investor relations 1q20 · 2 days ago · guarantee the safety of all bmv’s employees; over 95%...

Investor Relations1Q20

COVID-19 Response

2

Priorities in this uncertain environment

• Operational resiliency. Keeping BMV’s full range of trading, market development, and client support services running 100%.

• Our investments in IT infrastructure have paid off! We successfully activated the Business Continuity Plan on March 16th, and every single business within BMV Group has operated remotely, with the same level of service and commitment.

• Keep executing our BCP protocol for as long as we need to, in order to guarantee the safety of all BMV’s employees; over 95% of us are working remotely.

• Operate from a position of strength from capital, liquidity and balance sheet perspective.

• Focus on risk management, cash flow generation and cost control in order to continue building a stronger Mexican exchange as we manage through Covid-19.

04 15 27 33

3

10

• We make Mexican stock and derivatives

markets work

• Strong Foundation and Execution

• Creating Shared Value

• Top Partners

4

Leading to

61% 21% >75% 4%-5%

6

*

*Financial Results 1Q20

Creating shared value

We have partnered with the following institutions

7

First-Class Technology…in a First-Class Business

Our technology is mostly developed in-house and our top providers support our services

8

• We are committed to legal and ethical behavior

through a corporate compliance program

• We developed the first sustainability index in Mexico

and the second in Latin America

• Green, Social and Sustainable Bond Listings

• Strengthen the financial awareness in Mexico

10

Environment

• BMV is part of the Sustainable Stock Exchanges Initiative and has an active role in

environmental projects in order to grow Green Finance.

• MEXICO2, BMV’s Carbon Exchange, which provides an electronic forum for certificates

conferring the right to emit one tonne of carbon dioxide, thereby attaching a cost to

pollution.

• Since 2011, we incorporated the Sustainability Index and BOLSA A is part of this index.

• Last year we launched BMV’s Environmental Strategy which points to 5 objectives:

Waste management Being an

example in the

market

Emission

neutralizationSaving water Energy efficiency

11

Social

• In 2020, despite the confinement, BMV strengthen the Stock Market and Financial

awareness in Mexico through:

– Exchange School – Online education

– Re-launched Free lectures every other week taught by experts in their fields in BMV’s auditórium

the first two months of the year, which translates in more than 400 attendees, and after the

confinement, all the resources are available on our You Tube channel.

• BMV Group Foundation

– BMV supports art & culture through the promotion of the creative work of mexican emerging artists

• Our collaborators are the most important asset.

– We constantly seek to offer the best working conditions, a career plan and trainings. BMV’s

workplace culture is one where every employee feels empowered to bring their authentic self to

work every day. BMV is committed to continue working towards gender equality.

– In 2020, we launched LinkedIn learning, where our employees can get access to thousands of

courses.

• Social Programs:

– Volunteer program for employees

– Participation in sport events

– Free lectures in public and private schools12

Governance

• BMV is guided by a strong Corporate Governance, ethics and best practices.

– Our board is diverse in gender and structure with 60% independent members

– Measures to prevent conflicts of interest with suppliers and employees

– We organized the “Ring the Bell for gender equality” event with Global Compact and BID

Invest in order to raise awarenes about the importance of gender equality in organiztions

• Policies and guidelines

– Electronic Document and Information Processing Policy

– Regulatory and Corporate Compliance Policy

– Treatment and Protection of Personal Data

– Anti-corruption and money laundering policy

– Policy to establish the mechanisms of good corporate governance in financial infrastructures

– Guide for the prevention and identification of operations with illicit resources

– Securities Operations Manual

• A strong communication campaign of business ethics and institutional values

among employees

– Innovation, Service, Excellence, Teamwork, Transparency, Integrity

13

Ownership Board of Directors

Free Float

Trust holding control

As of March 2020

25%

75%

Free Float

Trust holding

control

1

68

Trust

holding

control

Chairman

Independent

Shareholder Structure

14

• Fully integrated Exchange

• 125 years of experience

• Diversified business model with 9 revenue segments

• Highest segment contributes 30% of total revenues

• 38% of total revenues are Market driven

15

• Equities

• SPAC

• MLP (Fibra E)

• Debt

• ETFs (TRACs)

• REITs ( FIBRAs)

• Private Equity (CKDsand CERPIs)

