Wal-Mart de Mexico: WALMEX, Quarterly Report 1Q21: Improved margins despite high comparable base

  • Improved profitability was a positive highlight, even with lower revenues due to the effect of panic buying a year ago

  • Its omnichannel strategy continued to pay off, allowing to maintain its sales practically stable (-0.3% y/y)

  • Current valuation at 14.7x FV/EBITDA 2021E is at historical averages, which limits the room for further appreciation

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