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Covering the Mexican Economy

Actinver Research

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Equity Bottom-Up

Wal-Mart de Mexico SAB de CV / Equity Bottom-Up

Wal-Mart de Mexico SAB de CV (WALMEX* MM EQUITY)

<ul>
<li>FY25 Guidance. Walmex is guiding a 20% YoY increase in Capex levels, leading to P$41.8bn, and a record level as a % of sales (at 4%) considering our current FY25 estimates.</li>
<li>Out of this, 41% is planned for remodeling and maintenance, new capabilities and functions, 30% for new stores, 18% for Supply Chain, and 11% for technology.</li>
<li>In terms of sales, the company expects FY25 sales growth of 6-7% (slightly above our estimates); new store sales are expected to contribute 1.5-1.7% –slightly below our estimates– and the remainder is expected to come from SSS, e-commerce and other businesses. </li>
</ul>


FY25 Guidance. Walmex is guiding a 20% YoY increase in Capex levels, leading to P$41.8bn, and a record level as a % of sales (at 4%) considering our current FY25 estimates.
Out of this, 41% is planned for remodeling and maintenance, new capabilities and functions, 30% for new stores, 18% for Supply Chain, and 11% for technology.
In terms of sales, the company expects FY25 sales growth of 6-7% (slightly above our estimates); new store sales are expected to contribute 1.5-1.7% –slightly below our estimates– and the remainder is expected to come from SSS, e-commerce and other businesses. 


Actinver Research - Walmex Day 2025: Investments are the highlight (Quick View)