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Mexican (IPC) Market Analysis & Valuation

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies125
  • 7D-1.7%
  • 3M3.2%
  • 1Y19.7%
  • YTD19.6%

Over the last 7 days, the market has dropped 1.7%, driven by losses in the Communication Services and Consumer Staples sectors of 4.9% and 2.0%, respectively. As for the longer term, the market has actually risen by 20% in the last year. As for the next few years, earnings are expected to grow by 12% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 20 Dec 2025Mex$10.1tMex$7.8tMex$658.6b13.1x15.3x1.3x
Mon, 17 Nov 2025Mex$10.1tMex$8.0tMex$659.8b12.1x15.2x1.3x
Wed, 15 Oct 2025Mex$9.8tMex$7.9tMex$624.2b11.6x15.7x1.2x
Fri, 12 Sep 2025Mex$9.7tMex$7.8tMex$615.2b12.2x15.7x1.2x
Sun, 10 Aug 2025Mex$9.3tMex$7.8tMex$617.5b11.9x15.1x1.2x
Tue, 08 Jul 2025Mex$9.3tMex$7.6tMex$600.0b12.3x15.4x1.2x
Thu, 05 Jun 2025Mex$9.2tMex$7.6tMex$590.4b12.4x15.6x1.2x
Sat, 03 May 2025Mex$9.1tMex$7.6tMex$605.7b11.5x15x1.2x
Mon, 31 Mar 2025Mex$8.6tMex$7.6tMex$609.5b10.6x14.2x1.1x
Wed, 26 Feb 2025Mex$8.9tMex$7.6tMex$626.8b12x14.3x1.2x
Fri, 24 Jan 2025Mex$8.7tMex$7.6tMex$611.9b11.3x14.2x1.1x
Sun, 22 Dec 2024Mex$8.5tMex$7.5tMex$610.0b11.7x14x1.1x
Tue, 19 Nov 2024Mex$8.5tMex$7.4tMex$602.5b11.6x14.1x1.1x
Thu, 17 Oct 2024Mex$9.1tMex$7.4tMex$595.5b11.9x15.3x1.2x
Sat, 14 Sep 2024Mex$9.1tMex$7.3tMex$587.5b11.7x15.4x1.2x
Mon, 12 Aug 2024Mex$9.1tMex$7.3tMex$585.7b11.4x15.5x1.2x
Wed, 10 Jul 2024Mex$9.1tMex$7.1tMex$582.4b12.6x15.6x1.3x
Fri, 07 Jun 2024Mex$9.1tMex$7.1tMex$573.5b13.1x15.9x1.3x
Sun, 05 May 2024Mex$9.4tMex$7.1tMex$569.0b13.2x16.5x1.3x
Tue, 02 Apr 2024Mex$9.6tMex$7.1tMex$581.0b13.8x16.5x1.4x
Thu, 29 Feb 2024Mex$9.6tMex$7.2tMex$583.5b13.6x16.5x1.3x
Sat, 27 Jan 2024Mex$9.6tMex$7.4tMex$662.2b12.9x14.6x1.3x
Mon, 25 Dec 2023Mex$9.8tMex$7.4tMex$656.4b13.2x15x1.3x
Wed, 22 Nov 2023Mex$9.0tMex$7.4tMex$656.4b11.7x13.7x1.2x
Fri, 20 Oct 2023Mex$8.7tMex$7.5tMex$672.2b12.2x12.9x1.2x
Sun, 17 Sep 2023Mex$9.0tMex$7.4tMex$659.0b12.7x13.7x1.2x
Tue, 15 Aug 2023Mex$9.2tMex$7.4tMex$654.6b13.2x14.1x1.2x
Thu, 13 Jul 2023Mex$9.3tMex$7.3tMex$635.1b13.5x14.7x1.3x
Sat, 10 Jun 2023Mex$9.3tMex$7.3tMex$638.1b13.4x14.6x1.3x
Mon, 08 May 2023Mex$9.5tMex$7.4tMex$668.3b13.2x14.2x1.3x
Wed, 05 Apr 2023Mex$9.5tMex$7.2tMex$661.3b12x14.4x1.3x
Fri, 03 Mar 2023Mex$9.4tMex$7.4tMex$683.2b11.3x13.7x1.3x
Sun, 29 Jan 2023Mex$9.7tMex$7.2tMex$663.8b12x14.6x1.3x
Tue, 27 Dec 2022Mex$9.0tMex$7.3tMex$649.3b11.7x13.9x1.2x
Price to Earnings Ratio

