DOCSLIB.ORG

A Defensive Play with an Attractive Valuation Equity Research

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Defensive Play with an Attractive Valuation Equity Research Equity Research Me0 xico CHDRAUI Initiation of Coverage October 3, 2018 www.banorte.com A defensive play with an attractive valuation @analisis_fundam . We are initiating coverage of CHDRAUI with a BUY rating and a PT2019 of MXN$52.00, which implies an EV/EBITDA 2019E Valentín Mendoza Auto Parts/ Consumer Discretionary / multiple of 7.1x, similar to the 3-year average Real Estate/ Retail [email protected] . The solid positioning of CHDRAUI in Mexico, along with a USD- denominated revenue generation close to 41% of total sales (2019E) BUY from El Super and Fiesta Mart, stand as defensive features Current Price $41.33 PT 2019 $52.00 . The current valuation at 7.8x EV/EBITDA TTM looks attractive, as Dividend 2018 0.45 Dividend Yield (%) 1.1% it poses a discount of ~54% relative to Walmex (16.9x) and 15% vs Upside Potential 26.9% the median of global peers (9.2x) Max – Min LTM (P$) 50.00 – 35.05 Market Cap (US$m) 2,118.7 Shares Outstanding (m) 963.9 On track to recover the profitability prior to the acquisition. The Float 15.8% acquisition of Fiesta Mart in Texas would boost company’s growth in 2018 Daily Turnover (P$ m) 18.0 Valuation metrics TTM (+22.2% in Sales, +14.9% in EBITDA and +10.4% in Net Income), while EV/EBITDA 7.8x increasing its exposure to USD; but will also put pressure on consolidated P/E 18.5x profitability (EBITDA margin 6.0%e vs. 6.4% in 2017) and will also increase leverage (1.2x ND/EBITDA vs 0.7x in 2017). In spite of the latter, we believe that the corporate focus on controlling expenses in Mexico and a possible Relative performance to Mexbol recovery in the US margins due to synergies would lead Chedraui to recover LTM 40% the profitability levels it held prior to the acquisition and to deleverage. 30% Likewise, we believe that the growth strategy towards proximity formats 20% should be a catalyst for an increase of 511bps in the ROIC by 2023. 10% Meanwhile, we consider that the current valuation at 7.0x EV/EBITDA 2018E 0% looks very attractive vs the median of the retail sector in Mexico (13.5x), -10% especially when considering the solid positioning that the company maintains -20% sep-17 dic-17 mar-18 jun-18 sep-18 on it, as well as our growth estimates. Therefore, we have rated the stock as MEXBOL CHDRAUIB BUY with a PT2019 of MXN$52.00. Financial Statements Valuation and financial metrics MXN, million 2016 2017 2018E 2019E 2016 2017 2018E 2019E Rev enues 88,529 94,583 115,610 137,675 EV/EBITDA 7.9x 7.4x 7.0x 5.9x Operating Income 4,254 4,418 5,085 6,212 P/E 20.6x 19.3x 17.5x 13.4x EBITDA 5,747 6,039 6,940 8,232 P/Book 1.5x 1.4x 1.2x 1.2x EBITDA Margin 6.5% 6.4% 6.0% 6.0% Net Income 1,953 2,079 2,296 2,996 