ARCA CONTINENTAL (AC)

[riky2008]

Arca Continental: conclusiones de analistas tras reporte 4T

16:30 | 2024/02/08

por Ricardo Garduño Pacheco Principales conclusiones que emitieron diversos analistas de distintas

casas de bolsa en México y el extranjero, tras el reporte de AC, del

cuarto trimestre de 2023.

Banorte - Carlos Hernández García y Marissa Garza Ostos

Recomendación: Compra / CAMBIO DE PRECIO OBJETIVO DE 190 A

218 PESOS

"Favorecemos las eficiencias operativas implementadas, siendo

resiliente ante los retos del entorno. La compañía continúa con estrictas

medidas de control en gastos y mermas, además de una solidez

financiera destacable de 0.6x DN/EBITDA. Aunque se presentaron retos

coyunturales en algunas regiones, la valuación permaneció estable con

un FV/EBITDA de 9.2x (vs 9.1x el trimestre previo). Hacia delante

esperamos que una base comparable más sencilla por tipo de cambio

apoye las cifras de EE. UU. y Sudamérica, abriendo la posibilidad a que

el punto de inflexión para algunas presiones, ya se haya presentado".



Barclays - Benjamin M. Theurer



Recomendación: Neutral / CAMBIO DE PRECIO OBJETIVO DE 195 A

215 PESOS

"Consolidated sales declined 5% and were slightly below estimates:

Volumes were 1% lower than expected, finishing at 2.4% growth driven

by strength in Colas and Still Beverages. FX also created a major

headwind, as constant currency sales were up 6.7% YoY. On a regional

basis, volumes finished around our estimates with South America (+3%)

leading growth. However, South America sales came up short vs our

model due to FX headwinds; Mexico sales were better than anticipated

and U.S. sales were in line".



Finamex

"Arca Continental reported 4Q23 results that at first look appear to

have missed estimates across the board. That said, all of this is

explained by the ARS depreciation. Mexico and the U.S. reported

performance that was in-line to slightly above expectations. We are not

overly concerned about the Argentine operation just yet, as much of the

negative effect results from IAS 29 accounting. We believe that the

company will be able to improve pricing and margins once the macro

situation stabilizes and we see less-intense FX swings.".;