Alfa: Quarterly Report 1Q22: Portfolio diversification supports figures

  • Alfa's results were positive and better than our estimates. Revenues increased 24.8% y/y, while EBITDA rose 21.4% y/y

  • Alpek’s figures were positive, Sigma’s Europe challenges impacted profitability, and Axtel continues being affected

  • Given quarter’s figures and the growth in Alpek's guidance, Alfa also raised its 2022e EBITDA by 17% to $2.283 billion
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