Financials FIBRA Macquarie México

Equities

FIBRAMQ 12

MXCFFI0U0002

Commercial REITs

End-of-day quote Mexican S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
31.03 ^MXN	-0.96%		+3.30%	-2.26%

Apr. 26	Transcript : FIBRA Macquarie México, Q1 2024 Earnings Call, Apr 26, 2024
Apr. 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	1,441	1,441	-
Enterprise Value (EV) ¹	1,476	1,751	1,802	1,731	1,968	2,419	2,468	2,526
P/E ratio	6.98 x	34.9 x	13.6 x	2.6 x	7.37 x	6.44 x	9.6 x	8.45 x
Yield	9.28%	7.28%	6.55%	7.16%	7.59%	6.26%	6.86%	8.11%
Capitalization / Revenue	3.74 x	4.91 x	5.48 x	5.25 x	5.15 x	6.24 x	5.16 x	4.82 x
EV / Revenue	7.96 x	8.63 x	9.15 x	9.33 x	9.11 x	10.1 x	8.84 x	8.44 x
EV / EBITDA	9.49 x	10.3 x	10.7 x	10.9 x	10.7 x	12.1 x	11.2 x	10.5 x
EV / FCF	12.3 x	14.7 x	12.8 x	18.9 x	16.1 x	30 x	20.6 x	18.7 x
FCF Yield	8.16%	6.82%	7.83%	5.29%	6.22%	3.34%	4.84%	5.36%
Price to Book	0.48 x	0.7 x	0.83 x	0.61 x	0.58 x	0.71 x	0.62 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	1.807	1.807	1.807
Announcement Date	2/22/19	1/30/20	2/4/21	2/4/22	2/3/23	2/9/24	-	-

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	279.1	299.2
EBITDA ¹	155.5	169.6	167.6	158.2	184	200	219.5	241
EBIT ¹	147.9	153.5	153.7	142.9	174.1	175	210.8	227.6
Operating Margin	79.8%	75.6%	78.12%	77.08%	80.59%	73.14%	75.51%	76.08%
Earnings before Tax (EBT) ¹	101.5	28.86	77.52	376	150.4	235.2	150.3	174.7
Net income ¹	100.8	28.56	77.55	375.5	150.9	232	146.6	164.2
Net margin	54.4%	14.07%	39.41%	202.5%	69.85%	97%	52.53%	54.89%
EPS ²	0.1232	0.0356	0.0996	0.4707	0.1892	0.2909	0.1883	0.2138
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%	42.83%	45.24%
FCF Conversion (EBITDA)	77.4%	70.38%	84.13%	57.86%	66.54%	40.36%	54.46%	56.17%
FCF Conversion (Net income)	119.4%	418%	181.87%	24.38%	81.16%	34.8%	81.54%	82.42%
Dividend per Share ²	0.0798	0.0905	0.0886	0.0874	0.1058	0.1173	0.1239	0.1465
Announcement Date	2/22/19	1/30/20	2/4/21	2/4/22	2/3/23	2/9/24	-	-

¹USD in Million²USD

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	50.1	47.09	47.84	49.04	51.11	52.08	55.67	57.18	64.8	54.66	61.47	63.51	69.03	71.68	72.34
EBITDA ¹	40.63	40.23	41.05	42.29	41.52	44.66	46.24	48.73	51.34	45.99	49.87	48.12	53.79	56.79	55.36
EBIT ¹	36.9	36.07	36.85	38.4	37.27	40.4	43.84	43.39	44.42	40.19	43.27	49.98	51.68	53.86	53.16
Operating Margin	73.66%	76.61%	77.02%	78.31%	72.92%	77.58%	78.75%	75.88%	68.55%	73.52%	70.39%	78.69%	74.87%	75.14%	73.49%
Earnings before Tax (EBT)	-	-	-	-	-	52.07	-7.261	-	-	-	-	38.41	41.42	45.32	41.8
Net income ¹	5.295	70.71	231.3	7.411	87.49	51.96	-6.905	-46.13	-	120.6	71.17	35.48	37.01	38.99	37.56
Net margin	10.57%	150.15%	483.56%	15.11%	171.2%	99.78%	-12.4%	-80.67%	-	220.64%	115.77%	55.86%	53.62%	54.39%	51.92%
EPS	0.006700	0.0884	0.2904	0.009370	0.1098	0.0654	-0.008600	-0.0578	0.1055	0.1513	0.0893	0.0475	0.0495	0.0530	0.0510
Dividend per Share ²	0.0228	0.0225	0.0219	0.0234	0.0233	0.0240	0.0265	0.0278	0.0299	0.0275	0.0293	0.0297	0.0300	0.0330	0.0310
Announcement Date	7/28/21	10/27/21	2/4/22	4/29/22	7/27/22	10/25/22	2/3/23	4/28/23	7/27/23	10/26/23	2/9/24	-	-	-	-

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	1,027	1,085
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	4.677 x	4.504 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%	6.65%	7.55%
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	3,246	3,392
Book Value Per Share ²	1.780	1.760	1.630	2.010	2.390	2.640	2.910	2.970
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	95.2	97.6
Capex / Sales	14.08%	21.27%	17.8%	24.04%	27.35%	35.67%	34.12%	32.63%
Announcement Date	2/22/19	1/30/20	2/4/21	2/4/22	2/3/23	2/9/24	-	-

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

1.807 USD

Average target price

2.207 USD

Spread / Average Target

+22.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial REITs

	1st Jan change	Capi.
FIBRA MACQUARIE MÉXICO	-2.26%	1.44B
PROLOGIS, INC.	-21.94%	96.34B
GOODMAN GROUP	+21.78%	38.16B
REXFORD INDUSTRIAL REALTY, INC.	-22.99%	9.39B
EASTGROUP PROPERTIES, INC.	-15.05%	7.49B
AMERICOLD REALTY TRUST, INC.	-26.53%	6.32B
STAG INDUSTRIAL, INC.	-12.18%	6.27B
FIRST INDUSTRIAL REALTY TRUST, INC.	-12.66%	6.09B
WAREHOUSES DE PAUW SA	-13.12%	5.8B
FIBRA PROLOGIS	-11.75%	5.48B

Industrial REITs