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Mexican (IPC) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies121
  • 7D-0.7%
  • 3M5.1%
  • 1Y25.7%
  • YTD9.3%

In the last week, the market has been flat, with a notable exception in the Communication Services sector dropping 3.1%. As for the longer term, the market has risen 26% in the past 12 months. Earnings are forecast to grow by 10% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Apr 2026Mex$10.8tMex$7.6tMex$679.1b12.8x15.9x1.4x
Wed, 18 Mar 2026Mex$10.3tMex$7.7tMex$671.8b13x15.4x1.3x
Fri, 13 Feb 2026Mex$10.8tMex$7.6tMex$659.6b12.9x16.4x1.4x
Sun, 11 Jan 2026Mex$10.3tMex$7.7tMex$663.1b13.5x15.5x1.3x
Tue, 09 Dec 2025Mex$10.1tMex$8.0tMex$659.4b12.7x15.4x1.3x
Thu, 06 Nov 2025Mex$10.1tMex$8.0tMex$653.7b12.3x15.4x1.3x
Sat, 04 Oct 2025Mex$9.9tMex$7.9tMex$615.3b11.9x16.1x1.3x
Mon, 01 Sep 2025Mex$9.4tMex$7.8tMex$617.2b12.1x15.2x1.2x
Wed, 30 Jul 2025Mex$9.3tMex$7.7tMex$609.1b12x15.3x1.2x
Fri, 27 Jun 2025Mex$9.3tMex$7.6tMex$601.4b12.2x15.5x1.2x
Sun, 25 May 2025Mex$9.3tMex$7.6tMex$589.7b12.4x15.7x1.2x
Tue, 22 Apr 2025Mex$8.9tMex$7.5tMex$605.5b11.1x14.6x1.2x
Thu, 20 Mar 2025Mex$8.7tMex$7.6tMex$595.8b10.9x14.6x1.2x
Sat, 15 Feb 2025Mex$9.0tMex$7.6tMex$617.3b11.6x14.6x1.2x
Mon, 13 Jan 2025Mex$8.5tMex$7.6tMex$606.6b11.2x14x1.1x
Wed, 11 Dec 2024Mex$8.8tMex$7.5tMex$602.4b11.8x14.6x1.2x
Fri, 08 Nov 2024Mex$8.7tMex$7.4tMex$594.6b11.7x14.6x1.2x
Sun, 06 Oct 2024Mex$9.1tMex$7.3tMex$587.8b12.2x15.5x1.2x
Tue, 03 Sep 2024Mex$9.1tMex$7.4tMex$590.8b11.8x15.4x1.2x
Thu, 01 Aug 2024Mex$9.1tMex$7.3tMex$582.5b12.2x15.6x1.3x
Sat, 29 Jun 2024Mex$9.0tMex$7.1tMex$583.3b13x15.4x1.3x
Mon, 27 May 2024Mex$9.3tMex$7.0tMex$566.4b13.5x16.4x1.3x
Wed, 24 Apr 2024Mex$9.4tMex$7.1tMex$575.3b13.4x16.4x1.3x
Fri, 22 Mar 2024Mex$9.6tMex$7.1tMex$585.0b13.4x16.5x1.4x
Sun, 18 Feb 2024Mex$9.5tMex$7.3tMex$619.1b13.5x15.4x1.3x
Tue, 16 Jan 2024Mex$9.6tMex$7.4tMex$655.9b12.9x14.7x1.3x
Thu, 14 Dec 2023Mex$9.4tMex$7.4tMex$657.9b12.3x14.3x1.3x
Sat, 11 Nov 2023Mex$8.8tMex$7.4tMex$657.4b11.9x13.4x1.2x
Mon, 09 Oct 2023Mex$8.8tMex$7.5tMex$665.8b12.5x13.2x1.2x
Wed, 06 Sep 2023Mex$9.2tMex$7.5tMex$659.5b13x14x1.2x
Fri, 04 Aug 2023Mex$9.3tMex$7.5tMex$661.2b13.3x14x1.2x
Sun, 02 Jul 2023Mex$9.2tMex$7.3tMex$638.3b13.1x14.5x1.3x
Tue, 30 May 2023Mex$9.3tMex$7.3tMex$639.0b13.3x14.5x1.3x
Thu, 27 Apr 2023Mex$9.4tMex$7.3tMex$664.2b12.4x14.2x1.3x
Price to Earnings Ratio

