Fibra Monterrey Resetting Estimates; Industrial Pivot on Track with Deployment in Focus –Reiterate N

研报英文原文证据摘录

Fibra Monterrey Resetting Estimates; Industrial Pivot on Track with Deployment in Focus –Reiterate N

Adrian E Huerta AC Latin America Equity Research

(52-81) 8152-8720 22 May 2026 J P M O R G A N

adrian.huerta@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

• Strategic Positioning: Fibra Monterrey is well positioned

to capitalize on the nearshoring trend, with significant

exposure to Northern Mexico that offers reduced

transportation costs and delivery times, boosting operational

efficiency and responsiveness to market demands.

• Capital Allocation: Strong track record of capital

allocation, acquiring properties at an average cap rate of

8.3% compared with its historical 7.0% WACC, supports

value creation potential.

YTD 1m 3m 12m

Abs -4.1% -8.0% -4.0% - • Corporate Governance: Unparalleled corporate Rel -10.4% -7.4% 0.3% -

governance model, characterized by the absence of a

Company Data controlling group and an internally managed structure,

Shares O/S (mn) 3,084 provides shareholders with greater operating leverage

52-week range (Ps) 16.28-11.99 relative to peers.

Market cap ($ mn) 2,621.78

Exchange rate 17.31 • Valuation: Fibra Monterrey trades at a 2026e EV/EBITDA

Free float (%) 100.0% of 17x, P/FFO of 16x, P/NAV of 1.2x, and a dividend yield

3M ADV (mn) 5.98

3M ADV ($ mn) 5.1 of 6%, largely in line with the current benchmark rate—

Volatility (90 Day) 24 relevant considering Mexico has ended its easing cycle.

Index MEXBOL

BBG ANR (Buy | Hold | Sell) 7|4|0 Valuation

Key Metrics (FYE Dec) Our price target is derived from an average of JPMe NAV

calculation for the company’s assets and the NPV of our

Ps in millions FY25A FY26E FY27E FY28E

Financial Estimates projected AFFO. Our assumptions consider a cost of equity of