16

IndevalCentral Securities Depository

8%5%

2%3%

6%

14%

30%

15%

1%

13%

3%

BMVEquity Trading

SIF Icap MexicoOTC Trading

SIF Icap ChileOTC Trading

AsignaDerivatives Clearing

MexDerDerivatives Trading

CCV Equity Clearing

Maintenance fees

Listing fees

Information Services

996Million pesos

2020 Revenues

Other

Diversified Revenues by Business Activity

1Q20 Financial Results

Fee RelatedRevenues 62% ----------------------Market ActivityRevenues 38%

17

138 134 129 127

152 147138 136136 133

128 125134

0 0 0Q1 Q2 Q3 Q4

2017 2018 2019 2020

Listing Revenues(million pesos)

Key Factors

As of March 31st 2020


Maintenance Revenues(million pesos)

1. Listing and Maintenance


• All instruments have a one-time payment

listing fee

• Maintenance fees are paid annually after the

first year of been listed

• Fees are subject to the CNBV approval and

are adjusted annually by inflation. New

reduced fee schedule starting January 2019.

• 2020: government and other debt duration

12.4 and 6.4 years

11

19

32

63

12

24

33

53

9

16

27

42

9 0 0 0

Q1 Q2 Q3 Q42017 2018 2019 2020

26%

2%

8%

7%

13% 53%

91%

Maintenance

1Q20 Listings

Equity Alternative Debt (Gov) Debt (Corp)

Revenue Mix

IPOs & Follow-Ons (million pesos)


Local Market

638 739 8561,124 1,131

577

723

923

1,097 1,117

2016 2017 2018 2019 2020

Equities ETFs

2016 2017 2018 2019 2020

0

9

12

7

2

Global Distribution

• North America 59.6%

• Europe 34.3%

• Asia 3.7%

• South America 1.9%

• Africa and Oceania 0.5% As of March 31st2020

2020 Equity Listings

Global Market

19

$55,136 $95,663 $68,358 $5,931 $0

1,215

1,462

1,779

2,221 2,248

36% 42%39%

51%

64% 58%61%

49%

20

17

20

18

20

19

*1Q

20

Global Local

5145 45 47

51

5954

71

53 54 5650

53

Q1 Q2 Q3 Q4

2017 2018 2019 2020

7467

71 747785

71

53

66 6776

64

79

0 0 0

Q1 Q2 Q3 Q42017 2018 2019 2020

• Local and global (SIC) markets.

• Trading revenues are based on the total value

traded during the month. Average fee per side

0.38 basis points.

• Participants must deposit margins (Central

Clearing) to guarantee their trading activities.

Average fee per side: 0.34 basis points

• Fees are subject to the National Banking and

Securities Commission approval.


Market Mix

2. Equity Trading and Clearing

Key Factors



20

Cash Equity Trading Revenues (Thousand pesos)

Cash Equity Clearing Revenues (Thousand pesos)

2020 vs 2019 Daily Average Trading Value per Month(million pesos)

2010 – 2020 Daily Average Trading Value & Transactions per Year(million pesos)

As of March 31st 2020, Operational Highlights

Operational Highlights

As of March 31st 2020, Operational Highlights21

9,873 10,43712,594

14,44312,362 12,934

14,595 14,483 15,726

13,245

17,960

34,094 45,45779,318

138,801 155,682197,308

292,247277,648

379,690 353,586406,066

0

50, 000

100 ,000

150 ,000

200 ,000

250 ,000

300 ,000

350 ,000

400 ,000

450 ,000

-1,500

500

2,5 00

4,5 00

6,5 00

8,5 00

10, 500

12, 500

14, 500

16, 500

18, 500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 *1Q20

Value Traded Transactions

13,524

16,728

23,721

14,205 13,539 14,392

13,192 12,608 12,576 12,891 14,791 13,656

12,403 12,172 12,526

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2019

29,064

40,03336,637

32,333

39,376

2016 2017 2018 2019 *1Q20

Margin Deposits(average in million pesos)

49,71742,261 31,073 25,323 28,039

26,09526,574

22,459 28,17436,119

2016 2017 2018 2019 1Q20

Futures Swaps

Total Derivatives Contracts(daily average traded)

• MexDer is the only listed derivatives

market in Mexico

• Futures, options and swaps platform

• Average margin deposits $39.3 billion

pesos (+22% vs 2019)




Key Factors

3. Derivatives Trading and Clearing

22

Derivate Revenues (Mexder and Asigna in Thousand pesos)

