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.".;
ARCA CONTINENTAL (AC)
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