At MXN 46.81 WALMEX trades at 15.6x 2026E earnings and 8.3x trailing EV/EBITDA against a Mexican-peer median of 13.59x and 5.46x, rebuilt from the peers' own filings after two vendor prints failed to reconcile.
The Mexico comp is now entirely ticket: transactions fell 1.1% in 2Q26 for a sixth consecutive quarter, while the operating-expense ratio has deleveraged four years running and the four-step statutory working-week cut lands from January 2027.
The second edition states its revision plainly and decomposes it, prints both cost-of-equity constructions, and shows the call survives a cardinal test across the beta and risk-free bands and with the discounted cash flow deleted entirely.
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Not investment advice. For informational purposes only.
Published September 2026. Research reflects data available through September 2026.
Download Free ExcerptThe largest retailer in Mexico and Central America, 70.6% owned by Walmart Inc. through Intersalt, running 4,305 stores across six countries at 30 June 2026 with 234,901 employees under the Bodega Aurrera, Walmart Supercenter, Sam's Club and Walmart Express formats. Last-twelve-month revenue is around MXN 1.0 trillion, Mexico produced 83.4% of 2Q26 revenue and 85.1% of EBITDA, and the balance sheet carries MXN 30.1bn of cash and no financial debt.
Investment thesis, company data and five-year price, the revision, bull case, bear case and key risks, financial snapshot, key catalysts
The dominant retailer of Mexico, scale and store fleet, expansion, management and governance, the ecosystem
Mexican modern trade and the ANTAD benchmark, a statutory labor step and the rate regime, hard discount and e-commerce, the peer set
Revenue analysis, ticket and traffic, profitability and the cost line, margins against the peer set and the tax line, balance sheet, working capital and cash flow, capital allocation, key financial metrics
Cost of capital and the discounted cash flow, sensitivity, the cardinal test and the reverse DCF, relative valuation, the blend and the revision, against the Street, the verdict
The three catalysts, why the October print carries the most information, where the prior edition's catalysts landed
Risk matrix, the working week, ticket without traffic, Central America and the parent, the tax agreement, COFECE, Marketplace, kill criteria
Bull, bear and key risks, what would change our view, what comes next
Income statement, balance sheet and cash flow, key model and valuation assumptions, Mexican retail peer comparison, cost of capital and key inputs, catalyst and events calendar, primary sources, methodology
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