OTCPK:DBMB.F

Stock Analysis Report

Executive Summary

FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties.

Rewards

Trading at 45.5% below its fair value

Earnings are forecast to grow 55.68% per year

Risk Analysis

Unstable dividend track record

Large one-off items impacting financial results

Profit margins (14.3%) are lower than last year (53.6%)



Snowflake Analysis

Good value average dividend payer.

Share Price & News

How has FIBRA Macquarie México's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: DBMB.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.2%

DBMB.F

2.0%

US REITs

0.9%

US Market


1 Year Return

37.6%

DBMB.F

16.0%

US REITs

20.0%

US Market

Return vs Industry: DBMB.F exceeded the US REITs industry which returned 16.2% over the past year.

Return vs Market: DBMB.F exceeded the US Market which returned 20.1% over the past year.


Shareholder returns

DBMB.FIndustryMarket
7 Day0.2%2.0%0.9%
30 Day12.6%4.5%1.4%
90 Day6.0%6.1%8.8%
1 Year37.6%37.6%20.8%16.0%22.5%20.0%
3 Year36.4%36.4%39.9%22.4%49.9%40.3%
5 Year-12.0%-12.0%58.3%25.6%73.2%54.1%

Price Volatility Vs. Market

How volatile is FIBRA Macquarie México's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is FIBRA Macquarie México undervalued compared to its fair value and its price relative to the market?

45.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DBMB.F ($1.45) is trading below our estimate of fair value ($2.66)

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


Price To Earnings Ratio

PE vs Industry: DBMB.F is poor value based on its PE Ratio (39.3x) compared to the REITs industry average (37.3x).

PE vs Market: DBMB.F is poor value based on its PE Ratio (39.3x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: DBMB.F is good value based on its PEG Ratio (0.7x)


Price to Book Ratio

PB vs Industry: DBMB.F is good value based on its PB Ratio (0.8x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is FIBRA Macquarie México forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

55.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DBMB.F's forecast earnings growth (55.7% per year) is above the savings rate (1.7%).

Earnings vs Market: DBMB.F's earnings (55.7% per year) are forecast to grow faster than the US market (14.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: DBMB.F's revenue (3.4% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: DBMB.F's revenue (3.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DBMB.F's Return on Equity is forecast to be low in 3 years time (7.9%).


Next Steps

Past Performance

How has FIBRA Macquarie México performed over the past 5 years?

-19.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DBMB.F has a large one-off loss of MX$538.1M impacting its December 31 2019 financial results.

Growing Profit Margin: DBMB.F's current net profit margins (14.3%) are lower than last year (53.6%).


Past Earnings Growth Analysis

Earnings Trend: DBMB.F's earnings have declined by -19.3% per year over the past 5 years.

Accelerating Growth: DBMB.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: DBMB.F had negative earnings growth (-72.4%) over the past year, making it difficult to compare to the REITs industry average (6.9%).


Return on Equity

High ROE: DBMB.F's Return on Equity (2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is FIBRA Macquarie México's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: DBMB.F has a high level of physical assets or inventory.

Debt Coverage by Assets: DBMB.F's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: DBMB.F's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if DBMB.F has a sufficient allowance for bad loans.

Low Risk Liabilities: DBMB.F reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if DBMB.F has an acceptable proportion of non-loan assets held.

Low Risk Deposits: DBMB.F has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if DBMB.F has an appropriate level of bad loans.


Next Steps

Dividend

What is FIBRA Macquarie México's current dividend yield, its reliability and sustainability?

6.63%

Current Dividend Yield


Dividend Yield vs Market

company6.6%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years7.3%

Current dividend yield vs market & industry

Notable Dividend: DBMB.F's dividend (6.63%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: DBMB.F's dividend (6.63%) is in the top 25% of dividend payers in the US market (3.69%)


Stability and Growth of Payments

Stable Dividend: DBMB.F has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: DBMB.F's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (42.7%), DBMB.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: DBMB.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.09% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.6yrs

Average management tenure


CEO

Juan Alfredo Monroy (44yo)

4.6yrs

Tenure

0

Mr. Juan Alfredo Monroy began working at FIBRA Macquarie México (“Macquarie”) in 2012. He serves as Chief Executive Officer and Director General of Macquarie México Real Estate Management, S.A. de C.V. at  ...


Leadership Team

NamePositionTenureCompensationOwnership
Juan Alfredo Monroy
CEO & Director General of Macquarie México Real Estate Management4.6yrsno datano data
Simon Hanna
Chief Financial Officer of Macquarie México Real Estate Management6.3yrsno datano data
Evelyn Infurna
Managing Director0yrsno datano data
Roman Ajzen
General Counsel & Secretary of Macquarie México Real Estate Management4.1yrsno datano data

4.6yrs

Average Tenure

41yo

Average Age

Experienced Management: DBMB.F's management team is considered experienced (4.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

FIBRA Macquarie México's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: FIBRA Macquarie México
  • Ticker: DBMB.F
  • Exchange: OTCPK
  • Founded:
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: Mex$21.018b
  • Listing Market Cap: Mex$1.132b
  • Shares outstanding: 765.69m
  • Website: https://www.fibramacquarie.com

Number of Employees


Location

  • FIBRA Macquarie México
  • Pedregal 24
  • Piso 21
  • México City
  • Distrito Federal
  • 11040
  • Mexico

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FIBRAMQ 12BMV (Bolsa Mexicana de Valores)YesCBFI CertificatesMXMXNDec 2012
DBMB.FOTCPK (Pink Sheets LLC)YesCBFI CertificatesUSUSDDec 2012

Biography

FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 235 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of December 31, 2019. Nine of the retail properties are held through a 50/50 joint venture. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 00:52
End of Day Share Price2020/02/12 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.