27 de octubre de 2014 www.monex.com.mx Reportes Financieros Comparativos al 3T14 @monexanalisis Elaborado por: Carlos Gonzalez Tabares Astianax Cuanalo Dorantes Crecimiento en Ebitda al 3T14 Estimado vs. Conocido 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% AUTLAN MFRISCO ICA IENOVA ALSEA ICH SIMEC OHLMEX OMA BOLSA MEGA KOF BIMBO GRUMA FEMSA ALFA AZTECA PINFRA AMX ASUR GAP CEMEX LAB AC CHDRAUI MEXCHEM LIVEPOL LALA PE&OLES WALMEX COMERCI GMEXICO ELEKTRA GSANBOR ALPEK KIMBER -30% Ebitda 3 t 14E Ebitda 3 t 14 Mediana 9.3% 1 MONEX Grupo Financiero / Mercado Accionario Mercado Accionario Comparativos Trimestrales al 3T14 Ventas Emisora Tipo Est. Fecha Reporte 3t13 3t14 (e/c) Ebitda 3t14 (e/c) vs. 3t13 3t14 vs. 3t14e 3t14 (e / c) 3t13 Utilidad Neta 3t14 (e/c) vs. 3t13 3t14 vs. 3t14e 3t14 (e / c) 3t13 3t14 (e/c) vs. 3t13 Margen Operativo 3t14 vs. 3t14e 3t14 (e / c) 3t13 Margen EBITDA 3t14 (e / c) 3t13 AC C 24-oct 15,851 16,429 3.6% 1.6% 3,506 3,738 6.6% -0.7% 1,721 1,830 6.3% -1.9% 17.4% 18.5% 22.1% 22.8% ALFA M 14-oct 52,477 61,131 16.5% 0.6% 6,367 7,159 12.4% -0.1% 2,215 987 -55.4% -45.6% 8.3% 7.5% 12.1% 11.7% ALPEK M 14-oct 23,208 21,410 -7.7% 5.3% 2,062 1,720 -16.6% 7.1% 537 535 -0.4% 16.4% 6.6% 5.9% 8.9% 8.0% ALSEA C 15-oct 4,082 5,701 39.7% -2.7% 546 706 29.3% -3.0% 184 185 0.5% -7.6% 7.5% 6.1% 13.4% 12.4% AMX M 23-oct 194,221 220,884 13.7% 7.8% 63,318 69,189 9.3% 9.0% 16,384 10,120 -38.2% -38.2% 19.5% 17.0% 32.6% 31.3% ASUR M 22-oct 1,310 1,470 12.2% 9.3% 806 880 9.2% 1.0% 511 581 13.8% 5.1% 53.4% 52.1% 61.5% 59.9% AUTLAN M 28-oct 967 1,068 10.5% 85 156 84.1% -16 26 NS 2.3% 7.2% 8.8% 14.6% AZTECA M 28-oct 3,016 3,277 8.7% 5.9% 836 929 11.1% -9.1% 330 6 -98.1% -98.6% 22.6% 23.0% 27.7% 28.3% BIMBO C 23-oct 44,835 50,154 11.9% -1.4% 4,791 5,537 15.6% -3.7% 1,597 1,941 21.5% 5.8% 7.6% 8.0% 10.7% 11.0% BOLSA M 21-oct 486 572 17.5% -13.4% 250 295 18.0% -6.4% 176 220 24.8% 8.7% 48.5% 49.0% 51.4% 51.6% CEMEX M 23-oct 52,609 54,754 4.1% -7.4% 8,373 9,017 7.7% -13.6% -2,033 -842 NS NS 8.9% 9.8% 15.9% 16.5% CHDRAUI C 22-oct 16,173 17,168 6.2% 0.6% 1,075 1,142 6.2% 4.1% 381 427 12.1% 10.1% 4.6% 4.9% 6.6% 6.7% COMERCI C 22-oct 12,745 12,746 0.0% -2.4% 1,118 1,091 -2.4% -7.1% 549 573 4.4% -3.9% 6.5% 6.2% 8.8% 8.6% ELEKTRA T 22-oct 17,067 18,215 6.7% -20.1% 2,673 2,403 -10.1% -22.8% 672 1,836 173.1% 587.1% 11.3% 9.3% 15.7% 13.2% 9,646 10,992 14.0% 6,106 5,994 -1.8% 11.2% 11.4% 15.1% 15.4% 809 875 8.1% 465 534 14.9% -19.7% 44.7% 47.7% 61.4% 63.9% FEMSA M 28-oct 63,977 71,290 11.4% GAP M 23-oct 1,319 1,369 3.8% -5.2% -6.7% GMEXICO M 28-oct 30,049 32,495 8.1% 12,860 11,837 -8.0% 6,869 5,513 -19.7% 34.8% 28.4% 42.8% 36.4% GRUMA C 22-oct 12,569 12,665 0.8% 2.5% 1,667 1,924 15.4% 6.1% 631 1,215 92.5% 37.6% 10.4% 12.4% 13.3% 15.2% GSANBOR C 28-oct 8,933 9,028 1.1% -0.4% 1,080 967 -10.5% -8.2% 620 579 -6.7% 7.4% 10.1% 8.4% 