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Mexican (IPC) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies121
  • 7D0.7%
  • 3M5.3%
  • 1Y23.5%
  • YTD9.6%

The market has been flat in the last week, however the Communication Services sector is down 3.1%. Meanwhile, the market is actually up 26% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Market Valuation and Performance

Has the Mexican Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026Mex$10.9tMex$7.6tMex$678.5b13.3x16x1.4x
Thu, 19 Mar 2026Mex$10.2tMex$7.7tMex$672.1b12.9x15.2x1.3x
Sat, 14 Feb 2026Mex$10.7tMex$7.6tMex$661.8b13x16.2x1.4x
Mon, 12 Jan 2026Mex$10.3tMex$7.7tMex$663.1b13.5x15.5x1.3x
Wed, 10 Dec 2025Mex$10.1tMex$7.9tMex$658.9b12.7x15.4x1.3x
Fri, 07 Nov 2025Mex$10.2tMex$8.0tMex$657.1b12x15.5x1.3x
Sun, 05 Oct 2025Mex$9.9tMex$7.9tMex$615.3b11.9x16.1x1.3x
Tue, 02 Sep 2025Mex$9.4tMex$7.8tMex$617.1b12.3x15.2x1.2x
Thu, 31 Jul 2025Mex$9.3tMex$7.7tMex$607.0b11.9x15.2x1.2x
Sat, 28 Jun 2025Mex$9.3tMex$7.6tMex$601.3b12.2x15.5x1.2x
Mon, 26 May 2025Mex$9.3tMex$7.6tMex$589.7b12.4x15.7x1.2x
Wed, 23 Apr 2025Mex$9.0tMex$7.5tMex$605.1b11.2x14.9x1.2x
Fri, 21 Mar 2025Mex$8.7tMex$7.6tMex$596.4b10.8x14.5x1.1x
Sun, 16 Feb 2025Mex$9.0tMex$7.6tMex$617.5b11.6x14.5x1.2x
Tue, 14 Jan 2025Mex$8.5tMex$7.6tMex$606.5b11.4x14x1.1x
Thu, 12 Dec 2024Mex$8.7tMex$7.5tMex$602.1b12x14.4x1.2x
Sat, 09 Nov 2024Mex$8.7tMex$7.4tMex$596.8b11.5x14.6x1.2x
Mon, 07 Oct 2024Mex$9.1tMex$7.3tMex$587.6b12.2x15.5x1.2x
Wed, 04 Sep 2024Mex$9.2tMex$7.4tMex$591.2b11.7x15.5x1.2x
Fri, 02 Aug 2024Mex$9.1tMex$7.3tMex$582.6b12x15.6x1.2x
Sun, 30 Jun 2024Mex$9.0tMex$7.1tMex$583.3b13x15.4x1.3x
Tue, 28 May 2024Mex$9.3tMex$7.0tMex$566.5b13.5x16.4x1.3x
Thu, 25 Apr 2024Mex$9.4tMex$7.1tMex$580.1b13.3x16.2x1.3x
Sat, 23 Mar 2024Mex$9.6tMex$7.1tMex$585.2b13.7x16.5x1.4x
Mon, 19 Feb 2024Mex$9.5tMex$7.3tMex$619.1b13.5x15.4x1.3x
Wed, 17 Jan 2024Mex$9.6tMex$7.4tMex$657.7b12.9x14.6x1.3x
Fri, 15 Dec 2023Mex$9.5tMex$7.4tMex$657.4b13x14.5x1.3x
Sun, 12 Nov 2023Mex$8.8tMex$7.4tMex$657.4b11.9x13.4x1.2x
Tue, 10 Oct 2023Mex$8.8tMex$7.5tMex$665.7b12.5x13.2x1.2x
Thu, 07 Sep 2023Mex$9.2tMex$7.5tMex$660.3b12.9x13.9x1.2x
Sat, 05 Aug 2023Mex$9.3tMex$7.5tMex$660.3b13.4x14x1.2x
Mon, 03 Jul 2023Mex$9.2tMex$7.3tMex$637.6b13.4x14.5x1.3x
Wed, 31 May 2023Mex$9.3tMex$7.3tMex$639.4b13.2x14.5x1.3x
Fri, 28 Apr 2023Mex$9.5tMex$7.2tMex$673.1b12.4x14.1x1.3x
Price to Earnings Ratio

14.1x


Total Market Cap: Mex$9.5tTotal Earnings: Mex$673.1bTotal Revenue: Mex$7.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 15x202420252026
Current Market PE
  • Investors are relatively neutral on the Mexican market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 15.0x.
Past Earnings Growth
  • Both revenue and earnings for Mexican listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Mexican Market?

