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Mexican (IPC) Market Analysis & Valuation

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies122
  • 7D-2.1%
  • 3M5.2%
  • 1Y25.7%
  • YTD4.5%

Over the last 7 days, the market has dropped 2.1%, driven by a decline of 4.8% in the Materials sector. As for the longer term, the market has actually risen by 26% in the last year. Looking forward, earnings are forecast to grow by 11% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026Mex$10.4tMex$7.7tMex$670.7b13.4x15.5x1.4x
Fri, 06 Feb 2026Mex$10.5tMex$7.6tMex$656.1b13x16x1.4x
Sun, 04 Jan 2026Mex$10.1tMex$7.7tMex$662.6b13.5x15.2x1.3x
Tue, 02 Dec 2025Mex$10.2tMex$8.0tMex$659.8b12.9x15.5x1.3x
Thu, 30 Oct 2025Mex$10.2tMex$8.0tMex$650.1b11.8x15.8x1.3x
Sat, 27 Sep 2025Mex$9.9tMex$7.9tMex$613.9b12.2x16.1x1.3x
Mon, 25 Aug 2025Mex$9.5tMex$7.8tMex$616.8b12.1x15.4x1.2x
Wed, 23 Jul 2025Mex$9.0tMex$7.6tMex$597.4b12x15x1.2x
Fri, 20 Jun 2025Mex$9.0tMex$7.6tMex$592.2b11.6x15.2x1.2x
Sun, 18 May 2025Mex$9.2tMex$7.6tMex$591.4b12x15.6x1.2x
Tue, 15 Apr 2025Mex$8.6tMex$7.6tMex$609.4b10.6x14.2x1.1x
Thu, 13 Mar 2025Mex$8.5tMex$7.6tMex$597.3b11x14.3x1.1x
Sat, 08 Feb 2025Mex$8.8tMex$7.2tMex$608.2b11.6x14.4x1.2x
Mon, 06 Jan 2025Mex$8.4tMex$7.6tMex$613.4b11.7x13.7x1.1x
Wed, 04 Dec 2024Mex$8.6tMex$7.5tMex$603.4b12.3x14.2x1.1x
Fri, 01 Nov 2024Mex$8.7tMex$7.4tMex$605.9b11.6x14.4x1.2x
Sun, 29 Sep 2024Mex$9.1tMex$7.4tMex$590.3b12x15.5x1.2x
Tue, 27 Aug 2024Mex$9.2tMex$7.4tMex$589.3b11.6x15.6x1.2x
Thu, 25 Jul 2024Mex$9.2tMex$7.2tMex$568.7b12.5x16.1x1.3x
Sat, 22 Jun 2024Mex$9.1tMex$7.1tMex$582.5b12.9x15.6x1.3x
Mon, 20 May 2024Mex$9.6tMex$7.0tMex$560.5b13.8x17.1x1.4x
Wed, 17 Apr 2024Mex$9.3tMex$7.1tMex$582.6b12.9x16x1.3x
Fri, 15 Mar 2024Mex$9.6tMex$7.1tMex$584.7b13.3x16.4x1.3x
Sun, 11 Feb 2024Mex$9.6tMex$7.4tMex$626.9b13.8x15.3x1.3x
Tue, 09 Jan 2024Mex$9.7tMex$7.4tMex$655.6b13.3x14.9x1.3x
Thu, 07 Dec 2023Mex$9.4tMex$7.4tMex$658.0b12.3x14.2x1.3x
Sat, 04 Nov 2023Mex$8.8tMex$7.5tMex$662.4b11.7x13.2x1.2x
Mon, 02 Oct 2023Mex$9.0tMex$7.5tMex$660.9b12.9x13.6x1.2x
Wed, 30 Aug 2023Mex$9.2tMex$7.4tMex$656.0b12.9x14.1x1.2x
Fri, 28 Jul 2023Mex$9.4tMex$7.4tMex$657.9b13x14.4x1.3x
Sun, 25 Jun 2023Mex$9.2tMex$7.3tMex$638.9b13.1x14.4x1.3x
Tue, 23 May 2023Mex$9.2tMex$7.4tMex$641.1b13.2x14.3x1.2x
Thu, 20 Apr 2023Mex$9.5tMex$7.2tMex$655.5b12.8x14.5x1.3x
Sat, 18 Mar 2023Mex$9.2tMex$7.3tMex$668.4b11.8x13.8x1.3x
Price to Earnings Ratio

13.8x


Total Market Cap: Mex$9.2tTotal Earnings: Mex$668.4bTotal 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-2.15%
Healthcare0.31%
Consumer Staples-0.37%
Energy-0.51%
Financials-0.56%
Utilities-0.72%
Industrials-1.83%
Telecom-2.14%
Consumer Discretionary-3.15%
Real Estate-3.58%
Materials-4.76%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 19.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.4%, which is higher than its past year's earnings growth of 8.6% 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 17% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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
GFINBUR O Grupo Financiero Inbursa. deMex$42.771.7%
+Mex$4.3b		-7.4%PB0.9xFinancials
AC * Arca Continental. deMex$203.491.1%
+Mex$3.8b		-1.8%PE17.6xConsumer Staples
Q * Quálitas Controladora. deMex$169.985.2%
+Mex$3.3b		-3.4%PE13.2xFinancials
GRUMA B Gruma. deMex$312.582.3%
+Mex$2.3b		-12.8%PE11.7xConsumer Staples
TLEVISA CPO Grupo TelevisaMex$10.486.8%
+Mex$1.8b		31.5%PS0.5xTelecom
See more

