CUERVO (Becle SAB de CV) vs Mexico S&P/BMV IPC Comparison

CUERVO

Mexico S&P/BMV IPC

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CUERVO

Mexico S&P/BMV IPC

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CUERVO

Mexico S&P/BMV IPC

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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Mexico S&P/BMV IPC

CUERVO

600519

000858

DGE

600809

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1Y 3Y 5Y 10Y 15Y 20Y

Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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Becle SAB de CV
Glance View

Market Cap

67.7B MXN

Industry

Beverages

Becle SAB de CV, a company steeped in tradition and ambition, is the heart behind one of the world's most renowned tequila brands, Jose Cuervo. Established in 1758, its roots run deep into the agave fields of Mexico, embodying centuries of craftsmanship and a distinct heritage. Over the years, Becle has transformed itself from a family-run operation into a dynamic public company, all while clinging to its original mission: delivering premium spirits with authenticity and passion. The company is structured through various segments that comprise its diverse product portfolio, ranging from tequila and other spirits to ready-to-drink beverages. Through strategic brand diversification and global distribution networks, Becle extends its reach beyond the traditional tequila heartlands, ensuring a presence in key international markets. Financially, Becle's engine runs on a finely-tuned machinery of production, distribution, and marketing strategies. It controls the entire value chain from cultivating blue agave—a process that takes several years—to distilling and aging its spirits. This vertical integration allows Becle to manage costs meticulously and maintain quality standards that boost their premium positioning. Revenue streams are bolstered by extensive marketing campaigns and strategic partnerships with distributors worldwide, allowing the brand to capture market share in both established and emerging markets. As the global appetite for premium spirits grows, particularly in regions like North America and Europe, Becle continues to solidify its position as a leading player in the spirits industry, blending tradition and modernity in every bottle.

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CUERVO Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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CN		Kweichow Moutai Co Ltd SSE:600519	Select
CN		Wuliangye Yibin Co Ltd SZSE:000858	Select
UK		Diageo PLC LSE:DGE	Select
ZA	D	Distell Group Holdings Ltd JSE:DGH	Select
CN		Shanxi Xinghuacun Fen Wine Factory Co Ltd SSE:600809	Select
US		Constellation Brands Inc NYSE:STZ	Select
FR		Pernod Ricard SA PAR:RI	Select
CN		Luzhou Laojiao Co Ltd SZSE:000568	Select
US		Brown-Forman Corp NYSE:BF.B	Select
CN		Jiangsu Yanghe Brewery Joint-Stock Co Ltd SZSE:002304	Select

CN		Kweichow Moutai Co Ltd SSE:600519	Add
CN		Wuliangye Yibin Co Ltd SZSE:000858	Add
UK		Diageo PLC LSE:DGE	Add
ZA	D	Distell Group Holdings Ltd JSE:DGH	Add
CN		Shanxi Xinghuacun Fen Wine Factory Co Ltd SSE:600809	Add
US		Constellation Brands Inc NYSE:STZ	Add
FR		Pernod Ricard SA PAR:RI	Add
CN		Luzhou Laojiao Co Ltd SZSE:000568	Add
US		Brown-Forman Corp NYSE:BF.B	Add
CN		Jiangsu Yanghe Brewery Joint-Stock Co Ltd SZSE:002304	Add

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BR	B	BOVESPA INDX:BVSP	Add
AR	S	S&P Merval INDX:MERV	Add
CZ	P	PX Prague Stock Index INDX:PX	Add
RU	M	MOEX Russia INDX:IMOEX	Add

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CUERVO

vs

Mexico S&P/BMV IPC

Stocks Performance
CUERVO vs Mexico S&P/BMV IPC

Performance Gap
CUERVO vs Mexico S&P/BMV IPC

Performance By Year
CUERVO vs Mexico S&P/BMV IPC

Competitors Performance
Becle SAB de CV vs Peers

Becle SAB de CV
Glance View

Company

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CUERVO vs Mexico S&P/BMV IPC

Stocks Performance CUERVO vs Mexico S&P/BMV IPC

Performance Gap CUERVO vs Mexico S&P/BMV IPC

Performance By Year CUERVO vs Mexico S&P/BMV IPC

Competitors Performance Becle SAB de CV vs Peers

Becle SAB de CV Glance View

Company

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Stocks

CUERVO

vs

Mexico S&P/BMV IPC

Stocks Performance
CUERVO vs Mexico S&P/BMV IPC

Performance Gap
CUERVO vs Mexico S&P/BMV IPC

Performance By Year
CUERVO vs Mexico S&P/BMV IPC

Competitors Performance
Becle SAB de CV vs Peers

Becle SAB de CV
Glance View