Stock GFNORTE O GRUPO FINANCIERO BANORTE, S.A.B. DE C.V.
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Financials Grupo Financiero Banorte, S.A.B. de C.V.

Equities

GFNORTE O

MXP370711014

Banks

End-of-day quote Mexican S.E.
Other stock markets
 06:00:00 2024-05-30 pm EDT 		5-day change 1st Jan Change
161.4 MXN +3.69% Intraday chart for Grupo Financiero Banorte, S.A.B. de C.V. -1.87% -5.50%
May. 02 ETF of the week: Mexico's future looks golden Our Logo
Apr. 17 Transcript : Grupo Financiero Banorte, S.A.B. de C.V., Q1 2024 Earnings Call, Apr 17, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 304,637 316,978 383,557 399,784 492,379 462,554 - -
Enterprise Value (EV) 1 304,637 316,978 383,557 399,784 492,379 462,554 462,554 462,554
P/E ratio 8.34 x 9.47 x 10.9 x 8.88 x 9.49 x 8.05 x 7.35 x 7.19 x
Yield 5.24% 2.88% 4.37% 8.5% 7.66% 8.8% 8.35% 8.01%
Capitalization / Revenue 2.93 x 3.05 x 3.79 x 2.22 x 3.39 x 3.04 x 2.82 x 2.65 x
EV / Revenue 2.93 x 3.05 x 3.79 x 2.22 x 3.39 x 3.04 x 2.82 x 2.65 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.57 x 1.43 x 1.64 x 1.71 x 1.97 x 1.71 x 1.6 x 1.52 x
Nbr of stocks (in thousands) 2,883,457 2,883,457 2,883,457 2,857,439 2,883,457 2,866,416 - -
Reference price 2 105.6 109.9 133.0 139.9 170.8 161.4 161.4 161.4
Announcement Date 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 104,141 103,888 101,113 179,967 145,072 152,178 164,120 174,627
EBITDA - - - - - - - -
EBIT 1 48,116 38,944 43,822 61,022 69,561 78,441 86,276 95,664
Operating Margin 46.2% 37.49% 43.34% 33.91% 47.95% 51.55% 52.57% 54.78%
Earnings before Tax (EBT) 1 49,832 40,947 46,095 61,989 70,974 78,635 85,177 88,833
Net income 1 36,528 30,508 35,048 45,408 52,418 58,007 63,193 66,194
Net margin 35.08% 29.37% 34.66% 25.23% 36.13% 38.12% 38.5% 37.91%
EPS 2 12.67 11.61 12.16 15.75 18.00 20.05 21.94 22.45
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 5.540 3.167 5.810 11.89 13.08 14.20 13.48 12.93
Announcement Date 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - - -
1MXN in Million2MXN
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 26,608 28,409 28,464 29,907 99,922 32,331 32,710 37,284 39,101 37,038 37,053 37,801 39,219 39,957 40,402
EBITDA - - - - - - - - - - - - - - -
EBIT 1 10,701 17,686 17,697 18,804 15,083 17,412 17,744 17,723 16,682 19,579 20,809 20,509 18,810 22,157 -
Operating Margin 40.22% 62.25% 62.17% 62.87% 15.1% 53.86% 54.25% 47.54% 42.67% 52.86% 56.16% 54.26% 47.96% 55.45% -
Earnings before Tax (EBT) 1 11,338 15,018 15,392 15,890 15,492 17,745 18,102 17,982 17,145 20,126 19,293 19,486 19,287 21,094 21,158
Net income 1 9,061 10,748 11,524 11,544 11,132 13,018 13,088 13,268 13,044 14,208 14,572 14,711 14,417 15,768 15,706
Net margin 34.06% 37.83% 40.49% 38.6% 11.14% 40.26% 40.01% 35.59% 33.36% 38.36% 39.33% 38.92% 36.76% 39.46% 38.88%
EPS 2 3.143 3.728 3.996 4.004 4.020 5.000 4.485 5.000 4.000 4.927 5.110 5.136 4.920 5.485 5.447
Dividend per Share 2 2.650 - 6.080 - 5.810 - 7.870 - 5.200 - 8.571 - 5.803 - -
Announcement Date 1/20/22 4/21/22 7/21/22 10/20/22 1/19/23 4/20/23 7/20/23 10/31/23 1/17/24 4/16/24 - - - - -
1MXN in Million2MXN
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 20.1% 14.8% 15.3% 19.2% 21.4% 22.2% 22.3% 21.9%
ROA (Net income/ Total Assets) 2.3% 1.8% 1.9% 2.3% 2.4% 2.49% 2.31% 2.26%
Assets 1 1,588,174 1,694,894 1,844,640 1,974,264 2,184,093 2,325,877 2,736,807 2,927,219
Book Value Per Share 2 67.20 77.10 81.20 81.90 86.50 94.30 101.0 106.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 1/23/20 1/21/21 1/20/22 1/19/23 1/17/24 - - -
1MXN in Million2MXN
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Grupo Financiero Banorte, S.A.B. de C.V.

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
161.4 MXN
Average target price
202.4 MXN
Spread / Average Target
+25.43%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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