Consumer Cyclical · Department Stores · BMV · Mexico
MXN 31.35-0.95%
Market cap MXN 44.9BNext earnings 2025-07-22Updated Oct 24, 2026
Our verdict
Trades 15% above our fair value
Price
MXN 31.35
Model fair valueConfidence: good
MXN 27.22
Model range
MXN 11.67 to MXN 42.04
Fair value MXN 27.22
Price MXN 31.35
3 models fit La Comer and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Premium(i)Bronze42
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionLa Comer (LACOMERUBC.MX)
Fair value (3 models)
MXN 27.22
ACCE price target
MXN 28.70
Rating
Overvalued
Horizon
12 months
Fair value published on 24 Oct 2026, 17:04 CEST; previously MXN 27.63 since 18 Oct 2026, 00:00 CEST.
ACCE price target published on 25 Oct 2026, 01:52 CEST; previously MXN 35.10 since 17 Oct 2026, 00:00 CEST.
Rating published on 24 Oct 2026, 17:04 CEST.
Price used: MXN 31.35 at the close on 23 Oct 2026, 23:00 CEST.
Models: Discounted cash flow, P/E comparison, and Graham number.
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
15.2% above
-13.2% to fair value
ACCE score
34
out of 100
P/E
20.6x
forward 0.0x
1-year return
-18.7%
Dividend yield
0.87%
La Comer in four questions
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Overview
ACCE thesis
La Comer is a Mexican supermarket chain, operating large-format grocery stores along with its smaller formats, and it sits under the Consumer Cyclical label mainly because of its general merchandise and non-food exposure. Its advantage is scale and locational density in the Mexican urban market, though the data here does not quantify store count or market share, so that edge is qualitative. Revenue growth of 4.6% is steady rather than explosive, and the thesis hinges on whether that top-line pace can convert into better profitability. It trades at a P/E of 20.8, which is not cheap for a business earning a 5.9% operating margin and a 7.3% ROE, and the 34/100 score reflects that gap between valuation and returns. The name is not in any index we track, so the liquidity and institutional-coverage picture is thinner than for large-cap peers, which is worth weighing before going further.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings falling despite sales growth
Revenue grew 4.6% YoY but earnings fell 18.8%, and Q4 EPS missed by 20.3%. Operating margin of 5.9% leaves little room for further cost pressure.
moderate
Price above valuation anchors
The price trades 15.2% above the model fair value of MXN 27.22 and 9.2% above the ACCE price target of MXN 28.70. Forward P/E of 11.7 versus trailing 20.6 implies the market expects a sharp earnings rebound.
AI research notes
AI-assisted·How I use AIWritten Oct 25, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 4.6% over the last year, and the company has averaged 12.2% annual growth over five years.
Analysts' mean price target of MXN 46.89 sits 49.6% above the current share price.
The forward P/E of 11.7x is well below the sector median of 18.0x, so the stock looks cheap on earnings expectations.
Why it could disappoint
The latest earnings per share came in 20.3% below expectations, at 0.47 against 0.59 expected.
The share price sits 15.2% above the model fair value of MXN 27.22, and 9.2% above the ACCE price target of MXN 28.70.
Free cash flow of MXN 400M gives a yield of only 0.9%, and returns on equity and capital are thin at 7.3% and 6.7%.
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Valuation
INVESTOR
Where LACOMERUBC.MX's valuation models land
Price
MXN 31.35
Model fair value
MXN 27.22
Model range
MXN 11.67 to MXN 42.04
Fair value MXN 27.22
Price MXN 31.35
The price sits inside the model range.
Model
Fair value
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Dividend discount
EV/EBITDA comparison
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Quality
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Analysts
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