Mexico

La Comer: LACOMER, Quarterly Report4Q20: Reaffirms its wide differential versus the sector

  • La Comer solid SSS advance (+16.3% y/y; 4.8x vs. ANTAD Self-service), as well as profitability improvement stood out

  • Despite the difficult comparative base, we expect it to maintain an attractive growth rate, reflecting an 8.3% SSS rise

  • We establish a PT of $48.00 (16.0x FV/EBITDA 2021E), and we reiterate our HOLD rating

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