Thanks for reading. Revenue growth figures and historical CAGR are cited using MXN numbers so growth is not overstated. Obviously 2022/1H23 growth looks even higher in USD terms with the favorable foreign exchange move.
The FCF calculation is correct to the best of my knowledge and includes rent expense, while EV excludes lease liabilities. The company's financials are lacking a bit in detail but 2022 had higher FCF conversion due to positive working cap adjustments. Other years, FCF has closely tracked net income.
I wonder about the discrepancy between Ev/FCF and PE: are lease payments accounted for correctly in FCF metric?
Also, h1 revenue(growth) in USD greatly benefits(overstated) by stronger mxn
Thanks for reading. Revenue growth figures and historical CAGR are cited using MXN numbers so growth is not overstated. Obviously 2022/1H23 growth looks even higher in USD terms with the favorable foreign exchange move.
The FCF calculation is correct to the best of my knowledge and includes rent expense, while EV excludes lease liabilities. The company's financials are lacking a bit in detail but 2022 had higher FCF conversion due to positive working cap adjustments. Other years, FCF has closely tracked net income.
Thx for clarifying