13.9x


Total Market Cap: Mex$9.0tTotal Earnings: Mex$649.3bTotal Revenue: Mex$7.3tTotal Market Cap vs Earnings and Revenue0%0%0%
Mexican Market Price to Earnings3Y Average 14.9x202320242025
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 14.9x.
Past Earnings Growth
  • The earnings for Mexican listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Mexican Market?

MX Market-1.73%
Consumer Discretionary1.70%
Utilities0.46%
Industrials0.46%
Real Estate0.33%
Materials-1.54%
Financials-1.71%
Consumer Staples-1.98%
Healthcare-2.70%
Energy-4.88%
Telecom-4.88%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 9.5% which is higher than its past year's earnings decline of 8.1% 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 19% over the next 5 years.
  • This is better than its past earnings growth rate of 15% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
PE&OLES * Industrias Peñoles. deMex$869.998.4%
+Mex$26.8b		209.1%PE20.9xMaterials
SORIANA B Organización Soriana S. A. B. de C. VMex$39.1624.7%
+Mex$14.0b		32.2%PE18.3xConsumer Staples
CEMEX CPO CEMEX. deMex$20.964.2%
+Mex$12.3b		85.5%PE18.5xMaterials
GAP B Grupo Aeroportuario del Pacífico. deMex$483.813.5%
+Mex$8.2b		33.1%PE24.6xIndustrials
FIBRAPL 14 FIBRA PrologisMex$75.453.2%
+Mex$3.7b		27.3%PB0.9xReal Estate
See more

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VOLAR A
Mex$16.99
Controladora Vuela Compañía de Aviación. de
7D
20.7%
1Y
6.7%
GFNORTE O
Mex$168.91
Grupo Financiero Banorte. de
7D
-3.5%
1Y
23.0%

GFNORTE O Net Profitability And Remittance Expansion Will Support Future Upside

Analysts have nudged their price target on Grupo Financiero Banorte slightly lower, from MXN 199.75 to MXN 199.50, citing a more neutral stance following recent reassessments of the bank's risk and return profile. Analyst Commentary Recent research updates reflect a more balanced view on Grupo Financiero Banorte, with analysts recalibrating expectations for both upside potential and key execution risks.
CEMEX CPO
Mex$20.96
CEMEX. de
7D
4.2%
1Y
85.5%
SORIANA B
Mex$39.16
Organización Soriana S. A. B. de C. V
7D
24.7%
1Y
32.2%
AMX B
Mex$18.23
América Móvil. de
7D
-5.5%
1Y
27.0%

AMX B Future Returns Will Benefit From Higher Earnings Multiple Despite Margin Pressure

Analysts have nudged their price target on América Móvil higher from $21.48 to $21.73, citing slightly richer future earnings multiples, despite marginal trims to long term revenue growth and profit margin assumptions. Valuation Changes The fair value estimate has risen slightly from MX$21.48 to MX$21.73 per share, implying a modest uplift in intrinsic value.
GMEXICO B
Mex$164.63
Grupo México. de
7D
-4.6%
1Y
65.8%

GMEXICO B Will Face Pressure From Project Delays Despite Higher Copper Prices

The analyst price target for Grupo México has been raised to approximately MXN 83 from about MXN 76, as analysts factor in higher long term copper and precious metal price assumptions, along with improved revenue growth expectations, despite a more conservative profit margin outlook. Analyst Commentary Recent Street research on Grupo México reflects a more balanced, and in some cases cautious, reassessment of the company’s risk reward profile.
FEMSA UBD
Mex$179.56
Fomento Económico Mexicano. de
7D
-3.2%
1Y
2.7%