ROE 7.5% 7.5% 7.5% 8.8% Net Margin 2.2% 2.2% 2.0% 2.2% ROA 3.7% 3.8% 3.6% 4.4% EBITDA/ Interest ex penses 8.1x 6.9x 6.9x 7.9x Total Assets 53,279 55,006 64,205 68,268 Net Debt/EBITDA 0.9x 0.7x 1.2x 0.9x Cash 943 1,522 2,623 2,454 Debt/Equity 0.2x 0.2x 0.3x 0.3x Total Liabilities 26,341 26,574 31,429 33,235 This document is provided for the reader’s convenience Debt 5,855 5,775 10,610 10,219 only. The translation from the original Spanish version Common Equity 26,938 28,432 32,777 35,033 was made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish Source: Banorte with data from M SE and its English translation. For this reason, the original research paper in Spanish is the only official document. The Spanish version was released before the English translation. The original document entitled Inversión defensiva con una atractiva valuación “” was released on September 28, 2018. 1 Document for distribution among public CHDRAUI –Financial Statements Revenue & EBITDA Margin MXN, million MXN, million Income Statement Year 2016 2017 2018E 2019E CAGR 160,000 6.5% 6.6% Net Revenue 88,529 94,583 117,250 138,994 13.7% 140,000 6.4% 6.5% Cost of goods sold 70,313 74,916 92,261 109,271 13.4% 6.3% 6.4% Gross profit 18,216 19,666 24,990 29,723 14.8% 120,000 6.3% General expenses 13,924 15,258 18,858 21,410 12.0% 100,000 6.2% Operating Income 4,254 4,418 5,164 6,301 12.6% 80,000 6.0% 6.0% 6.1% Operating Margin 4.8% 4.7% 4.4% 4.5% -1.0% 60,000 Depreciation 1,493 1,621 1,855 2,012 7.5% 6.0% 40,000 EBITDA 5,747 6,039 7,019 8,313 11.2% 5.9% 20,000 EBITDA Margin 6.5% 6.4% 6.0% 6.0% 5.8% Interest income (expense) net (1,182) (1,181) (1,589) (1,985) 18.9% 0 5.7% Interest expense 616 664 687 985 14.1% 2015 2016 2017 2018E 2019E Interest income 19 42 68 56 10.1% Revenue EBITDA Margin Other income (expenses) (577) (595) (959) (1,044) Exchange Income (loss) (9) 36 (10) (12) -169.0% Unconsolidated subsidiaries Net Income before taxes 3,073 3,238 3,575 4,316 10.1% Provision for Income taxes 1,063 1,120 1,177 1,381 7.2% Discontinued operations Net Income & ROE Consolidated Net Income 2,010 2,117 2,398 2,935 11.5% MXN, million Minorities 57 38 45 55 Net Income 1,953 2,079 2,353 2,880 11.5% Net Margin 2.2% 2.0% 2.1% 3,500 8.6% 10.0% EPS 2.026 2.157 2.441 2.987 11.5% 3,000 7.0% 7.3% 7.4% 7.1% 8.0% 2,500 Balance Sheet (Million pesos) Total Current Assets 12,967 14,125 18,441 21,229 14.5% 2,000 6.0% Cash & Short Term Investments 943 1,522 2,623 2,454 17.3% 1,500 4.0% Long Term Assets 40,312 40,880 45,764 47,039 4.8% Property, Plant & Equipment (Net) 29,898 30,829 31,760 33,017 2.3% 1,000 2.0% Intangible Assets (Net) 500 522 945 945 21.8% 500 Total Assets 53,279 55,006 64,205 68,268 7.5% 0 0.0% Current Liabilities 18,419 18,513 17,867 20,052 2.7% 2015 2016 2017 2018E 2019E Short Term Debt 1,404 688 347 335 Accounts Payable 14,018 14,597 16,470 17,351 