12.1% 10.7% ICA M 24-oct 7,765 8,752 12.7% -0.6% 883 1,341 51.9% -13.6% 241 -769 NS NS 8.2% 12.7% 11.4% 15.3% ICH M 27-oct 6,836 7,986 16.8% 629 813 29.2% 503 517 2.8% 4.6% 5.7% 9.2% 10.2% IENOVA C 22-oct 2,416 3,169 31.2% 19.2% 979 1,331 35.9% 22.2% 729 870 19.3% 44.4% 32.1% 35.2% 40.5% 42.0% KIMBER C 23-oct 7,238 6,924 -4.3% -6.8% 2,176 1,725 -20.8% -13.0% 1,135 760 -33.1% -24.9% 24.6% 19.2% 30.1% 24.9% KOF M 22-oct 37,494 41,781 11.4% 1.1% 6,808 7,894 15.9% 2.8% 2,954 3,513 18.9% 19.1% 13.5% 14.7% 18.2% 18.9% LAB C 23-oct 3,067 3,360 9.5% -5.7% 796 850 6.8% -7.4% 462 473 2.2% -11.5% 25.5% 24.5% 26.0% 25.3% LALA C 27-oct 11,101 11,329 2.0% -2.8% 1,358 1,366 0.6% -4.1% 900 748 -16.9% -15.2% 10.1% 9.8% 12.2% 12.1% 0.3% -5.4% -5.7% LIVEPOL C 22-oct 15,790 17,410 10.3% 2,230 2,255 1.2% 1,240 1,183 -4.6% 11.4% 10.2% 14.1% 13.0% MEGA M 28-oct 2,475 2,807 13.4% 1,064 1,242 16.8% 566 525 -7.3% 27.2% 28.0% 43.0% 44.3% 18.3% MEXCHEM M 28-oct 17,090 18,286 7.0% 3,151 3,338 5.9% -618 728 NS 13.1% 10.7% 18.4% MFRISCO M 28-oct 2,423 3,050 25.8% 745 1,176 57.8% -199 148 NS 10.4% 13.0% 30.8% 38.6% OHLMEX M 16-oct 3,193 4,410 38.1% 26.7% 2,773 3,498 26.1% 12.9% 1,366 2,005 46.8% 36.4% 81.3% 75.1% 86.8% 79.3% OMA M 23-oct 869 1,002 15.3% 10.9% 16.2% -0.9% PE&OLES M 28-oct 15,765 15,509 -1.6% PINFRA C 22-oct 1,437 1,772 23.2% SIMEC M 27-oct 6,211 6,817 9.8% TLEVISA M 23-oct 18,763 19,830 5.7% WALMEX M Mediana IPC Prom. Ponderado 17-oct 101,271 105,643 776,032 817,100 847,444 891,663 4.3% 9.8% 9.2% 9.1% Grupos Financieros Emisora 403 503 25.0% 3,593 3,534 -1.6% 923 1,022 10.7% 472 609 29.1% -2.7% 7,565 3,408 -55.0% -57.1% 1.1% 0.8% 1.2% 1.2% 9,364 9,146 162,019 167,780 168,882 175,606 -2.3% 9.3% 4.2% 4.7% -4.5% -1.9% -0.9% -0.9% 15.2% Ingresos por Intereses Tipo Est. Fecha Reporte 3t13 3t14 (e/c) 3t14 (e/c) vs. 3t13 227 271 19.0% 1,361 1,279 -6.0% 520 266 -48.9% 397 381 -4.0% 2,389 -183 NS NS -8.0% 0.5% -13.8% -13.1% -3.4% -0.1% -15.1% -15.1% -0.2% 5,295 4,871 55,062 57,368 47,482 49,845 Margen Financiero 3t14 vs. 3t14e 3t14 (e / c) 3t13 3t14 (e/c) vs. 3t13 -56.8% 40.4% 44.8% 46.3% 50.2% 13.5% 12.8% 22.8% 22.8% 57.5% 54.5% 64.2% 57.7% 3.0% 5.1% 7.6% 8.9% 27.0% 2.8% 40.3% 17.2% 7.3% 11.4% 14.3% 14.00% 6.5% 12.4% 12.8% 12.31% 9.2% 18.2% 20.9% 20.5% 8.7% 17.2% 19.9% 19.7% Utilidad Neta 3t14 vs. 3t14e 3t13 3t14 (e / c) 3t14 (e/c) vs. 3t13 ROA 3t14 vs. 3t14e 3t13 ROE 3t14 (e / c) 3t13 3t14 (e / c) GENTERA M 28-oct 3,069 3,605 17.5% 9,930 12,152 22.4% 491 655 33.4% 65.1% 9.8% 32.9% 26.7% GFINBUR C 28-oct 5,908 9,874 67.1% 3,744 4,631 23.7% 3,275 4,956 51.3% 3.0% 6.1% 14.7% 26.3% GFNORTE M 23-oct 17,472 17,009 -2.7% 9,930 10,923 10.0% 3,220 4,042 25.5% GFREGIO M 28-oct 1,824 2,045 12.1% 848 1,023 20.7% 329 419 27.2% SANMEX M Mediana Prom. Ponderado 04-nov 13,664 15,163 11.0% 12.1% 13.7% 9,111 9,288 1.9% 20.7% 13.3% 5,882 4,797 -18.4% 27.2% 