GRUPO TMM SAB

Where It Passes

Where It Falls Short

• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -36.6% vs Rev: 18.2%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency6/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth18.2%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 2.5% -> 8.9%, operating margin 1.9% -> 12.1%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR1.7%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 2▾

  GTMAY overvalued: all 2 models price fair value below $3.15 (median $0.28)

  Greenblatt fair value$0.21

  ✗Greenblatt-200.0% margin vs $3.15

  Akre fair value$0.35

  ✗Akre-80.0% margin vs $3.15
• Valuation8% pass✓ 7✗ 21▾

  12 of 13 flag GTMAY's valuation — Graham, Lynch, Greenblatt +9 more

  Price / Book Value per Share1.1x

  ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Net income / market capitalization+5.05%; #1677/6340 (top 26.5%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio1.1x

  ✓Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value8.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=8.4%, ROC=9.2%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)9.4x

  ✗Dreman< 8x

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-10.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.1x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low420% of trailing low ($0.15)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization+0.9166; #1648/6449 (top 25.6%)

  ✓AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share1.18x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.7729; #2088/5247 (top 39.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-10.09%; #3237/4519 (top 71.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+162.50%; #189/6202 (top 3.0%)

  ✓OshaughnessyTop 10% of eligible cross-section
• Profitability13% pass✓ 7✗ 28▾

  14 of 16 flag GTMAY's profitability — Graham, Buffett, Lynch +11 more

  Net income / market capitalization+5.05%; #1677/6340 (top 26.5%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)0/11 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)6/11 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-5.0%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)12.1% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-21.4M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE5.5%

  ✗Lynch> 15%

  EBIT / Enterprise Value8.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=8.4%, ROC=9.2%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets2.87%

  ✓PiotroskiROA > 0

  ROA Change YoY0.62% -> 2.87% (delta: +2.25%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=6.03%, ROA=2.87%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY-2.4% -> 8.9%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue6.5%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity5.5%

  ✗Dreman> 12%

  Margin of SafetyP/B=1.1x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity2.2% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency6/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue12.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity5.5%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend1.9% (2022) -> 12.1% (2024)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 2.5% -> 8.9%, operating margin 1.9% -> 12.1%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets+3.92%; #3161/3702 (top 85.4%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+5.51%; #2401/5226 (top 45.9%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0482; #2534/5884 (top 43.1%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag GTMAY's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.12

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-2.0%

  ✗Buffett> 10%

  ROIC - WACC-12.0%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)9.2%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.91 -> 1.12

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.37x -> 0.44x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.12

  ✗Dreman> 1.5

  Return on Invested Capital6.6%

  ✗Munger> 15%

  ROIC (high and growing)FY2022: ROIC=1.4%; FY2023: ROIC=1.4%; FY2024: ROIC=6.6%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC6.6% (RR=100% x ROIC=6.6%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 6.6%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts19% pass✓ 3✗ 13▾

  Split decision: 12 FAIL · 2 BUY · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)✗GreenblattRank #1093✓PiotroskiBUY (F-Score 8)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)✓AsnessBUY (Rank #338/2370 (Top 14.3%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow20% pass✓ 3✗ 9▾

  8 of 10 flag GTMAY's cash flow — Buffett, Lynch, Dreman +5 more

  Free Cash Flow Proxy$-21.4M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-11.1M

  ✗LynchPositive and growing

  Operating Cash Flow$11.7M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=6.03%, ROA=2.87%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)9.4x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-10.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive4/10 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-10.1%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency7/10 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-11.1M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-10.09%; #3237/4519 (top 71.6%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage42% pass✓ 8✗ 7▾

  7 of 12 flag GTMAY's debt & leverage — Graham, Lynch, Piotroski +4 more

  LT Debt vs Net Current AssetsLT Debt $18.2M vs NCA $7.0M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.23, IC: 15.3x

  ✓BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.23

  ✓Lynch< 0.33

  Cash - Long-term Debt$-8.1M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.38% -> 9.39%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.12

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.23

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Debt Levels0.23

  ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=15.3x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.23

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.2294; #1788/4210 (top 42.5%)

  ✗AsnessTop 30% of eligible cross-section