5.9% Net Income ROE Long Term Liabilities 7,922 8,061 13,562 13,182 17.8% Long Term Debt 4,451 5,088 10,263 9,883 Total Liabilities 26,341 26,574 31,429 33,235 7.7% Common Stock 26,938 28,432 32,777 35,033 7.2% Preferred Stock 38 44 58 Total Equity 26,938 28,150 32,435 34,668 7.2% Net Debt & Net debt to EBITDA ratio Liabilities & Equity 53,279 55,006 64,205 68,268 7.5% MXN, million Net Debt 4,881 4,156 7,987 7,765 23.2% Cash Flow (Million pesos) 2016 2017 2018E 2019E 9,000 1.4x 1.2x Cash Flow from Operating Activities 8,000 before Taxes 2,675 6,600 6,121 7,385 1.2x 7,000 0.9x Cash Flow from Operating Activities 2,675 6,600 2,488 (1,900) 0.8x 1.0x 6,000 Cash Flow from Investing Activities (1,760) (3,857) (8,065) (4,129) 0.7x 0.7x 0.8x Cash Flow from Financing Activities (3,027) (1,120) 4,515 (1,524) 5,000 Change in Cash Balance 563 8,224 5,059 (169) 4,000 0.6x 3,000 0.4x 2,000 1,000 0.2x 0 0.0x 2015 2016 2017 2018E 2019E Net Debt Net Debt to EBITDA Source: Banorte, MSE 2 Valuation and PT 2019E of MXN$52.00 Discounted Cash Flow Valuation (DCF) Our 2019 price target, calculated through a DCF method, resulted in MXN $52.00 per share. This price represents an upside potential of 26.9%, very attractive from our point of view, even more if we consider that it would imply a 2019E EV/EBITDA target multiple of 7.1x, similar to the three-year average of the 12-month forward multiple (7.5x), and below the median of the global self-service store sector of 8.6x. In our valuation model we used a Weighted Average Cost of Capital (WACC) rate of 11.6%, which was calculated with a Beta of 0.9, a Preliminary Risk Free Rate of 8.6% (Mexican 10-year bond), a market premium of 5.5% and the residual value was calculated using an EV/EBITDA multiple of 8.4x, in line with the median of comparable peers. Discounted Cash Flow Valuation MXN, million 2019e 2020e 2021e 2022e 2023e 2024e 2025e (+) EBITDA 8,232 8,872 9,660 10,500 11,450 11,730 (-)Working Capital (740) (760) (773) (840) (916) (938) (-) Capex (4,258) (4,378) (4,392) (4,423) (4,449) (4,672) (-) Taxes (2,469) (2,662) (2,898) (3,150) (3,435) (3,519) (=) Free Cash Flow 764 1,073 1,598 2,087 2,650 2,601 (+) Perpetuity 0 0 0 0 0 0 98,534 (=) Total Free Cash Flow 764 1,073 1,598 2,087 2,650 2,601 Risk -free Rate (RF) 8.6%* (+) Present Value of Cash Flows 6,963 Market Premium (MP) 5.5% (+) Present Value of Perpetuity 51,100 Beta 0.9 = Enterprise Value 58,062 CAPM 13.5% (-) Net Debt (7,765) (-) Minorities (366) Cost of Debt 5.8% Tax Rate 30.0% (=) Equity Value 49,932 Net Cost of Debt 4.0% Shares Outstanding 964 Debt/Equity 20.8% Intrinsic Value P$ 51.80 WACC 11.6% EBITDA multiple 8.4x Source: Banorte *Preliminary Subsequently, we carried out a sensitivity analysis to reflect variations to our PT assuming different levels of EV/EBITDA multiple for the terminal value, as well as for Beta and WACC.