FEMSA UBD Leadership Transition Will Shape Modest Long-Term Earnings Outlook

Analysts have modestly raised their price target on Fomento Económico Mexicano, de from $185.00 to $188.00. This reflects slightly higher long term valuation multiples, despite tempering assumptions for revenue growth and profit margins and applying a marginally higher discount rate.
GMXT *
Mex$33.22
GMéxico Transportes. de
7D
2.2%
1Y
5.0%

GMXT * Tender Offer Will Support Improved Profitability And Narrow Discount

Analysts raised their price target on GMéxico Transportes slightly, with fair value edging up from about $58.95 to $59.54. They cited improved profitability assumptions following the recent tender offer, even as they moderate near term revenue growth and valuation multiples.
FIBRAPL 14
Mex$75.45
FIBRA Prologis
7D
3.2%
1Y
27.3%

FIBRAPL 14: Future Logistics Acquisitions And Distributions Will Shape Performance Outlook

Analysts have modestly raised their price target on FIBRA Prologis to approximately $79.87 from about $79.60, reflecting slightly higher expected profitability and a marginally richer future earnings multiple, even though the outlook for revenue growth and the discount rate remain nearly unchanged. What's in the News Acquired three fully leased logistics buildings in Monterrey, Toluca, and Ciudad Juarez for USD 67.1 million, expanding its industrial footprint in key Mexican markets (Key Developments) Announced a quarterly cash distribution of MXN 0.6914 per CBFI, payable on December 11, 2025, with ex dividend and record date on December 10, 2025 (Key Developments) Called a special or extraordinary shareholders meeting for October 13, 2025, to be held at the company offices on Paseo de la Reforma in Mexico City (Key Developments) Valuation Changes Fair Value Estimate has risen slightly to about $79.87 from roughly $79.60 per CBFI, implying a modest upward revision in intrinsic valuation.
GCARSO A1
Mex$116.03
Grupo Carso. de
7D
-4.2%
1Y
4.8%
PE&OLES *
Mex$869.99
Industrias Peñoles. de
7D
8.4%
1Y
209.1%

Industrias Peñoles, S.A.B. de C.V. (BMV:PE&OLES) Could Be Riskier Than It Looks

Dec 10
Industrias Peñoles, S.A.B. de C.V. (BMV:PE&OLES) Could Be Riskier Than It Looks
WALMEX *
Mex$56.61
Wal-Mart de México. de
7D
-4.5%
1Y
-1.3%

Wal-Mart de México. de (BMV:WALMEX) Is Aiming To Keep Up Its Impressive Returns

Dec 09
Wal-Mart de México. de (BMV:WALMEX) Is Aiming To Keep Up Its Impressive Returns
GAP B
Mex$483.81
Grupo Aeroportuario del Pacífico. de
7D
3.5%
1Y
33.1%

GAP B Will Benefit From Resilient Traffic And Lower Perceived Risk

Analysts have trimmed their price target for Grupo Aeroportuario del Pacífico to approximately $465 from about $476. This reflects expectations for more moderate revenue growth and valuation multiples, partially offset by improved profitability and a lower perceived risk profile.
LIVEPOL C-1
Mex$103.35
El Puerto de Liverpool. de
7D
2.4%
1Y
2.7%

An Intrinsic Calculation For El Puerto de Liverpool, S.A.B. de C.V. (BMV:LIVEPOLC-1) Suggests It's 42% Undervalued

Nov 28
An Intrinsic Calculation For El Puerto de Liverpool, S.A.B. de C.V. (BMV:LIVEPOLC-1) Suggests It's 42% Undervalued
VISTA A
Mex$831.17
Vista Energy. de
7D
-7.3%
1Y
-22.5%
GFINBUR O
Mex$42.90
Grupo Financiero Inbursa. de
7D
-2.1%
1Y
-2.6%