Alpek SAB de CV: Meeting with the new CFO; short-term focus remains on capital structure

研报英文原文证据摘录

Alpek SAB de CV: Meeting with the new CFO; short-term focus remains on capital structure

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range. This includes stronger PET integrated margins, firmer PP spreads, higher freight Price 11.83 MXN

rates, and solid volume trends. Notably, we have already incorporated some of these Price Objective 15.50 MXN

higher-than-guidance figures into our model and our 2026 EBITDA forecast stands at Date Established 25-May-2026

US$788mn. In this context, we believe that Alpek could deliver FCFE of ~US$160mn this Investment Opinion B-1-8

year, implying an attractive 11% yield, partially offset by a WK consumption amid higher 52-Week Range 8.05 MXN - 13.00 MXN

vols and more expensive feedstock. In this scenario, leverage reaches ~2.0x by year-end Mrkt Val (mn) / Shares Out 24,850 MXN / 2,100.6

(excl. divestments). According to the CFO, engagement with rating agencies is ongoing, (mn)

with mgmt. focused on improving credit perception from “negative” to “stable,” Free Float 100.0%

prioritizing consistency and transparency in execution. Average Daily Value (mn) 3.42 USD

BofA Ticker / Exchange ALPKF / MEX

Capital allocation: reducing leverage is the primary focus Bloomberg / Reuters ALPEKA MM / ALPEKA.MX

The CFO also emphasized disciplined capital allocation and balance sheet repair as top ROE (2026E) 10.6%

priorities. Reducing leverage is the primary focus, while capital expenditures will remain Net Dbt to Eqty (Dec-2025A) 107.4%

controlled, with no large-scale projects planned. Asset divestments are progressing in

phases, targeting US$30–50 million in initial proceeds (with early execution already

achieved in 2Q), followed by additional disposals in Mexico and the US, and a longer-

term monetization of a high-value Monterrey land asset potentially worth US$100–150 WK: working capital