Sigma Foods SAB DE CV: Scaling into the Protein Boom – Initiate OW

研报英文原文证据摘录

Sigma Foods SAB DE CV: Scaling into the Protein Boom – Initiate OW

Equity Research

Mexico Consumer

24 June 2026

Sigma Foods SAB DE CV

Scaling into the Protein Boom –

Initiate OW Initiating Coverage

We initiate coverage on Sigma Foods (BMV: SIGMAFA.MX) with SIGMAFA.MX/SIGMAFA MF OVERWEIGHT

an OW rating and a P$21 price target. We see upside from the from Not Rated

company's ability to drive sales and a better mix from higher Mexico Consumer UnchangedNEUTRAL

global protein demand, especially as capacity projects in the Price Target MXN 21.00

US and Mexico come online, combined with EU recovery. from N/A

Price (22-Jun-26) MXN 15.64

Potential Upside/Downside +34.3%

Main Drivers of Our OW Rating: Our rating is supported by a favorable outlook for packaged Source: Bloomberg, Barclays Research

meats and dairy, alongside Sigma’s strategy to expand market share and enhance operational

efficiency. Strong and growing demand for protein, particularly in packaged meats, positions Market Cap (MXN mn) 86935

Sigma to benefit given its broad price portfolio and exposure to both meat and dairy proteins, Shares Outstanding (mn) 5558.54

supporting growth across key markets such as Mexico. Increased expansion capex and a Free Float (%) 100.00

strategic shift toward value-added, protein-focused products are expected to drive volume 52 Wk Avg Daily Volume (mn) 9.2

growth, improve margins, and generate sustainable free cash flow to fund further expansion. Dividend Yield (%) 2.99

For 2026, our estimates are at the midpoint of guidance. Our DCF-based P$21 price target Return on Equity TTM (%) 53.45

assumes stable LSD pricing and volume gains, suggesting the stock is currently trading at a Current BVPS (MXN) 2.72

discount. Source: Bloomberg