Earnings Report /

Organizacion Soriana SAB de CV: SORIANA, Quarterly Report 2Q21: Margin expansion despite lower revenues

  • Figures reflect a steady loss of market share, while appropriate expense management boosted profitability

  • Revenues declined in the face of a 1.4% drop in SSS (vs. +1.3% in ANTAD self-service)

  • The company looks attractive with a valuation at 4.5x FV/EBITDA, but the lack of catalysts limits a significant rerating

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Juan Barbier
Juan Barbier

Equity Research Analyst

3 August 2021
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