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BMA - Don't Be Fooled By Banco Macro's Inflation-Skewed Financial Data
Banco Macro S.A. ADR
A wise person once said that if something looks too good to be true it is probably not true. This proverb is truer for investment success than perhaps any other field. Many companies have stellar financial ratios that attract immense investor inflows only to be duds with hidden risks.
One company where this problem is particularly true in Argentina's Banco Macro (BMA) which trades as an ADR in the U.S. The bank has extremely low valuation ratios (TTM PE: 3X), very high revenue & income growth (doubled TTM), and a ROA last year