2024-05-06 23:13:03 ET
Summary
- Banorte is a diversified bank that over the past three years has comfortably outperformed both the local market and the S&P 500.
- The bank is exhibiting sustainable growth in ROE, book value, and NII. Also, with a core-bank NIM that has been barely affected by higher funding costs, displaying signs of resiliency.
- With a price-to-book trading close to its historical average, coupled with tailwinds in the Mexican economy, and an electoral result that seems anticipated, I rate this company as a buy.
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For further details see:
Banorte: Growth From Almost Everywhere