Load more

Recommended publications
  • Mexican Supermarkets & Grocery Stores Industry Report
    Mexican Supermarkets & Grocery Stores Industry Report July 2018 Food Retail Report Mexico 2018Washington, D.C. Mexico City Monterrey Overview of the Mexican Food Retail Industry • The Mexican food retail industry consists in the distribution and sale of products to third parties; it also generates income from developing and leasing the real estate where its stores are located • Stores are ranked according to size (e.g. megamarkets, hypermarkets, supermarkets, clubs, warehouses, and other) • According to ANTAD (National Association of Food Retail and Department Stores by its Spanish acronym), there are 34 supermarket chains with 5,567 stores and 15 million sq. mts. of sales floor in Mexico • Estimates industry size (as of 2017) of MXN$872 billion • Industry is expected to grow 8% during 2018 with an expected investment of US$3.1 billion • ANTAD members approximately invested US$2.6 billion and created 418,187 jobs in 2017 • 7 states account for 50% of supermarket stores: Estado de Mexico, Nuevo Leon, Mexico City, Jalisco, Baja California, Sonora and Sinaloa • Key players in the industry include, Wal-Mart de Mexico, Soriana, Chedraui and La Comer. Other regional competitors include, Casa Ley, Merza, Calimax, Alsuper, HEB and others • Wal-Mart de México has 5.8 million of m² of sales floor, Soriana 4.3 m², Chedraui 1.2 m² and La Cómer 0.2 m² • Wal-Mart de México has a sales CAGR (2013-2017) of 8.73%, Soriana 9.98% and Chedraui 9.26% • Wal-Mart de México has a stores growth CAGR (2013-2017) of 3.30%, Soriana 5.75% and Chedraui 5.82% Number
    [Show full text]
  • Grupo Comercial Chedraui, S.A.B. De C.V
    GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. Av. Constituyentes No. 1150, Lomas Altas Delegación Miguel Hidalgo C.P. 11950 México, D. F. www.chedraui.com.mx Características de las acciones representativas del capital social de GRUPO COMERCIAL CHEDRAUI, S.A.B. DE C.V. Nominativas Sin valor nominal Íntegramente suscritas y pagadas Serie B Clase I Capital mínimo fijo sin derecho a retiro. Clave de Cotización en la Bolsa Mexicana de Valores, S.A.B. de C.V.: CHDRAUI Los valores emitidos por Grupo Comercial Chedraui, S.A.B. de C.V. se encuentran inscritos en el Registro Nacional de Valores y se cotizan en la Bolsa Mexicana de Valores, S.A.B. de C.V. La inscripción en el Registro Nacional de Valores no implica certificación sobre la bondad de los valores, la solvencia de la emisora o la exactitud o veracidad de la información contenida en el reporte anual, ni convalida los actos que, en su caso, se hubieren realizado en contravención de las leyes. Reporte anual que se presenta de acuerdo con las disposiciones de carácter general aplicables a las Emisoras de valores y a otros participantes del mercado, por el año terminado el 31 de diciembre de 2015. México, D.F. a 30 de abril de 2016 ÍNDICE 1. INFORMACIÓN GENERAL ........................................................................................... 4 a) Glosario de Términos y Definiciones ......................................................................... 4 b) Resumen Ejecutivo ................................................................................................. 6 c) Factores
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • US-Mexico Trade Relationship
    1 U.S. – Mexico Trade Relationship 2 Mexico is a growing economy Mexico has built a solid framework for macroeconomic stability in the past two decades Total Exports $374 billion $1.2 trillion economy $776 billion in total trade $457 billion in FDI attracted since 1999 125 million consumer market/ 60% middle class GDP 1.4% 2.3% 2.6% 2.3% 2013 2014 2015 2016 The 15th largest world economy 10th largest world exporter and 1st in Latin America 9th largest world importer 5th leading recipient of FDI Total Imports among emerging economies $387 billion Source: INEGI, SE-DGIE (Sep. 2016), WTO, UNCTAD, Brookings Institution, SHCP. 3 Recognizing the importance of NAFTA Trilateral trade has more than tripled, reaching nearly $1 trillion in 2016. Trilateral Trade between the NAFTA Partners 1,122 1200 1,075 1,059 1,033 1,010 997 942 1000 893 846 880 NAFTA 772 800 699 661 699 615 626 568 602 600 476 506 419 376 338 400 289 200 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mexico-Canada Trade U.S.-Canada Trade Mexico-U.S. Trade Source: SE with import data from Statistics Canada, Banxico, and USDOC, and World Bank. 4 Since NAFTA, U.S.-Mexico trade has multiplied by six a million dollar a minute business Mexico is the U.S.’ third-largest trading partner $1.5 billion dollars in products are bilaterally traded each day U.S.-Mexico Trade 506 534 531 494 525 500 461 392 400 NAFTA 367 348 332 278 280 294 296 294 290 305 263 300 267 247 235 230 233 231 216 197 198 211 173 177 Billion 200 157 170 131 136 156 $ 131 134 138 108 82 101 110 226 86 95 240 236 231 100 198 217 74 163 50 62 134 137 152 129 40 111 102 111 120 71 79 87 97 97 42 51 46 57 0 199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016 US Exports to Mexico US Imports from Mexico Source: USDOC.
