...February 29, 2024 We still expect steady revenue growth for Controladora Mabe S.A. de C.V. (Mabe) in 2024. We forecast Mabe's top-line revenue to grow close to 3% in 2024, following record-high sales in 2023, mostly based on our expectation of slight volume growth and relatively flat local currency prices. This forecast incorporates slow economic growth in most of the markets where Mabe operates, although consumption trends will vary depending on each end-market. On the one hand, in North America (51% of Mabe's total sales in 2023) and Latin America (18%, excluding Mexico), we believe that consumers are stretched and are delaying discretionary purchases of small and large appliances, which will result in a normalization of orders from retailers. Therefore, we expect volumes to be relatively flat or to slip in those markets. On the other hand, in Mexico (25% of Mabe's total sales in 2023), we expect volume growth of 5%-6% due to our expectation of strong consumption trend. In our opinion,...
