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BLX - Margin Of Safety Increases On Bladex - A Look At Q2 Results
Banco Latinoamericano de Comercio Exterior S.A.
I wrote an article on Bladex (BLX) last month. In that note, I argued Bladex is trading at a valuation that implies enough margin of safety to be worth a close look. I estimated a normal, or intrinsic, valuation of $20/share. This amount would still imply a discount to book, allowing for some losses during the year that could decrease the large capital buffer of $1 Bln. There are 40 million shares outstanding, so the $20/share price implies $800 million market capitalization. At today's share price, the market capitalization is less than $500 million.