    [Show full text]
  • T E P N L R E V I E W
    T e p n L R e v i e w , NUMBER 65 AUGUST 1998 SANTIAGO, CHILE OSCAR ALTIMIR Director o f the Review EUGENIO LAHERA Technical Secretary Notes and explanation of symbols The following symbols are used in tables in the Review: (...) Three dots indicate that data are not available or are not separately reported. (-) A dash indicates that the amount is nil or negligible. A blank space in a table means that the item in question is not applicable. (-) A minus sign indicates a deficit or decrease, unless otherwise specified. (■) A point is used to indicate decimals. (/) A slash indicates a crop year or fiscal year, e.g., 1970/1971. (-) Use of a hyphen between years, e.g., 1971-1973, indicates reference to the complete number of calendar years involved, including the beginning and end years. References to “tons” mean metric tons, and to “dollars”, United States dollars, unless otherwise stated. Unless otherwise stated, references to annual rates of growth or variation signify compound annual rates. Individual figures and percentages in tables do not necessarily add up to the corresponding totals, because of rounding. Guidelines for contributors to CEPAL Review The editorial board of the Review are always interested in encouraging the publication of articles which analyse the economic and social development of Latin America and the Caribbean. With this in mind, and in order to facilitate the presentation, consideration and publication of papers, they have prepared the following information and suggestions to serve as a guide to future contributors. —The submission of an article assumes an undertaking by the author not to submit it simultaneously to other periodical publications.
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]
  • TRADE MISSION Mexico City & Monterrey, Mexico June 11 - 16, 2017
    IHA MEXICO TRADE MISSION Mexico City & Monterrey, Mexico June 11 - 16, 2017 ake part in an IHA/International Business Council (IBC) Trade Mission for a turn-key Tintroduction to an international market. Meetings, retail tours, receptions, transportation and hotel details are scheduled in advance, allowing you to focus on your business rather than the logistical details. Trade missions also allow for extensive networking with other industry participants who share common interests and goals. Join the IHA-IBC Trade Mission to meet buyers in Mexico City and Monterrey to increase international sales into the Mexican market. Through retailer and distributor meetings and retail tours, participants will receive a thorough understanding of this key market and obtain a personal network of key home and housewares retailers. SCHEDULE (SUBJECT TO CHANGE) Targeted retailers in Mexico City include: Saturday, June 10 ..........Arrive in Mexico City Amazon Mexico Sunday, June 11 .............Retail Tour Monday, June 12 ............One-on-one Retailer Meetings Casa Palacio / El Palacio de Hierro Tuesday, June 13 ...........One-on-one Retailer Meetings Wednesday, June 14 ......Fly to Monterrey The Home Store Wednesday, June 14 ......Retail Tour Idea Interior / Ideas Thursday, June 15 .........One-on-one Retailer Meetings Domésticas Friday, June 16 ..............One-on-one Retailer Meetings Liverpool Saturday, June 17 ..........Depart Monterrey Sears Tiendas Chedraui Targeted retailers in Monterrey include: Famsa HEB Mexico Home Depot Mexico Lowe’s Mexico Soriana “Participating in the IHA Trade Mission clearly enhanced our credibility with customers. It opened new doors for us and accelerated business development with existing customers. The ability to follow up in person with buyers who had visited us at the International Home + Housewares Show was invaluable.
