Walmex (WALMEX.MX)：模型更新

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14 Aug 2026 14:07:35 ET │ 11 pages

Walmex (WALMEX.MX)

Model Update

CITI'S TAKE

We are updating our estimates post 2Q26 earnings. We are slightly

adjusting our 2026 EPS estimate to P$2.91 and our 2027 EPS estimate to

P$3.06, reflecting lower operating assumptions. We are maintaining our

Buy rating and TP at P$60.

Buy

Price (13 Aug 26 14:00)

P$47.12

Target price

P$60.00

Expected share price return

27.3%

Expected dividend yield

3.8%

Expected total return

31.1%

Market Cap

P$809,199M

US$47,518M

Renata CabralAC

Estimates

Sales (P$M)

EBITDA adj (P$M)

EBITDA margin adj (%)

Net income (P$M)

EPS (P$)

Valuation

EV/EBITDA adj

PE

FCF (%)

2025A

2026E

2027E

2028E

1,011,598 1,043,319 1,096,664 1,169,431

103,447 103,891

109,113

116,187

10.2

10.0

9.9

49,890

50,131

52,670

56,947

2.89

2.91

3.06

3.31

8.3

16.3

4.0

8.3

16.2

5.5

8.0

15.4

6.0

Q126A

Q226A Q326E Q426E

245,018 250,948 251,881 295,472

24,979

23,641 25,685 29,586

10.2

9.4

10.2

10.0

12,500

11,153

12,181 14,297

0.72

0.65

0.71

0.83

2025A 2026E

Ratios

7.5 ROE adj (%)

21.3

14.2 ROIC adj (%)

20.1

19.4

6.5 Debt to Capital (%)

25.6

26.3

Source: Company Reports and dataCentral, Citi Research.