MX Market0.73%
Healthcare5.61%
Materials2.50%
Energy1.90%
Real Estate1.58%
Financials1.51%
Telecom0.62%
Consumer Discretionary0.61%
Industrials0.27%
Utilities-0.05%
Consumer Staples-1.25%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 16.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 9.9% which is higher than its past year's earnings decline of 4.0% per year.
  • The Utilities sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Discretionary sector, expecting annual earnings growth of 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 24% per year.
  • In contrast, the Utilities sector is expected to see its earnings decline by 26% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
GMEXICO B Grupo México. deMex$211.122.3%
+Mex$36.7b		109.2%PE18.8xMaterials
PE&OLES * Industrias Peñoles. deMex$1.01k4.2%
+Mex$16.0b		135.7%PE16.9xMaterials
FEMSA UBD Fomento Económico Mexicano. deMex$202.522.0%
+Mex$13.7b		-2.7%PE38.6xConsumer Staples
GAP B Grupo Aeroportuario del Pacífico. deMex$431.486.7%
+Mex$13.6b		12.8%PE22.8xIndustrials
GFNORTE O Grupo Financiero Banorte. deMex$200.212.3%
+Mex$12.3b		27.3%PB2.2xFinancials
See more

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Latest News

CHDRAUI B
Mex$100.09
Grupo Comercial Chedraui. de
7D
-4.2%
1Y
-19.2%
GAP B
Mex$431.48
Grupo Aeroportuario del Pacífico. de
7D
6.7%
1Y
12.8%
FUNO 11
Mex$32.10
Fibra UNO
7D
4.9%
1Y
32.8%

FUNO 11: Refined P E And Dividend Timeline May Support Repricing

Analysts have nudged the Fibra UNO price target higher by MX$3 to MX$42, citing small refinements to the discount rate, revenue growth and future P/E assumptions, while keeping the overall fair value view essentially unchanged. Analyst Commentary The latest research on Fibra UNO points to a constructive tone, with the MX$3 price target adjustment to MX$42 framed as a refinement rather than a reset of the underlying view.
CEMEX CPO
Mex$20.76
CEMEX. de
7D
1.8%
1Y
92.4%

CEMEX CPO: Planned Buybacks Will Support Future Medium Term Repricing

Analysts now place CEMEX CPO's fair value at about MX$28.21 per share, compared with the prior MX$28.05. This reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions.
ASUR B
Mex$575.45
Grupo Aeroportuario del Sureste S. A. B. de C. V
7D
-2.2%
1Y
1.5%
GMEXICO B
Mex$211.12
Grupo México. de
7D
2.3%
1Y
109.2%

GMEXICO B: Rich P/E Multiples Will Strain Execution As Mixed Calls Persist

Analysts have lifted their MX$ fair value estimate for Grupo México from about MX$89.95 to roughly MX$97.88, citing updated expectations for revenue growth, higher profit margins, and a lower forward P/E multiple reflected in recent research, including target increases and rating changes from major firms. Analyst Commentary Recent Street research on Grupo México has been mixed, with upgrades and higher price targets from some large firms appearing alongside more cautious views.
ICH B
Mex$163.10
Industrias CH S. A. B. de C. V
7D
-1.7%
1Y
-6.7%
SITES1 A-1
Mex$16.10
Operadora de Sites Mexicanos. de
7D
-2.4%
1Y
-14.6%
GFNORTE O
Mex$200.21
Grupo Financiero Banorte. de
7D
2.3%
1Y
27.3%

GFNORTE O: Data Center Migration Will Support Stronger Forward Earnings Profile

Analysts now set their price target for Grupo Financiero Banorte at roughly MX$221.80 per share, a minor adjustment that reflects updated views on discount rates, revenue growth expectations, profit margins, and forward P/E assumptions. What's in the News Relocated its mainframe data center from Mexico City to Querétaro to reduce business risks linked to natural disasters and to reinforce its digital backbone (Key Developments) Upgraded core storage infrastructure with Hitachi Vantara Virtual Storage Platform systems to support higher performance in its mainframe environment (Key Developments) Implemented Hitachi Universal Replicator technology to enable data replication with zero reported data loss and minimal downtime during the migration (Key Developments) Valuation Changes Fair Value: updated from MX$221.67 to MX$221.80, representing a very small upward adjustment in the modeled share value.
FEMSA UBD
Mex$202.52
Fomento Económico Mexicano. de
7D
2.0%
1Y
-2.7%
GENTERA *
Mex$48.31
Gentera. de
7D
-1.4%
1Y
49.1%
GCARSO A1
Mex$143.75
Grupo Carso. de
7D
-4.3%
1Y
7.8%

GCARSO A1: Unchanged Fair Value Will Sustain Overvaluation Risk At Current Pricing

Analysts have maintained their MX$115.00 price target on Grupo Carso, making only slight adjustments to assumptions such as the discount rate, long term revenue growth, profit margin and future P/E to reflect updated views on the company’s risk profile and earnings potential. Valuation Changes Fair Value: MX$115.00 remains unchanged, indicating no adjustment to the central valuation estimate.
GCC *
Mex$209.81
GCC. de
7D
8.0%
1Y
22.8%
PE&OLES *
Mex$1,008.11
Industrias Peñoles. de
7D
4.2%
1Y
135.7%
CUERVO *
Mex$15.53
Becle. de
7D
-6.3%
1Y
-30.6%

CUERVO *: Cautious Consumer Backdrop Will Test Margins And Execution

Analysts have adjusted the fair value estimate for Becle to MX$17 from MX$19, reflecting lower assumed revenue growth and profit margins, along with a slightly higher future P/E multiple. This follows recent research that highlights a cautious view on the Mexican consumer and notes a reduced Street price target of MX$19.
WALMEX *
Mex$55.64
Wal-Mart de México. de
7D
-4.7%
1Y
-8.5%

Analysts Have Made A Financial Statement On Wal-Mart de México, S.A.B. de C.V.'s (BMV:WALMEX) Annual Report

Mar 29
Analysts Have Made A Financial Statement On Wal-Mart de México, S.A.B. de C.V.'s (BMV:WALMEX) Annual Report