14.2x


Total Market Cap: Mex$9.4tTotal Earnings: Mex$664.2bTotal Revenue: Mex$7.3tTotal 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 Market-0.72%
Real Estate2.38%
Materials2.19%
Healthcare0.37%
Consumer Discretionary0.18%
Utilities-0.39%
Industrials-1.01%
Financials-1.46%
Energy-1.63%
Consumer Staples-2.27%
Telecom-3.06%
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$210.751.6%
+Mex$26.6b		110.9%PE18.8xMaterials
PE&OLES * Industrias Peñoles. deMex$1.01k5.2%
+Mex$19.7b		131.3%PE16.9xMaterials
GAP B Grupo Aeroportuario del Pacífico. deMex$435.827.1%
+Mex$14.6b		15.4%PE23xIndustrials
FUNO 11 Fibra UNOMex$31.735.9%
+Mex$6.8b		30.1%PB0.6xReal Estate
Q * Quálitas Controladora. deMex$179.157.9%
+Mex$5.2b		-0.2%PE13.9xFinancials
See more

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Latest News

GAP B
Mex$435.82
Grupo Aeroportuario del Pacífico. de
7D
7.1%
1Y
15.4%
LIVEPOL C-1
Mex$110.01
El Puerto de Liverpool. de
7D
3.6%
1Y
18.4%
GMEXICO B
Mex$210.75
Grupo México. de
7D
1.6%
1Y
110.9%

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.
CHDRAUI B
Mex$100.97
Grupo Comercial Chedraui. de
7D
-3.6%
1Y
-17.0%

Investors Can Find Comfort In Grupo Comercial Chedraui. de's (BMV:CHDRAUIB) Earnings Quality

Apr 16
Investors Can Find Comfort In Grupo Comercial Chedraui. de's (BMV:CHDRAUIB) Earnings Quality
GFNORTE O
Mex$195.11
Grupo Financiero Banorte. de
7D
-0.6%
1Y
29.6%

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.
GENTERA *
Mex$46.41
Gentera. de
7D
-9.6%
1Y
49.4%
GCARSO A1
Mex$143.76
Grupo Carso. de
7D
-3.6%
1Y
11.1%

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.
TLEVISA CPO
Mex$11.34
Grupo Televisa
7D
11.8%
1Y
57.7%
Q *
Mex$179.15
Quálitas Controladora. de
7D
7.9%
1Y
-0.2%
AMX B
Mex$22.74
América Móvil. de
7D
-1.4%
1Y
42.8%

AMX B: Future Returns Will Rely On Margins P/E And Dividend Proposal

Analysts have adjusted their MX$ price target for América Móvil to MX$23.00. This reflects updated views on fair value, projected revenue growth, profit margin expectations and a slightly higher assumed future P/E multiple.
PE&OLES *
Mex$1,010.15
Industrias Peñoles. de
7D
5.2%
1Y
131.3%
CEMEX CPO
Mex$20.79
CEMEX. de
7D
1.1%
1Y
99.7%

CEMEX CPO: Share Repurchases Will Support Higher Future Earnings Multiple

The analyst price target for CEMEX. de has edged down from MX$24.88 to MX$24.48 as analysts factor in slightly higher discount rates and modest adjustments to long term revenue growth and future P/E assumptions, partly offset by a marginally stronger profit margin outlook.
FUNO 11
Mex$31.73
Fibra UNO
7D
5.9%
1Y
30.1%

FUNO 11: Higher Modeled P E And Dividend Support Future Repricing

Analysts raised the Fibra UNO fair value estimate to MX$42.00 from MX$40.00, reflecting slightly higher modeled revenue growth, a small adjustment to the discount rate, and a higher future P/E assumption following recent Street research that included a MX$3 Fibra UNO price target increase at Barclays. Analyst Commentary Recent Street research on Fibra UNO has been limited, but the latest action is constructive for investors watching valuation signals.
AC *
Mex$203.88
Arca Continental. de
7D
-4.0%
1Y
-5.0%

AC *: Fair Value View Balances Mixed Rating Shifts With Execution Risk

Analysts have nudged the fair value estimate for Arca Continental up by MX$1.5 to MX$229.5. This reflects a balance between recent mixed price target revisions and slightly adjusted assumptions for revenue growth, profit margins, and forward P/E. Analyst Commentary Recent research on Arca Continental points to a mixed but measured stance, with some analysts trimming targets and others taking a more constructive view.
VISTA A
Mex$1,127.27
Vista Energy. de
7D
-2.5%
1Y
27.6%
WALMEX *
Mex$56.23
Wal-Mart de México. de
7D
-3.6%
1Y
-7.5%

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