65

57

5154

5052

50 50

4245

55

44

49

Q1 Q2 Q3 Q42017 2018 2019 2020

IPC Futures

37,47435,292 35,705

32,481

25,564

35,60939,060 42,113

38,95841,202

2016 2017 2018 2019 2020

Notional Open InterestUSD Futures

136,671137,380

102,491 82,960 105,435

835,770 910,853

592,701

445,531

583,253

2016 2017 2018 2019 2020

Notional Open Interest

DC24 Futures

14,0155,364 3,950 2,760

593

76,330

35,031 33,17317,845

12,833

2016 2017 2018 2019 2020

Notional Open Interest

Swaps

Average as of March 31st 2020

March: 12,409,639 open contracts

Average as of March 31st 2020 Average as of March 31st 2020

Average as of March 31st, 2020

Operational Highlights

23

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

ene-1

6

ene-1

7

ene-1

8

ene-1

9

ene-2

0

132 130143

154144

170

135 135127

147156 155

193

Q1 Q2 Q3 Q42017 2018 2019 2020

• Joint Venture with ICAP Plc.

• SIF ICAP has presence in Mexico, Peru and Chile.

• Only inter-dealer broker in Mexico with an area

dedicated exclusively to corporate bonds.

• Voice and electronic interdealer broker.

• In 1Q20, SIF ICAP registered higher revenue due

to volatility in financial markets and $23 MM in tax

benefits. Going forward we expect $4 MM per

month.

México30%

Chile70%

Revenue Mix Products

• Government bonds

• Banking and corporate bonds

• Swaps (IRS and currency)

• Forwards (currency)

• Warrants



4. OTC Trading

Key Factors

24

OTC Revenues (Thousand pesos)

146 145

195209209

232220

240238253 262 260

301

Q1 Q2 Q3 Q42017 2018 2019 2020

• Indeval is the central custody for all the

securities in Mexico and settles equities,

fixed income

• The average daily amount settled $5.9

trillion pesos

• Custody fees are regulated by the National

Banking and Securities Commission

13%

25%

28%

34%

Corporate debt

Pension and MutualFunds

Equities

Government debt

0% 10% 20% 30% 40%

Custody Balance Distribution


Custody36%

Global Market Services

40%

Securities Lending

2%

Transactions16%

Other6%

Revenues Distribution

As of March 31st 2020As of March 31st 2020

5. Central Securities Depository

Key Factors

25

Indeval Revenues (Thousand pesos)

124

103110 106

114 114

136

115

147137 140 135

145

0 0 0

Q1 Q2 Q3 Q4

2017 2018 2019 2020

Key Factors

• Valmer is an authorized price vendor and risk

management software provider

• Market Data provides screens, information

stations and data feeds

• Strategic alliance with S&P for production and

distribution of fixed income and equity indices

Valmer27%

Market Data73%

Revenue Mix

EquityFixed

Income

Indices 15 94

ETFs referenced

to an index21 5


As of March 31st 2020, Financial Results

S&P/BMV Indices


6. Information Services

26

Information and Services Revenues (Thousand pesos)

• Balance between growth potential and cash generating businesses

• Capex (1): 60 - 90

• Depreciation(1): 180 – 230*

(1) Million

(2) Including 100 million pesos in leases (IFRS 16)

27

• Green bonds

• Social bonds

• Sustainable bonds

• SPACs

• MLPs

• CO2 certificates

• Block trading books

• Incorporation of limit market

stance

• Short sale optimization

• Improvement of crossing

operations

• Securities lending platform

• Direct Custody

• Clearing and settlement for

new securities

• Automation of Corporate

actions

• LatAm Exchanges Data

(LED)

• Point of presence in NYC

• Consolidated feed

• Alliance with S&P to build

and distribute indices

globally

• Financial risk management

28

It will enable access to the local market infrastructure providing various services to foreign

financial institutions such as broker-dealers, banks, fund managers, insurance companies

and global custodians.

ACCOUNT MANAGER

• Point of contact between our

clients and Indeval

• Customer service platform

(faster responses to queries)

• English speaking account

managers

CORPORATE ACTIONS

• Proxy Voting

• Corporate Events

• Communication via

SWIFT

• Dividend and interest

processing

• Enhanced cut-off

times for instructions

MARKET

INFORMATION

• Extensive Market

reports

• Income

• Safekeeping

TAX

SERVICES

• Tax Reclaim

• Tax Withholding

• Documentation

• Tax reporting

Indeval: Direct Custody

29

CCV is implementing risk models for all on-the-run M Bonds in its technological platform.

