4 models fit Bolsa Mexicana de Valores and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionBolsa Mexicana de Valores (BOLSAA.MX)
Fair value (4 models)
MXN 30.36
ACCE price target
MXN 41.30
Rating
Overvalued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST; previously MXN 31.32 since 20 Oct 2026, 14:06 CEST.
ACCE price target published on 24 Oct 2026, 03:20 CEST; previously MXN 41.30 since 17 Oct 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 14:06 CEST.
Price used: MXN 36.98 at the close on 23 Oct 2026, 23:00 CEST.
Models: Discounted cash flow, P/E comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
21.8% above
-17.9% to fair value
ACCE score
69
out of 100
P/E
12.1x
forward 11.3x
1-year return
+6.7%
Dividend yield
5.72%
Bolsa Mexicana de Valores in four questions
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Overview
ACCE thesis
Bolsa Mexicana de Valores runs Mexico's main equity exchange and its listing, trading and clearing infrastructure, and it earns fees on each of those activities rather than on any balance sheet risk. The structural case rests on that position: a monopoly-style venue in a market with a thin base of listed companies, which is why its operating margin sits near 49.5% and its return on equity near 23.6%. Revenue growth of 8.2% is modest but comes with very little capital needed to deliver it. At 12.8 times trailing earnings and 11.2 times forward, the stock is priced below what its margins would suggest for a franchise of this kind, though the market's reasons for that discount (Mexican listing activity, peso sensitivity, and limited index inclusion, since it belongs to no major index) are worth testing before assuming it is mispriced. This name is worth a deeper look mainly to judge whether volume and listing growth can sustain the 8% top line, and whether the discount reflects a lasting liquidity problem or just a neglected local name.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Growth decelerating against valuation
Earnings grew 3.1% YoY against 8.2% revenue growth, and the 5y revenue CAGR is only 2.6%. The stock trades 21.8% above the model fair value of MXN 30.36, so the multiple assumes faster growth than recent results show.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Net margin of 36.4% and return on equity of 23.6% show the exchange turns a large share of its revenue into profit.
Free cash flow of MXN 1.6B over the last twelve months, against a share price of MXN 36.98, implies a free cash flow yield of 8.2%.
The stock trades at a forward P/E of 10.7x, below the sector median of 11.8x, and the analysts' mean price target sits 19.2% above the share price.
Why it could disappoint
Revenue has grown 8.2% in the latest year but has averaged only 2.6% a year over five years, so the recent pace may not last.
The share price is 21.8% above the model fair value of MXN 30.36, and the consensus fair value sits 11.8% below the current price.
Latest earnings per share came in at 0.72 against 0.74 expected, a surprise of -2.7%, and the price implies 10.0% yearly cash flow growth for five years.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 9, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where BOLSAA.MX's valuation models land
Price
MXN 36.98
Model fair value
MXN 30.36
Model range
MXN 24.96 to MXN 38.10
Fair value MXN 30.36
Price MXN 36.98
The price sits inside the model range.
Model
Fair value
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EV/EBITDA comparison
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