Wal-Mart de Mexico: Quarterly Report 3Q22: Profitability pressures in line with expectations

  • Positive Same Store Sales performance, supported by organic growth and Omnichannel development

  • Inflation pressures profitability. Mexico's EBITDA margin decrease was partially offset by margin expansions in CA

  • Incorporating quarter's figures and 2023 outlook, we set a PT of MXN 85.00 and a recommendation to HOLD
November 3rd, 2022
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