Covering the Mexican Economy, Actinver Research

Actinver

Our product offering is based on award winning forecasts and a deep understanding of artificial intelligence tools. 
We cover the Mexican economy with in-depth sector and state knowledge, as well as the integration with the U.S., providing high added value studies. 
To provide comprehensive coverage, we analyze the main macroeconomic variables, sectors, indexes and market information. 
Through solid statistical and computational tools we generate targeted investment strategies for clients with advanced investment profiles such as pension funds, hedge funds and others.

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Kimberly-Clark De Mexico-A / Equity Bottom-Up

<ul><li>Revenues of P$13.8bn grew only 0.3% YoY, below our estimates, with both Consumer and Away from Home declining (1% and 4%, respectively), vs our low growth estimates, while Exports grew 21%, better than expected and aided by FX tailwinds.</li><li> Margins were on average in line with our estimates, contracting YoY and with EBITDA margin of 25.1% in line with long-term target range of 25-27%.</li><li>At the gross margin level, results were underperforming amid a 410bps YoY contraction, yet EBIT and EBITDA margins contracted less and were slightly above our cautious estimates.</li></ul>

Revenues of P$13.8bn grew only 0.3% YoY, below our estimates, with both Consumer and Away from Home declining (1% and 4%, respectively), vs our low growth estimates, while Exports grew 21%, better than expected and aided by FX tailwinds. Margins were on average in line with our estimates, contracting YoY and with EBITDA margin of 25.1% in line with long-term target range of 25-27%.At the gross margin level, results were underperforming amid a 410bps YoY contraction, yet EBIT and EBITDA margins contracted less and were slightly above our cautious estimates.

Kimberly-Clark De Mexico-A - 액틴버 리서치