Bolsa Mexicana de Valores, S.A.B. de C.V. (BOMXF)
Valor JustoFundamental
58
Preço
$37.44
Capitalização de Mercado
$20.99B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Vantagem competitiva
Efeitos de rede · EstreitaAn 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.
O que impulsiona a procura
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.
Principais riscos
- 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.
Os 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.
Os argumentos 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 setembro 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.
Balanço & Liquidez
Receita
$4.64B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Resultado Líquido
$1.61B
Últimos 12 meses até o último trimestre divulgado — estimativa a partir de métricas por ação
Fluxo de Caixa Livre
$1.28B
Capital Próprio Total
$7.25B
Passivo Total
$374M
Rácio de Liquidez
3.51
Cobertura de Juros
-
Dívida/EBITDA
0.17
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$37.81
Preço Atual
$37.44
Margem de Segurança
+1.0%
Intervalo de Valor Justo
$34.60 - $41.02
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
12.87
ROE
23.6%
Rácio P/B
2.85
P/FCF
16.38
Margem Bruta
50.2%
ROIC
22.7%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
22.7%
WACC
9.3%
ROIC − WACC
+13.4 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (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
Reprovado (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
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for BOMXF, sourced from Markets Gazette.