Mexico

La Comer: LACOMER,Quarterly Report2Q21: Grows at a slower pace but maintains profitability

  • 2Q21 report was slightly below estimates. Revenues faced a high comparable base; however, profitability remained stable

  • The outlook is positive, but the base effect due to the company's high growth in 2020 will limit growth going forward

  • While the report should be neutral, the valuation at 14.4x FV/EBITDA 2021E looks stretched. We reiterate HOLD

July 23rd, 2021
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