Investor Presentaiton
October 12, 2021
FINANCIAL ESTIMATES
GBM
Stock Information
Last Price
No. Shares ('000s)
GBM Financial Estimates
P$5.00
Stock Returns
-MXN Million
2019
2020
2021e
2022e
2023e
373,291
1 M
1.0%
Revenues*
1,355
1,177
1,758
1,847
1,936
Mkt Cap (MXN Million)
$1,866
3M
-7.2%
YOY %
11.0%
-13.1%
49.3%
5.0%
4.8%
6M ADVT (MXN Million)
$0.5
6M
-13.3%
Op. Profit
-83
-65
275
301
334
Net Debt Incl. IFRS 16 (MXN Million)
$1,564
1 Yr
40.1%
Op. Mg.
-6.1%
-5.6%
15.7%
16.3%
17.2%
EBITDA *
104
-25
406
427
455
Float¹
20%
3 Yrs
-58.3%
YOY %
42.3%
N.A.
N.A.
5.1%
6.6%
Max 52w
P$8.4
5 Yrs
-76.7%
Min 52w
P$3.5
Mg.
7.7%
-2.1%
23.1%
23.1%
23.5%
Net Profit
-67
-219
145
173
208
YOY %
N.A.
N.A.
N.A.
19.2%
20.0%
Net Mg.
-5.0%
-18.6%
8.3%
9.4%
10.7%
Valuation Ratios (Majority Figures)
2019
2020
2021e
2022e
2023e
* Revenues adjusted for asset revaluation. EBITDA adjusted for non-recurring items and asset revaluation
EV/EBITDA
52.0x
N.A.
9.2x
8.3x
7.3x
P/E
N.A.
N.A.
12.9x
10.8x
9.0x
Cash Flow Statement
P/S
1.4x
1.6x
1.1x
1.0x
1.0x
-MXN Million
2019
2020
2021e
2022e
2023e
P/BV
0.6x
0.6x
0.5x
0.5x
0.5x
(+) Adj. EBITDA
65
-22
349
370
394
Net Debt/EBITDA
23.4x
N.A.
3.8x
3.2x
2.6x
(-) Working Capital
-148
-133
90
64
59
ROE
-2.2%
-6.8%
4.3%
4.8%
5.5%
(-) Cash Interest
115
120
98
89
80
ROIC
-1.6%
-1.0%
4.0%
4.4%
4.8%
(-) Cash Taxes
0
0
18
24
33
Op. FCF Yield
2.3%
-2.3%
5.5%
7.7%
8.7%
(-) CAPEX (Maintenance)
33
9
15
24
34
FCF Yield
2.3%
-2.3%
5.5%
7.7%
8.7%
(-) Leases
21
26
26
26
26
Dividend Yield
0.0%
0.0%
0.0%
0.0%
0.0%
(=)Op. FCF
43
-44
103
143
163
(-) CAPEX (Growth)
0
0
0
0
0
(=) FCF
43
-44
103
143
163
Dividend
0
0
0
0
0
Net Debt
1,529
1,434
1,331
1,188
1,025
1. The company considers all of its shares to be float. We exclude stake owned by long-term institutional holders and insiders.
**Majority figures (88.8% MDF unit, 100% Teak unit)
TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 26View entire presentation