BENEFITS

• Permanent risk monitoring

• Risk covering by guarantee

funds

• Increased trust in Financial

System

• Mitigation of counterparty risks

• Electronic trading integration for

derivatives and cash market

A UNIQUE BUSINESS

• Independent risk calculation

• Highly experienced staff

• PFMI compliance

• Robust legal framework

• Best practices on clearing and

settlement

INNOVATION

• Cutting-edge risk

engine

• Robust technological

platform

Clearing Services for Fixed-rate Federal Government Development Bonds

30

Mexico CityInfrastructure and production, as well first-level

support

MiamiProject management, relationships with

contributors, as well as design, marketing, and

sale of final products

Relevant Information

• Structure – BMV owns 51% of the Mexican company and 49% of the American company.

• Stages – the first stage of development is to establish an information distribution platform for the

delivery of end-of-day data from Latin American markets. The second stage will incorporate real-

time products.

• Investment - up to 10 million dollars with an initial outlay of three million dollars for the

development of the first stage.

LED

Information Services: LatAm Exchanges Data (LED)

31

CybersecurityFlexible Disaster

Recovery Plan

Investment in Technology and Business Continuity

In 2020, we will Analyze and develop BMV’s technological transformation strategy

32

New Services

and Applications

Ethernet

migration Risk Management

System (Upgrade)

RPA

Technology

• EBITDA Margin: 61%

• EPS: 0.77 1Q20

• ROE: 21%

• 2019 Dividend Yield: 4.8%

• Payout Ratio: 80%

• DPS: 1.81

33

* BMV’s Board of Directors agreed to recommend to the Shareholders’ Assembly a dividend of 1.81 pesos per share

Revenue

Up 18%

$996MM

(1Q2019: $845MM)

Net Income

Up 39%

$457MM

(1Q2019: $328MM)

Expenses controlled while

investing for growth

Up 8%

$439MM

(1Q2019: $405MM)

EBITDA

Up 25%

$607MM

1Q2019: $484)

EBITDA Margin

Up 367 bps

61%

(1Q2019: 57%)

Dividends per Share

Payout 80%

$1.81*

(2018: $1.78)

* BMV’s Board of Directors agreed to recommend to the Shareholders’ Assembly a dividend of 1.81 pesos per share

1Q20 Key Financial Highlights

Strong financial performance from market related businesses and the Central Securities Depository, as well as tight control of underlying costs

34

BMV´s financial results

*Excluding impairment of goodwill in 2008/14/15/19

EBITDA Margin

• EBITDA Margin: 58% – 61% • Net Income: $1.4 B - $1.6 B

Guidance 2020

Sustainable Growth

35

681 968 1,160 1,370 1,378 457

646

741

895

1,052 1,071

2015 2016 2017 2018 2019 1Q20

Net Income, Dividend & Payout(million pesos)