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Latest News

PE&OLES *
Mex$913.78
Industrias Peñoles. de
7D
-6.8%
1Y
161.6%
EDUCA 18
Mex$49.15
Fideicomiso Irrevocable No. F/3277 en Banco Invex S. A. Institución de Banca Múltiple INVEX Grupo
7D
3.0%
1Y
n/a
CEMEX CPO
Mex$19.25
CEMEX. de
7D
-5.0%
1Y
59.0%

CEMEX CPO: Higher Margins And Buybacks Will Support Medium Term Repricing

Analysts have raised their MX$ fair value estimate for CEMEX. de from MX$26.27 to MX$28.05, citing updated assumptions around revenue growth, profit margins and future P/E levels.
GRUMA B
Mex$312.58
Gruma. de
7D
2.3%
1Y
-12.8%

GRUMA B: Higher Margin Outlook Will Support Further Upside Potential

Analysts have nudged their price target for Gruma slightly lower to MX$380.77 from MX$382.77, reflecting updated views on more moderate revenue growth, a higher profit margin outlook, and a reduced future P/E assumption. Valuation Changes Fair Value: trimmed slightly to MX$380.77 from MX$382.77, a reduction of about MX$2 per share.
GAP B
Mex$415.73
Grupo Aeroportuario del Pacífico. de
7D
-2.4%
1Y
12.3%
GMEXICO B
Mex$194.82
Grupo México. de
7D
-5.0%
1Y
97.7%

GMEXICO B: Downgrade Will Expose Rich Multiples To Execution And P/E Risk

Analysts have raised their MX$ fair value estimate for Grupo México from about MX$83.00 to roughly MX$89.95. They cite updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
LACOMER UBC
Mex$39.01
La Comer. de
7D
3.8%
1Y
21.0%
AC *
Mex$203.49
Arca Continental. de
7D
1.1%
1Y
-1.8%

AC *: Higher Margins And Richer P/E Assumptions Support Upbeat Outlook

Analysts nudged their fair value estimate for Arca Continental up by MX$2 to MX$228, reflecting updated assumptions for slightly lower revenue growth, a modestly higher profit margin, and a marginally richer future P/E multiple despite mixed recent Street research on the name. Analyst Commentary Recent Street research on Arca Continental has sent mixed signals, with one upgrade contrasted by a trimmed price target.
Q *
Mex$169.98
Quálitas Controladora. de
7D
5.2%
1Y
-3.4%
TLEVISA CPO
Mex$10.48
Grupo Televisa
7D
6.8%
1Y
31.5%
AMX B
Mex$21.16
América Móvil. de
7D
-2.3%
1Y
43.6%

AMX B: Future Upside Will Depend On Stable Earnings Margin And P/E Support

Analysts now set their average price target for América Móvil at roughly MX$22.08, up from about MX$21.73. This reflects updated assumptions for slightly higher revenue growth, improved profit margins and a modestly lower future P/E multiple.
LIVEPOL C-1
Mex$103.93
El Puerto de Liverpool. de
7D
-5.2%
1Y
6.1%
FIBRAPL 14
Mex$77.00
FIBRA Prologis
7D
-7.8%
1Y
29.0%

FIBRAPL 14: Leadership Transition And New Assets Will Support Balanced Distributions

Analysts have trimmed their MX$ price target for FIBRA Prologis from about MX$83.08 to roughly MX$82.66, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, as reflected in recent Street research including a downgrade at Itau BBA. Analyst Commentary Bullish Takeaways Bullish analysts still see room for execution on existing assets to support earnings, even with slightly lower price targets, which they factor into their revised models.
BBAJIO O
Mex$50.29
Banco del Bajío Institución de Banca Múltiple
7D
-9.4%
1Y
10.6%

BBAJIO O: JPMorgan Upgrade And Stable Earnings Assumptions Will Support Balanced Outlook

Analysts have nudged their price target for Banco del Bajío Institución de Banca Múltiple to MX$60.30, reflecting only very small tweaks to assumptions around discount rate, revenue growth, profit margin and future P/E that keep their overall valuation view effectively unchanged. Analyst Commentary Bullish Takeaways JPMorgan's recent upgrade signals that some high profile coverage sees the current MX$60.30 target as broadly aligned with their view of fair value, rather than stretched.
WALMEX *
Mex$55.76
Wal-Mart de México. de
7D
0.1%
1Y
4.2%
GFINBUR O
Mex$42.77
Grupo Financiero Inbursa. de
7D
1.7%
1Y
-7.4%