Organizacion Soriana SAB de CV: SORIANA, Quarterly Report 1Q21: Margin gains despite lower revenues

  • Soriana reported a double-digit sales decline due to tough comps, exacerbated by additional market share losses

  • Leverage rose to 2.4x ND/EBITDA after an increase in net debt, due to a deterioration in working capital

  • Valuation became more expensive to 5.2x FV/EBITDA LTM. Certainly, said valuation still looks very attractive vs. peers

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