    [Show full text]
  • Grupo Financiero Banorte, S.A.B. De C.V
    GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. Monterrey, N.L., as of April 1, 2015. With respect to the First Notice published today, regarding the Annual General Shareholders’ Meeting to be held on April 24, 2015, shareholders are informed of the following for the Meeting´s agenda: ANNUAL GENERAL SHAREHOLDERS’ MEETING I.- Presentation and if the case, approval of the reports referred in section IV, Article 28 of the Securities Market Law, corresponding to the year ended December 31, 2014. First.- It is submitted to the Assembly’s consideration, with prior opinion by the Board of Directors, to approve the Chief Executive Officer’s Annual Report prepared according to Article 44, Section XI of the Securities Market Law, which contains among other things, the balance sheet, the income statement, the statement of changes in the stockholders’ equity and the statement of changes in the Company’s cash flow as of December 31, 2014.1 Second.- It is submitted to the Assembly’s consideration to approve the Board of Directors’ Annual Report, in which the main policies and accounting information and criteria are declared and explained, followed by the financial information as of December 31, 2014, in accordance with Article 172, paragraph b) of the “Ley General de Sociedades Mercantiles” (General Corporate’s Law). Third.- It is proposed to approve the Annual Report regarding operations and activities in which the Board of Directors was involved. Fourth.- It is proposed to approve the Annual Report regarding the activities of the Audit and Corporate Practices Committee. Fifth.- It is proposed to approve each and every one of the operations carried out by the Company during the year ended December 31, 2014 and to ratify the Minutes elaborated by the Board of Directors, the Chief Executive Officer and the Audit and Corporate Practices Committee during the same period.
    [Show full text]
  • Grupo Financiero Banorte, S.A.B. De C.V
    GRUPO FINANCIERO BANORTE, S.A.B. DE C.V. Monterrey, N.L., as of March 22nd, 2016. With respect to the First Notice published today calling to the Annual General Shareholders’ Meeting to be held on April 22nd, 2016, shareholders are informed of the following for the Meeting´s agenda: ANNUAL GENERAL SHAREHOLDERS’ MEETING I. Presentation and if the case, approval of the reports referred in section IV, Article 28 of the Securities Market Law, corresponding to the year ended December 31st, 2015. First.- It is submitted to the Assembly’s consideration, with prior opinion by the Board of Directors, to approve the Chief Executive Officer’s Annual Report prepared according to Article 44, Section XI of the Securities Market Law (Ley del Mercado de Valores) and Article 59, Section X of the Law Regulating Financial Groups (Ley para Regular las Agrupaciones Financieras), which contains among other things, the balance sheet, the income statement, the statement of changes in the stockholders’ equity and the statement of changes in the Company’s cash flow as of December 31st, 2015.1 Second.- It is submitted to the Assembly’s consideration to approve the Board of Directors’ Annual Report, in which the main policies and accounting information and criteria are declared and explained, followed by the financial information as of December 31st, 2015, in accordance with Article 172, paragraph b) of the General Corporate’s Law (Ley General de Sociedades Mercantiles). Third.- It is proposed to approve the Annual Report regarding operations and activities in which the Board of Directors was involved. Fourth.- It is proposed to approve the Annual Report regarding the activities of the Audit and Corporate Practices Committee.
    [Show full text]
  • Report Name: Retail Foods
    Required Report: Required - Public Distribution Date: July 01, 2021 Report Number: MX2021-0038 Report Name: Retail Foods Country: Mexico Post: Mexico City ATO Report Category: Retail Foods Prepared By: Fabiola Cortez Approved By: Gene Kim Report Highlights: In 2020, Mexico’s dynamic retail sector delivered a breakout year for retailer and consumer adoption of digital platforms in response to economic and public health challenges due to the COVID-19 pandemic. Retailers adapted to consumer preferences by pursuing an omnichannel marketing strategy serving customers at multiple Points of Sale and price points. Today Mexico's retailers offer integrated in-store and mobile app-based promotions, innovative store formats in convenient locations, and expanded offerings of versatile, value-oriented, and healthy product choices. According to U.S. Department of Agriculture data, Mexico is the United States’ second-largest export market for food and agricultural products following Canada. Due to an uneven economic recovery and an ongoing public health situation, market conditions remain uncertain in Mexico’s retail sector for the remainder of 2021. THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Market Fact Sheet Mexico Executive Summary Quick Facts Mexico is the second-largest U.S. trading Imports of Consumer Products 2020 (INEGI): partner for goods and services. In 2020, U.S. $45.1 Billion exports of agricultural and related products to Mexico totaled $18.9 billion, a slight increase of Mexico´s most imported agriculture products (2019): 1.6 percent in comparison to 2019 despite 1.
