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Grupo Bimbo S.A.B. De C.V. Historical News Enrique Mendoza | Sr

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Grupo Bimbo S.A.B. De C.V. Historical News Enrique Mendoza | Sr Grupo Bimbo S.A.B. de C.V. Historical News Enrique Mendoza | Sr. Analyst Food & Beverages [email protected] Last updated on April 29, 2021 Ext. 1693 Actinver: (55) 1103 6600 BIMBO (Outperform): Positive 1Q-2021, Above Expectations The company posted very strong results in the 1Q21 that surpassed our expectations, and we anticipate a positive stock price reaction following the report. While we recognize that the 1Q21 marks the end of the period of margin expansion, the stock is trading at 6.35x EV/EBITDA, the lowest valuation level in history, representing a 19% discount vs its 3-year average. Full report here April 21, 2021 Food & Beverage Sector: Consistently Delivering Positive Results The earnings season has arrived, for Food & Beverage companies we expect positive results for Q1 2021 that should also continue into Q2. We remain broadly optimistic in Mexican F&B stocks - as increased risk appetite might work as a speed limit to US equities, we see attractive opportunities in Mexican-based companies with material exposure to the US economy like GRUMA (58% of revenues), BIMBO (53% of revenues), and AC (37% of revenues). On the other hand, the end of the pandemic should boost FEMSA’s future results and we expect it to be the consumer staple with the largest growth figures over the coming years. Full report here February 25, 2021 BIMBO (Outperform): Positive 4Q; Strong Sales And Cost Control BIMBO closed the year with a very strong performance, figures for the quarter surpassed our expectations in each and every line. We highlight the double-digit growth in dollar sales in North America, the better than expected commodity costs and better productivity savings. In addition, the net debt declined by 8%QoQ reaching the lowest leverage of the past 10 years. It was also pleasant to receive a better than expected guidance for 2021. Full report here October 22, 2020 BIMBO (Outperform): Positive Q3 On Further Gains In Mkt. Share BIMBO posted a positive report that beat market expectations at all fronts. We would anticipate a positive market reaction. Net revenues climbed by 14.6% in line with our expectations. The increase is mainly explained by an 8.5% growth in dollar- denominated sales in North America. While we expected increases in raw material costs, BIMBO still enjoyed from a lower cost of sales and also lower indirect cost due to previous investments. The net debt/EBITDA also improved to 2.23x from Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com 2.82x in the 3Q19. BIMBO modified its guidance 2020: While the management still expects a top-line growth in low double-digits and EBITDA growth in mid-to-high teens, now it expects a tax rate in the mid-to-high 30’s (high 30’s – low 40’s previously) and US$550 – 600M CAPEX (US$650 – 750M previously). Full report here October 20, 2020 Food & Beverage: Q3 Preview—Expecting A Healthy Recovery The pandemic crisis has had very different effects for companies in the food and beverage sector for both, their operating results and their stock prices as well. While food companies have been favored by higher demand for their products, beverage companies have had negative effects on volumes and product mixes. For the Q3 2020, we expect demand for food to remain high, favoring the volumes of BIMBO, GRUMA, and LALA. The volumes of soft drink companies, although they would continue to fall, would show a clear recovery from what was observed in the Q2. In the case of beverage companies, we expect double-digit growth in EBITDA for AC (e. 6), which we believe should give a clear boost to its share price. Full report here July 28, 2020 BIMBO (Outperform): Positive 2Q20 Report, Above Expectations Continues registering sequential improvements in all fronts, especially in Mexico, EAA, and North America. We continue to be positive in the name after the report, coupled with the appealing valuation. The company has increased its expectations for 2020, as a result of the strong 1H2020, the base guidance was an increase in sales at a high single-digit and EBITDA at double-digit and Tax rate to continue between 38%-42%. The new guidance incorporates the positive 1H2020 and the expectations to remain at the same trend; as a result, the company is expecting a low double-digit growth at sales, increasing at mid to high teens at the EBITDA, and Tax rate to remain in the rage of 38% - 42%. Full report here June 19, 2020 BIMBO (Mkt. Perform): Prepays US$400 Million Debt Prepaid USD$400 M from the credit withdraw of USD$720 M. The rationale behind the loan was to increase the company's liquidity