Ollamani, S.A.B. (BMV: AGUILAS) Initiating Coverage
Hidden Mexican cash generator with World Cup leverage, at stark discount to sum-of-the-parts
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Disclaimer: Not investment advice
View: Buy
Sophon Score: 78/100
We initiated Ollamani in our model portfolio. The stock trades at a steep discount to its sum-of-the-parts value, while the stadium renovation and upcoming 2026 FIFA World Cup create clear upside. Additional optionality comes from potential U.S. broadcaster deals, expansion of PlayCity casinos and online betting, growth of the women’s soccer team and youth academy, and monetization of media real estate assets, all of which could materially boost revenues and FCF.
Ollamani, S.A.B. is a newly listed Mexican holding company most U.S. investors have never looked at. It spun out of Grupo Televisa in February 2024 as a pure-play on three verticals: professional soccer, casinos and sweepstakes, and media publishing/distribution. Shares trade only in Mexico through CPOs, with no U.S. listing or SEC filings. That keeps coverage light and the valuation deeply discounted despite free cash flow generation and trophy assets like Club América and Estadio Banorte.
As of June 2025, Ollamani’s capital stock totaled Ps. 752M across multiple share classes. Each CPO represents a bundle of Series A, B, D, and L shares. The Azcárraga Trust holds 44.7% of Series A shares, giving Emilio Azcárraga Jean effective control. Foreign investors cannot vote Series A shares, locking in the family’s dominance. Governance is classic Mexico: entrenched insider control with limited minority protections.
Business Segments
Soccer is the jewel in Ollamani’s portfolio. Club América is Mexico’s most decorated soccer club, with ~30 million fans domestically and ~10 million in the U.S. The men’s and women’s teams are supported by Estadio Banorte, an 81,070-seat stadium hosting national team games, NFL exhibitions, and large concerts. It is undergoing a Ps. 2.1B renovation for the 2026 FIFA World Cup, funded with Banorte credit lines. By mid-2025, Ps. 1.05B had been drawn, with 1H25 capex at Ps. 332M. The stadium will open the World Cup in June 2026.
Gaming is a strong cash generator. PlayCity operates 17 casinos with more than 5,700 gaming machines and an online betting platform. Regulatory risk exists, but Ollamani holds a valid permit through 2030 and has secured injunctions to protect against new restrictions. Gaming contributes over half of consolidated revenue with double-digit margin growth.
Media rounds out the portfolio, including Editorial Televisa and Intermex. Brands such as TVyNovelas and Spanish-language Cosmopolitan are complemented by Intermex, which controls 46% of magazine distribution in Mexico. While print revenues are declining, the segment still generates positive operating income and holds valuable real estate, including Teatro de los Insurgentes and land in Naucalpan.
Financials
Revenue in Q2 2025 fell 21% year-over-year to Ps. 1.52B, largely due to the absence of player-transfer income that inflated prior-year results. Net income dropped 96% to Ps. 11.8M, while operating income fell to Ps. 36.6M from Ps. 324.3M. EPS declined from Ps. 1.94 to Ps. 0.12.
Segment-level performance shows the underlying drivers. Gaming posted Ps. 779M in revenue, up 5.7% YoY, with operating profit of Ps. 225M, a 12.8% increase. Soccer revenue fell 15.2% to Ps. 612M, swinging to a Ps. 94M operating loss versus Ps. 175M profit last year. Media revenue declined 17.5% to Ps. 126M, though operating profit rose 60% to Ps. 39M.
On the balance sheet, total assets reached Ps. 13.1B, liabilities rose to Ps. 3.88B from new stadium debt, and cash totaled Ps. 597M. Liquidity is sufficient for operations and capex needs.
Updated Valuation — Sum of the Parts
Using updated figures, Ollamani has a market capitalization of MX$6.12B (~$340M USD), total debt of MX$2.12B (~$118M USD), and cash of MX$597M (~$33M USD), resulting in an enterprise value of MX$7.64B (~$424M USD).
A segment-level sum-of-the-parts analysis highlights the discount to asset value:
PlayCity Casinos generated ~$38M in LTM EBITDA. Applying a conservative 5x multiple values the business at approximately $228M USD.
Club América & Estadio Banorte: the Soccer segment, which includes Club América and Estadio Banorte, generated revenue of approximately $147.3 million USD for the twelve months ending June 30, 2025. Applying a 2x sales multiple results in $290.6M in value.
Editorial Televisa / Intermex + Real Estate, while modestly profitable, holds assets appraised at $40M USD.
The total SOTP enterprise value of Ollamani is approximately $558.6M USD, comprising $228M from PlayCity Casinos, $290.6M from the Soccer segment (Club América and Estadio Banorte), and $40M from Editorial Televisa, Intermex, and real estate assets. Against the current enterprise value of $424M USD, Ollamani trades at a roughly 24% discount to its conservative sum-of-the-parts value, highlighting significant upside potential.
Sophon Score Analysis
Total Score: 78 / 100
Market Opportunity: 10 – Large, established Mexican markets in soccer, gaming, and media; modest growth potential.
Competitive Advantage: 10 – Club América brand, PlayCity regulatory protections, media distribution dominance.
Margins & Leverage: 6 – Strong gaming margins; soccer earnings volatile; debt manageable.
Reinvestment / Growth: 8 – Stadium renovation and World Cup positioning; online gaming expansion.
Business Model Quality: 8 – Diversified cash flows across sports, gaming, and media.
Revenue Quality: 6 – Gaming recurring; soccer lumpy due to player transfers; media declining but asset-backed.
Pricing & Unit Economics: 7 – High-margin gaming machines, ticketing, merchandise.
Competitive Dynamics: 6 – Regulatory risk in gaming; moderate soccer competition; media secular headwinds.
Management: 6 – Experienced Azcárraga leadership; governance concentrated.
Financial Health: 9 – Positive cash flow; manageable debt; liquidity supports operations and capex.Investment View
Ollamani is a structurally cheap, cash-generative Mexican asset with a clear World Cup catalyst and valuable gaming operations. Governance concentration, short-term earnings volatility, and regulatory risks exist, but these are outweighed by a portfolio of trophy assets trading below conservative SOTP value. For investors willing to navigate Mexican corporate and regulatory nuances, Ollamani presents an asymmetric upside opportunity leading into 2026.