    [Show full text]
  • La Comer, S. A. B. De C. V
    LA COMER, S. A. B. DE C. V. Av. Revolución #780 Módulo 2 Colonia San Juan México, CDMX, México Título por clase Nombre de la Bolsa en donde se encuentra inscrito Series B Acciones sin valor nominal ("Acciones B") Bolsa Mexicana de Valores Series C Acciones sin valor nominal ("Acciones C") Bolsa Mexicana de Valores Unidades B, integrada por 4 acciones Serie B Bolsa Mexicana de Valores Unidades BC, integrada por 3 acciones Serie B y una acción de la Serie C Bolsa Mexicana de Valores El número de acciones en circulación por cada una de las diferentes clases de capital social al 31 de diciembre de 2016 fue: 3,884,775,944 Acciones B 459,224,056 Acciones C Clave de cotización: LACOMER Mediante oficio número 3517-1.00-2015-001 de fecha 4 de ENERO de 2016, se autorizó la inscripción en la Sección de Valores del RNVI de las acciones Series "B" y "C", representativas del capital social de la Compañía. La inscripción en el Registro Nacional de Valores no implica certificación sobre la bondad del valor o la solvencia del Emisor. Reporte Anual que se presenta de acuerdo con las disposiciones de carácter general aplicable a las emisoras de valores y a otros participantes del mercado 31 de diciembre de 2016 1 ÍNDICE Pág. I. INFORMACIÓN GENERAL 1. Glosario de términos y definiciones 3 2. Resumen ejecutivo 5 3. Factores de riesgo 8 4. Otros valores inscritos en el RNVI 16 5. Cambios significativos a los derechos de valores inscritos en el RNVI 16 6. Destino de los fondos 16 7.
    [Show full text]
  • BUILDING WORKER-TO-WORKER SOLIDARITY Report by David Bacon 2016
    BUILDING WORKER-TO-WORKER SOLIDARITY Report by David Bacon 2016 1 Table of Contents BUILDING WORKER-TO-WORKER SOLIDARITY Report by David Bacon Introduction..........................................................................................................................................................................1 Defending Miners in Cananea and Residents of the Towns Along the Rio Sonora.....................................................2 Facing Bullets and Prison, Mexican Teachers Stand Up to Education Reforms.........................................................7 Farm Workers Are in Motion from Washington State to Baja California...................................................................11 El Super Workers Fight for Justice in Stores in Both Mexico and the U.S....................................................................16 The CFO Promotes Cross-Border Links to Build Solidarity and Understand Globalization from the Bottom Up..18 Rosa Luxemburg Stiftung—New York Office Address: 275 Madison Avenue, Suite 2114, New York, NY 10016; www.rosalux- nyc.org Institute for Transnational Social Change (ITSC) at the UCLA Labor Center Address: Ueberroth Building, 10945 Le Conte Ave, Los Angeles, CA 90024 New York and Los Angeles, September 2016 INTRODUCTION learn about the truly remarkable campaigns undertaken by workers at the local level facing global companies, but also to highlight the fact that international workers alliances can As part of the UCLA Labor Center’s Global Soli- play a key role in their support. The report describes and darity project, the Institute for Transnational Social Change analyzes the political and economic context in which these (ITSC) provides academic resources and a unique strate- struggles are taking place, and contains as well the analysis gic space for discussion to transnational leaders and their of the Comité Fronterizo de Obreras of the importance of organizations involved in cross-border labor, worker and cross border solidarity and its relation to labor rights under immigrant rights action.
    [Show full text]