and to strengthen the balance sheet to face the pandemic. However, 1Q20 results were above expectations and the same trend will continue during a toughest 2Q20. As a result, BIMBO decided to prepay 55% of the loan. It is worth mentioning that the company continues with a strong cash position and with USD$1.7 Bn still available for its outstanding debt. Following the news, we are materializing our “Outperform” call following BIMBO’s +33% return since mid-February against a 16% decline from the Mexbol index. We are now rating this name as “Market Perform”. For the 2 Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com time being, we are leaving our assumptions for 2020 unchanged: 8%/10%/15% YoY growths in Sales/EBITDA/EPS, respectively. April 30, 2020 BIMBO (Outperform): Annual Shareholders Meeting The company will pay a dividend of P$0.50 per share, payable on May 12th, a yield of 1.4%. Also, the company increased the buyback program in P$10,000 m to reach P$15,200 million. April 28, 2020 BIMBO (Outperform): 1Q20: Positive Report, Well Above Expectations The company continues with a strong delivery, despite COVID-19 issues. The Top-line was boosted by volume growth in all regions and a positive FX effect, as the majority of the hard currencies appreciated vs. the MXN. We need to highlight the positive results in North America, Mexico, and Latin America, with significant improvements in the last region due to Brazil's performance. Sales, EBITDA, and net income increased by 7.0%, 11.4%, 42.3%, respectively, excluding the non-cash charge of MEPPs liabilities. The Net Debt/EBITDA continues at a manageable level of 2.8x. Full report here April 21, 2020 1Q20: Previews For F&B & Consumer Discretionary We expect the Food & Beverage sector to be limited impact by the COVID -19 lockdown. However, some names such as BIMBO, GRUMA, and CUERVO expected to be negatively impacted by the weak demand in Asia, Europe, the US, and South America. In the Discretionary Consumption industry, we expect a significant decline in sales for some companies due to the closure of the stores/ units during the 1Q120. Full report here March 26, 2020 BIMBO (Outperform) Disposed US$720 M from its revolving credit. BIMBO disposed US$720 million of its committed revolving credit facility, which has a total value of US$2 billion. The disposed credit line has increased the maturity by 3 years. These resources will be used to refinance the remaining US$200 million of the 2020 notes, while the remainder will be used for increasing the Company's liquidity, prioritizing flexibility and financial strength for the current environment At this moment, Grupo Bimbo has US$1.3 billion available in its committed credit facility for future disposals. The company's Net Debt to EBITDA continues to be below 3x. 3 Disclaimer: https://goo.gl/6b8m3o www.actinverresearch.com February 21, 2020 BIMBO (Outperform, PT P$41.79) 4Q19: Positive report, excluding negative FX effect and one-off expenses Bimbo continues with sequential improvements in all fronts and especially in Mexico and Europe, Asia and Africa. We are positive in the name after the report and the extraordinary appealing valuation. The Company reported a limited sales decrease of 1.5% due to negative FX, excluding the FX effect net sales grew 2.5%. Mexico, sales posted a 3.6% YoY growth, driven by higher volumes across most of the categories. BIMBO’s gross margin and EBIT registered a 2.5% and a 1.9% decline, as a result of higher raw material prices and substantial restructuring investments in North America coupled with extraordinary expenses in Brazil. The Adj. EBITDA posted a 1.7% YoY increase and a 40 margin expansion, boosted by the IFRS16 adjustments. Net profit posted a 27.4% YoY decline, negatively impacted by FX losses (P$158 M), the one-time expense from the USD$600 M liability management transaction of 2020 note, and the implementation of IFRS-16. The bottom-line was impacted by a higher tax rate (42.3% in 4Q19 vs. 38.8% in 4Q18). It is worth noting that the company continues to reduce the leverage from 2.6x to 2.4x Net debt to EBITDA. February 14, 2019 BIMBO (Outperform, PT P$41.79) Expands its operations to Kazakhstan Grupo Bimbo, through its subsidiary Bimbo QSR, announced a joint venture with Food Town, an exclusive buns supplier and franchisee of McDonald’s in Kazakhstan. Grupo Bimbo will hold 51% after the pertinent approvals that are expected to take place during the 1Q20. No further detail has been disclosed. October 25, 2019 BIMBO (Outperform, PT P$41.80) 3Q19: Neutral report, below consensus expectations Non-cash charges continue to impact the company’s results The Company reported a limited sales increase, 3.6% YoY, as all the regions reported positive figures.
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