Equity Analysis /
MexicoGrupo Mexico: Quarterly Report 2Q22: Prospects deteriorate given the complex environment
Gmexico’s figures were below expectations, due to lower production in Peru and cash cost increase
High inflation, a possibly fall in global copper demand, and metal prices would affect the company’s profitability
We cut estimates, adjusted our TP to MXN 86.00 and lower our recommendation to HOLD. Stock price volatility will remain
Marissa Garza Ostos
Head of Equity Research @ Banorte
Jose Itzamna Espitia Hernandez
Senior Equity Research Analyst, Infrastructure, Materials and Transportation @ Banorte
1 August 2022
Published byBanorte
