.7% 13.6% - 15.3% 9.42% 5.78% 6.58%
ROA (Net income/ Total Assets) 6.59% 3.42% 6.94% - 9.39% 3.02% 3.53% 4%
Assets 1 38,454 44,370 50,859 - 57,523 98,903 72,176 66,214
Book Value Per Share 2 35.60 39.50 43.10 - 49.60 50.60 50.90 51.70
Cash Flow per Share 2 3.310 3.460 3.140 - - 0.5100 2.640 -
Capex 1 2,032 1,493 2,204 - - 5,838 5,399 2,549
Capex / Sales 74.8% 48.79% 67.55% - - 134.57% 105.07% 44.33%
Announcement Date 2/20/20 2/18/21 2/17/22 2/15/23 2/21/24 - - -
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 Corporación Inmobiliaria Vesta, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
60.61 MXN
Average target price
71.57 MXN
Spread / Average Target
+18.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Real Estate Development

1st Jan change Capi.
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Industrial Real Estate Development
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