Mexico's young consumers will fuel Santander Mexico's growth.
No-moat-rated Grupo Financiero Santander Mexico reported earnings of MXN 4.52 million, a small sequential decline, but a 28% year-over-year increase in net income. This was mostly in line with what we expected. As a result, we will be maintaining our fair value estimate of $6 per ADR share. Our fair value estimate assumes an exchange rate of 18.82 MXN per U.S. dollar as measured on April 28, 2017. Much of the year-over-year growth is the result of impressive 15% year-over-year growth in net inte...
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