Net Income Dividend Payment

95% 77% 77% 77% 78%

39%

44% 45% 46% 47%43%

50%53% 55% 55%

58%61%

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

1Q

20

Thousand pesos

1Q20, Financial Results

1Q20 1Q19 Var. Var. %

Revenues 996,030 845,454 150,576 17.8%

Cash Equities 132,208 119,365 12,844 10.8%

Cash equities trading- BMV 79,105 66,219 12,886 19.5%

Cash equities clearing- CCV 53,104 53,145 -42 -0.1%

Derivatives 49,271 41,692 7,579 18.2%

MexDer 21,437 17,681 3,756 21.2%

Derivatives trading 16,483 13,085 3,398 26.0%

Data sales-MexDer 4,953 4,596 357 7.8%

Derivatives Clearing- Asigna 27,834 24,011 3,823 15.9%

Derivatives Clearing 27,734 23,943 3,791 15.8%

Data Sales- Asigna 100 68 32 47.0%

OTC (SIF ICAP) 193,256 126,856 66,401 52.3%

OTC trading 191,824 125,560 66,264 52.8%

SIF ICAP México 57,141 57,489 -348 -0.6%

SIF ICAP Chile 134,683 68,070 66,613 97.9%

SIF ICAP data sales 1,433 1,296 137 10.5%

Capital Formation 142,873 144,854 -1,981 -1.4%

Listing fees- BMV 8,917 8,772 146 1.7%

Maintenance Fee- BMV 133,956 136,082 -2,126 -1.6%

Central Securities Depository (CSD) 301,172 238,447 62,724 26.3%

Information Services 145,295 146,768 -1,473 -1.0%

Price Vendor- Valmer 39,453 42,998 -3,545 -8.2%

Data Sales 105,842 103,771 2,072 2.0%

Others 31,954 27,472 4,482 16.3%

Colocation 4,077 4,343 -267 -6.1%

Others 27,878 23,129 4,749 20.5%

Revenues Overview – quarterly YoY

36

8%5%

2%3%

6%

14%

30%

4%

11%

1%

13%3%

Equity Trading

SIF IcapMex

SIF Icap Chile

Asigna

MexDer

CCV

Other

Maintenance fees

Listing fees

Market Data

Valmer

20201Q

Indeval


Indeval

8%7%

7%

6%

11%

19%

11%

7%

8%

16%2%

Equity Trading

SIF IcapMéxico

Asigna

MexDer

CCV

Other

Listing fees

Market Data

Valmer

2008

Indeval

Maintenance fees

Evolution of Revenue Mix

37

Thousand pesos

Good control of underlying expenses

• Personnel up 13 million as a result of variable compensation due to higher revenues in SIF ICAP and

salary raises.

• Technology increased by 9 million pesos, 6 million explained by the renewal of licenses for projects

completed in 2019, the acquisition of new software for customer service and increase in the central

bandwidth, as well as 3 million for the purchase of data for the global market or SIC related services.

• Depreciation registered an increment of 6 million pesos due to the acquisition of hardware, mainly for

the Storage Area Network (SAN) and Asigna’s risk platform, as well as the amortization of projects

finished in 2019 (Infomatch, solution to monitor data consumption) and BMV’s building improvements.

1Q20 1Q19 Var. Var.

Expenses 439,267 405,269 33,998 8%

Personnel 229,528 216,765 12,762 6%

Technology 66,103 56,705 9,398 17%

Depreciation 50,257 44,071 6,186 14%

Rent and Maintenance 17,726 16,479 1,247 8%

Consulting Fees 42,040 43,461 -1,421 -3%

CNBV Fees 7,470 7,254 215 3%

Others 26,143 20,533 5,610 27%

Expenses Overview - quarterly YoY

38

• Revenues in dollars: 25%

• Expenses in dollars: 23%

Flat USD position

Operating Income Net IncomeEBITDA

Growth Rate: 1Q20 vs 1Q19

1,439

1,642

1,865 1,914

557

1,512

1,734

1,948 2,015

607

968

1,161

1376 1338

457

2016 2017 2018 2019 1Q20Operating Income EBITDA Net Income


17%

20%

21%

20%

21%

2016

2017

2018

2019

1Q20

Historic ROE Operating Income, EBITDA & Net

Income(million pesos)

