Valentin III Mendoza Balderas

Banorte

Senior Equity Research Analyst, Consumer & Telecoms @ Banorte

Valentín Mendoza is an Associate Director of Equity Research since 2018. He joined Grupo Financiero Banorte in 2014 and leads the coverage for Consumer (Food & Beverage, Retail and Discretionary Consumption) and Telecom & Media sectors in Mexico. Prior to joining Banorte, he worked for 4 years at Thomson Reuters as Client Specialist for Northern Latin America serving the Mexican, Colombian and Venezuelan financial markets. He holds Bachelor of Arts degree in Financial Management with concentration on Financial Analysis and Investment Management from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM).

Valentin III Mendoza Balderas
Hide filters Show filters
Latest articles from Valentin III Mendoza Balderas

Chedraui: CHDRAUI, Quarterly Report 1Q21: Surprising performance in Mexico stores

Chedraui exceeded our expectations in terms of profitability. Stores in Mexico outperformed ANTAD food retailers. Meanwhile, EBITDA grew 2.1% y/y to MXN 2.638 billion, with a 20bps increase in the respective margin to 7.5%. Spotlight lays on possible...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 6 May 2021

Megacable Holdings: MEGA, Quarterly Report 1Q21: Cable kicked-off the year on strong foot

The Mass Market continued being the main growth engine. Megacable results confirmed that dynamism in net addition continues, this time amounting 204k total subscribers, with growth across the board of services (Internet: +14.1%; Telephony: +24.7%; Vi...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 5 May 2021

FEMSA: FEMSA, Quarterly Report 1Q21: Recovery goes on; the best is yet to come

Femsa results proved that sequential recovery is following its way. A start of the year of sequential recovery in all businesses. We see this as remarkable considering the more astringent mobility restrictions put in place during the quarter. That sa...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 5 May 2021

Alsea: ALSEA, Quarterly Report 1Q21: Greater than expected impact of the pandemic

Alsea's report was weak, with the impact of the sanitary measures being greater than expected. We believe the hardest times are behind us. Revenues declined 15.6% y/y to MXN 10.212 billion, as a result of a 13.3% y/y decline in consolidated SSS (Mexi...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 5 May 2021

Organizacion Soriana SAB de CV: SORIANA, Quarterly Report 1Q21: Margin gains despite lower revenues

Soriana reported a double-digit drop in sales, exacerbated by additional losses in market share. Finally, net income soared 38.6% y/y to MXN 957 million, driven by a 47.2% reduction in the CFC, due to lower interest payments and lower exchange losses...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 5 May 2021

Grupo GICSA SAB de CV: GICSA, Quarterly Report 1Q21: Double-digit declines at the beginning of the year

GICSA's figures reflected double-digit declines, impacted by temporary closures of some of its shopping centers. 2021 started with impacts due to the epidemiological indicator measures. Meanwhile, occupancy declined 400 bps y/y to 85%, and average re...
Banorte Valentin III
Valentin III Mendoza Balderas @ Banorte 5 May 2021

Filter by tags

Valentin III Mendoza Balderas
Mexico
Equity
MXN
Consumer Discretionary
Communication Services
Marissa Garza Ostos
Juan Barbier
Telecommunication Services
2021
Consumer Staples
Food & Staples Retailing
US
2020