Earnings Report /
Mexico

Grupo Mexico: Quarterly Report 4Q20: Mining profitability and dividend surprises

  • Solid growth and a higher-than-expected profitability from better copper prices and volumes with notable cost control

  • Good performance and financial strength supported a MXN 1.25 dividend per share (attractive 5.5% annualized yield)

  • The outlook is positive, but we believe that much is already incorporated in the current valuation

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Banorte
29 January 2021
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