
Fibra Terrafina (CBAOF)
ValueMarkers Composite Index
39% below intrinsic value ($0)
Fibra Terrafina (CBAOF) — VMCI valuation read
Headline read on CBAOF: VMCI of 58/100 versus a Real Estate sector median of 50. The 8-point above-median position is what makes Fibra Terrafina a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on CBAOF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on CBAOF: value (CBAOF trades at 25.0x earnings, 39% above the Real Estate median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.
CBAOF fell 1.4% over the trailing 7 days, with a +1.2% read on a 30-day basis.
Terrafina (BMV:TERRA13) is a Mexican real estate investment trust formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico. Terrafina's portfolio consists of attractive, strategically located warehouses and other light manufacturing properties throughout the Central, Bajio and Northern regions of Mexico. It is internally managed by highly-qualified industry specialists and externally advised by PGIM Real Estate. Terrafina owns 300 real estate properties, including 289 developed industrial facilities with a collective GLA of approximately 42.3 million square feet and 11 land reserve parcels, designed to preserve the organic growth capability of the portfolio. Terrafina's objective is to provide attractive risk-adjusted returns for the holders of its certificates through stable distributions and capital appreciations. Terrafina aims to achieve this objective through a successful performance of its industrial real estate and complementary properties, strategic acquisitions, access to a high level of institutional support, and an effective management and corporate governance structure.
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Key metrics explained
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