12.7% 41,938 Fibras 47,697 -14.2% -1.3% -6.7% 33,563 Ingresos Totales Fecha Reporte DANHOS M 24-oct 405 406 FUNO M 28-oct 1,061 2,131 100.9% FIBRAMQ M 27-oct 445 589 32.2% 0.7% TERRA M Mediana Prom. Ponderado 27-oct 254 430 68.9% 50.6% 64.2% 0.5% 0.1% 3t13 3t14 (e/c) 2,166 3,556 0.0% 2.9% 13,197 Ingreso Neto Operativo (NOI) Tipo Est. Emisora 38,017 9.7% 3t14 (e/c) vs. 3t13 3t14 vs. 3t14e 0.2% -0.2% 3t14 (e / c) 3t13 3t14 vs. 3t14e -2.4% 311 308 -1.1% 1,705 88.8% 376 504 34.0% 0.9% 244 410 67.6% 50.8% 59.5% 0.6% -0.2% 2,926 3t13 3t14 (e / c) 3t14 vs. 3t14e -7.8% 304 297 -2.2% 1,035 14.4% 260 296 13.9% 160 259 61.6% 14.2% 15.9% 1,628 1,886 1.9% 14.0% 17.3% 1.6% 17.5% 19.7% 2.9% 1.9% 24.1% 18.6% Margen NOI 3t14 (e/c) vs. 3t13 904 1.5% 1.5% 0.0% 4.5% Utilidad Neta (FFO) 3t14 (e/c) vs. 3t13 903 1,835 14,869 17.4% 3t13 3t14 (e / c) Margen FFO 3t13 3t14 (e / c) 76.8% 75.9% 74.9% 85.1% 80.0% 85.2% 73.2% 48.5% 0.3% 84.4% 85.6% 58.3% 50.3% 0.2% -1.5% 96.1% 84.8% 84.7% 95.3% 82.8% 82.5% 62.9% 68.9% 75.1% 60.2% 55.2% 53.8% Cifras nominales en millones de MXN$ (e / c) Dato estimado cuando la empresa no ha reportado. Dato conocido cuando la empresa ha presentado su reporte M Estimado Monex C Estimado de Conceso T Estimados por Tendencia Crecimiento en EBITDA mejor a lo esperado Crecimiento en EBITDA en línea a lo esperado Crecimiento en EBITDA peor a lo esperado MONEX Grupo Financiero / Mercado Accionario 2 Mercado Accionario Directorio Dirección de Análisis y Estrategia Bursátil Carlos A. González Tabares Director de Análisis y Estrategia Bursátil T. 5231-4521 [email protected] Eduardo Ávila Vargas Subdirector de Análisis Económico T. 5231-0489 [email protected] Daniela Ruíz Zárate Analista Económico T. 5231-0489 [email protected] Fernando E. Bolaños S. Analista Bursátil / Industrial, Minero y Petroquímico T. 5230-0200 Ext. 0720 [email protected] J. Roberto Solano Pérez Analista Bursátil / Construcción, Vivienda y Fibras T. 5230-0200 Ext. 4451 [email protected] Verónica Uribe Boyzo Analista Bursátil T. 5230-0200 Ext. 4782 [email protected] Stephany Ramírez Rojas Analista Bursátil T. 5230-0200 Ext. 4262 [email protected] J. Francisco Caudillo Lira Analista Técnico Sr. T. 5231-0016 [email protected] Astianax Cuanalo Dorantes Analista Sr. de Sistemas de Información T. 5230-0200 Ext. 4790 [email protected] Política de Recomendaciones Compra Aquellas emisoras cuyo rendimiento esperado supere en más del 5% el rendimiento esperado para el IPyC. Mantener Aquellas emisoras cuyo rendimiento esperado se ubique +/-5% respecto al rendimiento esperado para el IPyC. Venta Aquellas emisoras cuyo rendimiento sea inferior en más del 5% el rendimiento esperado para el IPyC. MONEX Grupo Financiero / Mercado Accionario 3 Mercado Accionario Disclaimer MONEX Grupo Financiero / Mercado Accionario 4
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