25%26% 39%

Income Growth

39

Figures are in million pesos1Q20, Financial Results

• Cash at the beginning of the

period $3,100MM

• Cash at the end of period

$3,904MM; + $804 due to

maintenance revenue which is

collected in advance

• $10MM capex – mainly

building improvements and

new projects

• $50MM depreciation and

amortization

• Cash generation-discretionary

free cash flow remains strong

at $1.36 per share

Summarized Cash Flow up to 1Q20

Strong cash generation

40

804

804

804

804

814

1,027

1,044

0

10

214

17

0

Free Cash Flow

Dividends to controllingshareholders

Discretionary free cash flow

Dividend paid to non-controlling

Investment activities

Taxes paid

Hardware leases

Cash Generates and Changes inWC

• Total Assets $8.9 B

• $3.9 B cash and

investments Total

Liabilities $1.3 B

• Shareholders’ Equity

$7.6 B

• Book Value $4.6 B


Mar-20 Dec-19

Total Assets 8,981 100% 7,868 100%

Cash & Investment 3,904 43% 3,100 39%

Accounts Receivable 644 7% 404 5%

Recoverable Taxes 48 1% 14 0%

Total Current Assets 4,596 51% 3,517 45%

Amortization expenses 80 1% 55 1%

Other Non-Current Financial Assets 193 2% 166 2%

Investments in Associated Companies 33 0% 39 0%

Fixed Assets 479 5% 479 6%

Goodwill 3,084 34% 3,084 39%

Other Non-Current Assets 517 6% 527 7%

Total Non-Current Assets 4,385 49% 4,351 55%

Total Liabilities 1,348 15% 808 10%

Suppliers and Other Accounts to Pay 535 6% 444 6%

Deferred Income 478 5% 11 0%

Taxes Payable 125 1% 176 2%

Other Short Term Financial Liabilities 0 0% 0 0%

Total Current Liabilities 1,138 13% 631 8%

Bank Loans & Provisions 209 2% 177 2%

Total Long Term Liabilities 209 2% 177 2%

Stockholders´ Equity 7,633 85% 7,060 90%

Capital Stock 4,507 50% 4,507 57%

Premium in issue of shares 0 0% 0 0%

Retained Earnings and Reserves 2,417 27% 1960 25%

Other Results 391 4% 344 4%

Minority Interest 318 4% 248 3%

Liabilities + Stockholders´ Equity 8,981 100% 7,868 100%

Balance Sheet Common-size analysis

41

Stock Performance

Source: Bloomberg

Analyst Recom.Target Price

Date

Grupo Santander Hold 46 18/feb/2020

J.P. Morgan Buy 43 6/mar/2020

HSBC Hold 40 20/feb/2020

Credit Suisse Buy 43 15/oct/2019

Itau BBA Securities Buy 46.5 19/feb/2020

Barclays Hold 42 23/mar/2020

Bradesco BBI Buy 51 3/jun/2019

Bank of America Sell 43 18/feb/2020

UBS Hold 44 18/feb/2020

Monex Hold 50 17/mar/2020

Average 45

Top 10 HoldersAs of March 30th, 2020

Capital Group Companies Inc 8.3%

Invesco Ltd 4.2%B3 SA - Brasil Bolsa Balcao 4.1%J.P. Morgan 3.7%Franklin Resources 3.6%

Vanguard Group Inc 2.6%

Seafarer Capital 2.4%

Nacional Financiera SNC 2.2%

BMO Financial Corp 2.1%

Fidelity Int. 1.6%

Annual Return: -9.9%Annual data: March 31st, 2020 BOLSAA NAFTRAC

Max 45.8 45.9

Min 28.7 33.0

Average Price 38.7 42.8

Close 36.2 34.7

Max Volume (thousands) 6,239.1 91,345.8

Min Volume (thousands) 58.5 183.1

Average Volume (thousands) 1,218.9 19,560.3

Dividend Per Share 1.8 1.2

Dividend Yield 5.0% 3.4%

Return 3M (Price) -15.4% -21.9%

Return 12M (Price) -9.9% -20.6%

Return 12M (TSR) -5.3% -14.4%

Return YTD (Price) -15.4% -21.9%-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

BOLSAA NAFTRAC

3M: -15.4%

March 31st, 2019 – March 31st, 2020

-25%

-5%

15%

35%

55%

75%

95%

01

/04

/20

15

07

/05

/20

15

09

/06

/20

15

10

/07

/20

15

12

/08

/20

15

14

/09

/20

15

16

/10

/20

15

20

/11

/20

15

23

/12

/20

15

27

/01

/20

16

01

/03

/20

16

06

/04

/20

16

09

/05

/20

16

09

/06

/20

16

12

/07

/20

16

12

/08

/20

16

14

/09

/20

16

18

/10

/20

16

22

/11

/20

16

26

/12

/20

16

26

/01

/20

17

01

/03

/20

17

04

/04

/20

17

10

/05

/20

17

12

/06

/20

17

13

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20

BolsaA

March 31, 2015- March 31 2020

BolsaA vs Naftrac (5-year)

TSR BolsaA 78%

TSR Naftrac -8%

Local

Competitor

Changes to SIC’s

business model

(Global Market)

LatAm

Exchanges

Data

Price Return BolsaA 40%

Price Return Naftrac -21%

43

COVID - 19

Contacts

Luis René Ramón

Director of Financial Planningand Investor Relations

[email protected]+52 (55) 53 42 9027

Paseo de la Reforma 255, Col. Cuauhtémoc, 06500, Cd. de México

For information on the Group: www.bmv.com.mx

M. Nalleli Barajas

Head of Corporate Responsibility

[email protected]+52 (55) 53 42 9293

44

investor relations 1q20 · 2 days ago · guarantee the safety of all bmv’s employees; over 95%...

Documents