BBB Foods Valuation

Is TBBB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TBBB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TBBB ($32.78) is trading below our estimate of fair value ($71.51)

Significantly Below Fair Value: TBBB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TBBB?

Key metric: As TBBB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TBBB. This is calculated by dividing TBBB's market cap by their current revenue.
What is TBBB's PS Ratio?
PS Ratio	1.5x
Sales	Mex$50.00b
Market Cap	Mex$74.61b

TBBB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	44.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TBBB's PS Ratio compare to its peers?

The above table shows the PS ratio for TBBB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.1x
WMK Weis Markets	0.4x	n/a	US$1.9b
GO Grocery Outlet Holding	0.4x	8.4%	US$1.8b
IMKT.A Ingles Markets	0.2x	n/a	US$1.3b
CART Maplebear	3.2x	7.9%	US$11.0b
TBBB BBB Foods	1.5x	20.4%	US$3.7b

Price-To-Sales vs Peers: TBBB is expensive based on its Price-To-Sales Ratio (1.5x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does TBBB's PS Ratio compare vs other companies in the US Consumer Retailing Industry?

13 Companies	Price / Sales	Estimated Growth	Market Cap
WBA Walgreens Boots Alliance	0.05x	1.5%	US$7.17b
UNFI United Natural Foods	0.04x	0.1%	US$1.31b
SPTN SpartanNash	0.06x	1.4%	US$615.01m
YI 111	0.03x	10.2%	US$53.12m

13 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: TBBB is expensive based on its Price-To-Sales Ratio (1.5x) compared to the US Consumer Retailing industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

What is TBBB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TBBB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.5x
Fair PS Ratio	0.6x

Price-To-Sales vs Fair Ratio: TBBB is expensive based on its Price-To-Sales Ratio (1.5x) compared to the estimated Fair Price-To-Sales Ratio (0.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TBBB forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	US$32.78	US$30.06 -8.3%	14.7%	US$35.08	US$21.76	n/a	8
Nov ’25	US$31.82	US$31.04 -2.5%	14.7%	US$36.42	US$22.59	n/a	8
Oct ’25	US$30.03	US$30.38 +1.2%	14.8%	US$35.51	US$22.03	n/a	8
Sep ’25	US$31.78	US$30.63 -3.6%	15.4%	US$36.46	US$22.62	n/a	7
Aug ’25	US$27.05	US$26.85 -0.7%	16.1%	US$33.91	US$19.62	n/a	7
Jul ’25	US$23.50	US$27.03 +15.0%	16.1%	US$34.14	US$19.75	n/a	7
Jun ’25	US$27.24	US$27.87 +2.3%	17.8%	US$36.16	US$20.92	n/a	7
May ’25	US$22.59	US$27.59 +22.2%	13.0%	US$32.39	US$21.70	n/a	6
Apr ’25	US$22.90	US$27.56 +20.4%	13.5%	US$33.06	US$22.15	n/a	5

Analyst Forecast: Target price is lower than the current share price.