<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2683-2690</journal-id>
<journal-title><![CDATA[The Anáhuac journal]]></journal-title>
<abbrev-journal-title><![CDATA[The Anáhuac j.]]></abbrev-journal-title>
<issn>2683-2690</issn>
<publisher>
<publisher-name><![CDATA[Universidad Anáhuac del Sur S.C., Facultad de Economía y Negocios]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2683-26902025000200101</article-id>
<article-id pub-id-type="doi">10.36105/theanahuacjour.2025v25n2.2856</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A Crisis-Adjusted Valuation Model for Financial Firms: Empirical Evidence from Mexico during COVID-19]]></article-title>
<article-title xml:lang="es"><![CDATA[Un modelo de valoración de empresas financieras ajustado para crisis: datos empíricos de México durante COVID-19]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Huesca Burela]]></surname>
<given-names><![CDATA[Erik]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2025</year>
</pub-date>
<volume>25</volume>
<numero>2</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2683-26902025000200101&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2683-26902025000200101&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2683-26902025000200101&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study proposes an adjusted valuation model for systemic health crisis contexts to more accurately estimate the intrinsic value of Mexican financial firms during the COVID-19 pandemic. A quantitative approach is applied using two methods: a free cash flow to equity (FCFE) model with specific adjustments to projected cash flows and discount rates, and an asset-based valuation as a conservative benchmark. The sample includes eight firms listed on Mexico&#8217;s Índice de Precios y Cotizaciones (IPC)-Price and Quotation Index. Intrinsic values are compared to market prices at two key moments: March 2020 and March 2022. The findings reveal a general undervaluation trend in 2020 and an overvaluation trend in 2022, consistent with behavioral finance theories regarding investor reactions to uncertainty. The adjusted model effectively captures the economic impact of health crises, offering a replicable tool for financial valuation in non-standard environments. This research contributes to the literature by demonstrating how valuation frameworks can be adapted to account for exogenous shocks in emerging markets.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio propone un modelo de valuación ajustado para contextos de crisis sanitarias sistémicas, con el fin de estimar de manera más precisa el valor intrínseco de las empresas financieras mexicanas durante la pandemia por COVID-19. Utilizando un enfoque cuantitativo, se aplican dos métodos: el modelo de flujo de efectivo libre al capital (FCFE) con ajustes específicos en los flujos y la tasa de descuento, y el modelo basado en activos como referencia conservadora. La muestra está compuesta por ocho empresas listadas en el IPC (Índice de Precios y Cotizaciones) de la Bolsa Mexicana de Valores. Se comparan los resultados obtenidos en marzo de 2020 y marzo de 2022 para observar la evolución de la relación entre valor intrínseco y precio de mercado. Los resultados muestran una tendencia general a la subvaluación en 2020 y a la sobrevaluación en 2022, lo cual se interpreta como reflejo del comportamiento de los inversionistas ante la incertidumbre. El modelo demuestra ser útil para capturar el impacto económico de crisis sanitarias en la valoración financiera.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Firm valuation]]></kwd>
<kwd lng="en"><![CDATA[financial crisis]]></kwd>
<kwd lng="en"><![CDATA[COVID-19]]></kwd>
<kwd lng="en"><![CDATA[behavioral finance]]></kwd>
<kwd lng="en"><![CDATA[G01]]></kwd>
<kwd lng="en"><![CDATA[G12]]></kwd>
<kwd lng="en"><![CDATA[G14]]></kwd>
<kwd lng="en"><![CDATA[G41]]></kwd>
<kwd lng="es"><![CDATA[Valuación de empresas]]></kwd>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[COVID-19]]></kwd>
<kwd lng="es"><![CDATA[finanzas conductuales]]></kwd>
<kwd lng="es"><![CDATA[G01]]></kwd>
<kwd lng="es"><![CDATA[G12]]></kwd>
<kwd lng="es"><![CDATA[G14]]></kwd>
<kwd lng="es"><![CDATA[G41]]></kwd>
</kwd-group>
</article-meta>
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