Grupo BMV is a net-cash, roughly 56%-margin, roughly 21%-ROE post-trade and data monopoly priced as a share-losing cash-equities exchange: it trades at 7.0x trailing EV/EBITDA against B3 at 11.4x, yet about 80% of revenue (custody, clearing, data) is insulated from the BIVA war, and its share of the one contested layer rose to 82% in 2Q26.
The quiet compounders carry the franchise: Indeval custody (about 31% of revenue, assets under custody up 13% to about MXN 47.9trn) and Information Services grow regardless of the IPO cycle or who wins a listing, and Indeval alone earned MXN 918mm of FY2025 operating profit, roughly 41% of the group.
A flat MXN 2.05 dividend yields about 5.4% against a roughly 1.9% peer median, an about 81% total payout that pays holders to wait while the re-rate toward B3 is now gated on the 2028 tech-monetization program rather than on Mexican rates, with the MBono 10-year back up at 9.31%.
One-time purchase. Instant PDF delivery to your email.
Buy NowDownload link valid for 48 hours after purchase.
Not investment advice. For informational purposes only.
Published September 2026. Research reflects data available through September 2026.
Download Free ExcerptOperator of Mexico's principal securities exchange, founded in 1894 and self-listed in 2008, together with the country's only derivatives exchange, the equities and derivatives clearinghouses, the central securities depository (Indeval) and the group's market-data and pricing businesses. Cash-equities trading, the only leg BIVA contests, is about 7% of revenue; roughly 80% comes from monopoly post-trade and data rails, and Indeval holds about MXN 47.9trn of assets in custody.
Investment thesis, bull case, bear case and key risks, the fair-value range, the financial snapshot and three dated catalysts
The vertically integrated market-infrastructure model, the trading, post-trade and data pillars, subsidiary composition, revenue mix, ownership and governance, and management
BIVA competition and trading-value share, ADTV trends, the issuer base and listings, the LMV reform and simplified IPO regime, Afore demand and the SIC
Revenue by segment, Indeval custody and assets under custody, information services, the profitability and margin trend, peer margins and yields, the balance sheet and net cash, cash flow and capital return, and key metrics
DCF and the WACC build, sensitivity analysis, why B3 at 11.4x anchors the bull, relative valuation against global exchanges and B3, consensus versus The Investment Case, and the valuation summary
The tech-monetization program and margin recovery, the IPO pipeline and post-trade flywheel, rate-path optionality, and the dividend and capital-return policy
The risk matrix, the no-re-rate and value-trap risk, the margin reset at the kill line, rate and FX drag, and the competing CCP/CSD risk
The investment thesis summary, the bull, bear and key risks, and what would change our view
Full financial tables, DCF assumptions, the peer table, the event calendar and data sources
FAQ