Our 12-month target price of P$23.5/sh is based on a sum-of-the-parts valuation. Our SOTP-based TP is grounded in conservative peer-derived multiples, applying 7.5x to Mexico, 11.0x to the US, and 6.0x to LatAm and Europe, reflecting the margin profile and strategic importance of each region. Our TP implies an EV/EBITDA multiple of 5.6x 2026e.

Key risks to our target price include: 1) currency and commodity volatility pose earnings risk, but Sigma’s geographic and category diversification offers a natural hedge; 2) potential for a prolonged or more severe than expected economic slowdown, especially in Mexico and the US; and 3) the most pressing challenges are the investor awareness and liquidity. Still limited consumer analyst coverage and the absence of a formal rebranding mean Sigma continues to trade in the shadow of its former holding company.