Bolsa Mexicana de Valores, S.A.B. de C.V. (BOMXF)
Valor JustoFundamental
58
Precio
$37.44
Capitalización Bursátil
$20.99B
Parte 1 · Cuánto vale la empresa
Resumen
Grupo BMV runs Mexico's main stock exchange and the businesses built around it: the central depository that holds securities in custody, a central counterparty that clears trades, a listed-derivatives exchange, an over-the-counter fixed-income broker run as a joint venture with a British firm, and a market-data business. It is the largest exchange group in Mexico and one of the largest in Latin America.
Cómo genera ingresos
Revenue is mostly fees on activity rather than trading for its own account: a fee on each trade executed and cleared, a fee for keeping securities in custody, listing and annual maintenance fees charged to companies whose shares or bonds are listed, and subscription fees for real-time market data. Custody is the steadiest of these, since it keeps earning as long as securities remain on deposit; trading and derivatives fees swing more with market activity.
Ventaja competitiva
Efectos de red · EstrechaAn exchange group benefits from liquidity attracting more liquidity: brokers and investors gravitate to where trading volume and custody infrastructure are already concentrated. BMV still holds roughly 78-80% of Mexican equity trading, but a rival exchange, BIVA, launched in 2018 and has taken a meaningful share, so the advantage is real but no longer unchallenged.
Qué impulsa la demanda
CíclicoTrading and derivatives fees rise and fall with market activity and investor risk appetite, and listing revenue depends on how many companies choose to go public or issue debt in Mexico in a given year, which itself follows broader market sentiment. Custody fees are the steadiest part of the business since they accrue as long as securities sit on deposit, regardless of how much they trade.
Riesgos clave
- Competition from a rival exchange — BIVA, a competing Mexican stock exchange launched in 2018, has captured a meaningful share of equity trading volume, and continued competitive pressure could erode BMV's pricing power on trading and listing fees over time.
- Volatility in fixed-income brokerage revenue — The OTC fixed-income brokerage business declined in the third quarter of 2025 even as most other segments grew, showing that this line is more sensitive to swings in bond-market and interest-rate trading activity than the group's steadier custody and information-services revenue.
- Dependence on Mexican capital-market activity — Capital-formation revenue depends on how many Mexican companies choose to list shares or issue debt rather than raise capital privately or list abroad, and periods of weak IPO activity in Mexico have historically weighed on this part of the business.
Los argumentos a favor
Buyers argue that BMV's dominant share of Mexican equity trading and its near-essential custody infrastructure give it durable, high-margin fee income, and that growth in Mexican capital markets over time would flow largely through a group that already holds the country's core exchange infrastructure.
Los argumentos en contra
Sellers fear that BIVA's rise shows BMV's dominance is not guaranteed, that Mexico's historically thin IPO pipeline limits how much the exchange business can grow organically, and that fee-based segments like OTC brokerage can swing meaningfully from quarter to quarter with market conditions.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users
CME lists Mexican peso and Mexican interest-rate and equity-index futures, drawing to Chicago the same hedging and speculative volume that BMV's derivatives arm MexDer seeks in Mexico City.
Nasdaq competes for the listings and trading volume of Mexican and Latin American companies that choose a US venue over the local market, and sells the index and market-data products BMV also sells.
Through the NYSE, ICE hosts the ADRs of Mexico's largest issuers and captures trading in them, taking listing fees and volume that would otherwise stay on BMV.
BIVA is Mexico's second stock exchange, trading the same equities, debt, FIBRAs and CKDs and competing directly with BMV for the same listed issuers, the same brokerage houses and the same order flow.
B3 runs the other large integrated Latin American market infrastructure — cash equities, derivatives, clearing, custody and market data — and competes for the listings and the international capital that flow into the region.
Balance y Liquidez
Ingresos
$4.64B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$1.61B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$1.28B
Patrimonio Neto Total
$7.25B
Pasivo Total
$374M
Ratio de Liquidez
3.51
Cobertura de Intereses
-
Deuda/EBITDA
0.17
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$37.81
Precio Actual
$37.44
Margen de Seguridad
+1.0%
Rango de Valor Justo
$34.60 - $41.02
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
12.87
ROE
23.6%
Ratio P/B
2.85
P/FCF
16.38
Margen Bruto
50.2%
ROIC
22.7%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
22.7%
WACC
9.3%
ROIC − WACC
+13.4 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (11)
- ROIC 22.7%
- Gross Margin 50.2%
- P/FCF 16.38
- P/B Ratio 2.85
- Debt/Equity ratio
- Operating Margin 49.6%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 21.1%
- Earnings Quality (OCF/NI) 1.22
Fallido (10)
- Price CAGR 3.61%
- CapEx intensity
- Price below Graham Number
- DCF valuation (Fairly valued)
- Revenue Growth 5Y 2.7%
- Analyst Consensus 42% Buy
- Earnings Surprise avg 0.5%
- PEG Ratio 5.01
- Net Margin Trend 35.8% vs 39.3%
- Piotroski F-Score 2/9
No disponible (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Jorge Pio Alegria Formoso | MD & CEO | 60 |
| Mr. Luis Rene Ramon Arana | CFO, Executive Director of Sales, Retail and Marketing & Director of Strategic Planning | - |
| Mr. Claudio A. Vivian Gutierrez | Chief Information Officer & DGA of Technology | - |
| Hanna Rivas Karg | Director of Financial Planning & Investor Relations | - |
| Clementina Ramirez de Arellano Moreno | Director of Legal & Regulatory | - |
| Rene Alfredo Heinze Flamand | Director of Human Resources | - |
| Mr. José Manuel Allende Zubiri | Chief Capital Formation, Broadcasters, Information Services & Markets Officer | - |
| Mr. Roberto González Barrera | Chief Post-Trade Officer | - |
| Alfredo R. Guillén Lara | Executive Director of Capital Markets | - |
| José Miguel De Dios Gómez | Chief Executive Officer of MexDer | - |
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for BOMXF, sourced from Markets Gazette.