redit > Investment Grade Gruma SAB de CV (GRUMAB) Updated: Oct 29, 2015 Trade Idea: Maintain Buy GRUMAB 4 Vs 12/01/2024 Investment Rationale: ► Gruma is one of the world's largest corn flour, wheat flour and tortilla producers with leading industry positions in its Mexican home market as well as i

ness and favorable cost impact from softer MXN and feedstock prices. These provided for an industry leading 15.4% EBITDA margin and further underpin Gruma's consistent margin improvement trend. Gross leverage decreased further to around 1.3x, or 1.1x net of MXN 2,470mn in cash & equivalents. ► We expe

consistent margin improvement trend. Gross leverage decreased further to around 1.3x, or 1.1x net of MXN 2,470mn in cash & equivalents. ► We expect Gruma to realize further deleveraging and margin improvement potential going forward resulting from a better sales mix, ongoing SKU rationalization and co