Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Genomma Lab Internacional Sab / Equity Bottom-Up

<ul><li>We reiterate our Outperform rating, while slightly lowering our PT to P$29 (from P$30) post quiet period, as we continue to see meaningful upside.</li><li>We continue to expect margin stability —EBITDA margin close to 24%—, despite top-line softness.</li><li> Revenues of P$4.7bn grew 0.5% YoY, 2.6% below our estimates amid weaker-than-expected growth in Mexico and LatAm; the U.S. on the other hand surprised to the upside, partially supported by FX tailwinds.</li></ul>

We reiterate our Outperform rating, while slightly lowering our PT to P$29 (from P$30) post quiet period, as we continue to see meaningful upside.We continue to expect margin stability —EBITDA margin close to 24%—, despite top-line softness. Revenues of P$4.7bn grew 0.5% YoY, 2.6% below our estimates amid weaker-than-expected growth in Mexico and LatAm; the U.S. on the other hand surprised to the upside, partially supported by FX tailwinds.

Actinver Research - Genomma Lab 4Q24: Model Update Post 2Q25

<ul><li>Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions and FX tailwinds (e.g., U.S. sales grew 1.8% in local currency, vs reported 18.8% growth YoY).</li><li>Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.</li><li>In the U.S., a weaker flu season partially impacted sales.</li></ul>

Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions and FX tailwinds (e.g., U.S. sales grew 1.8% in local currency, vs reported 18.8% growth YoY).Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.In the U.S., a weaker flu season partially impacted sales.

Actinver Research - Genomma Lab 4Q24: Strong finish and positive outlook

<ul><li>Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions.</li><li>Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.</li><li>In the U.S., a weaker flu season partially impacted sales.</li></ul>

Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions.Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.In the U.S., a weaker flu season partially impacted sales.

Actinver Research - Genomma Lab 4Q24: Healthy finish of the year (Quick View)

<ul><li>After a stunning YTD performance (up 90.68% as of 12/9/24 vs MEXBOL 9.05% down), we continue to see solid upside ahead.</li><li>Market conditions for most of the company’s segments are expected to remain mostly favorable, with FX remaining a neutral-to-positive factor amid its MXN-denominated costs.</li><li>From a valuation perspective, the company used to trade at higher levels —even in the double-digit EV/EBITDA range— some years ago.</li></ul>

After a stunning YTD performance (up 90.68% as of 12/9/24 vs MEXBOL 9.05% down), we continue to see solid upside ahead.Market conditions for most of the company’s segments are expected to remain mostly favorable, with FX remaining a neutral-to-positive factor amid its MXN-denominated costs.From a valuation perspective, the company used to trade at higher levels —even in the double-digit EV/EBITDA range— some years ago.

Actinver Research - Genomma Lab: Reaching Healthier Valuation Levels (Company Update)

Macroeconomics

<ul>
<li>In the midst of the soft top-line performance, management remains cautious, expecting more cost and Capex efficiencies, and a tough consumer environment with consumers remaining more selective as in previous quarters.</li>
<li>Still, most companies reiterated their FY25 guidance, with Bimbo an exception amid different FX conditions vs previously forecasted, and with Chedraui expecting downside risks at the top-line level.</li>
<li>Within Food &amp; Bev, we continue to prefer AC, KOF, FEMSA and Becle (all Outperform). With no major PT changes, we continue to expect these players to outperform peers despite volume pressure and the excise taxes planned for next year. </li>
</ul>


In the midst of the soft top-line performance, management remains cautious, expecting more cost and Capex efficiencies, and a tough consumer environment with consumers remaining more selective as in previous quarters.
Still, most companies reiterated their FY25 guidance, with Bimbo an exception amid different FX conditions vs previously forecasted, and with Chedraui expecting downside risks at the top-line level.
Within Food &amp; Bev, we continue to prefer AC, KOF, FEMSA and Becle (all Outperform). With no major PT changes, we continue to expect these players to outperform peers despite volume pressure and the excise taxes planned for next year. 


Actinver Research - Consumer Post 3Q25 Update

Mexico

Genomma Lab Internacional SAB de CV develops, markets, sells and distributes over-the-counter drugs and personal care products.

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Genomma Lab Internacional Sab (LABB MM)

Actinver Research - Genomma Lab 4Q24: Model Update Post 2Q25

We reiterate our Outperform rating, while slightly lowering our PT to P$29 (from P$30) post quiet period, as we continue to see meaningful...

Actinver

Actinver Research - Genomma Lab 4Q24: Strong finish and positive outlook

Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions and FX tailwinds (e.g., U.S. sales grew 1.8% in local currency,...

Actinver

Actinver Research - Genomma Lab 4Q24: Healthy finish of the year (Quick View)

Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions. Sales in Mexico were in line with our estimates, while in...

Actinver

Actinver Research - Genomma Lab: Reaching Healthier Valuation Levels (Company Update)

After a stunning YTD performance (up 90.68% as of 12/9/24 vs MEXBOL 9.05% down), we continue to see solid upside ahead. Market conditions for most...

Actinver

Actinver Research - Consumer Post 3Q25 Update

We highlight Becle given its solid margin performance, ahead of our previous upbeat estimates, even after accounting for non-recurring items

Actinver

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