reports
- Colin Plunkett
- Colin Plunkett
Stable Quarter for Santander Mexico; Shares Still Trading at a Premium...
No-moat-rated Grupo Financiero Santander Mexico reported net income of MXN 4.61 million, a sequential increase of 2%. This quarter’s results were driven by balanced growth across the bank’s entire business. Nevertheless, loan growth has decelerated. Since 2015, Santander Mexico has frequently grown loans each quarter by more than 4.5%. Loan growth this quarter was only 0.9%, while loans contracted the prior two quarters. Much of the loan deceleration is coming from mortgages where the bank h...
- Colin Plunkett
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...
- Colin Plunkett
Santander Mexico Sees Significant NIM Expansion While Growth in Mortga...
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...
- Colin Plunkett
Mexico's Youth and Consumers Will Fuel Santander Mexico's Growth
After transferring coverage to a new analyst, we are downgrading our moat rating for Grupo Financiero Santander Mexico to none from narrow. In addition, we are decreasing our fair value estimate to $6 from $9 per ADR share as a result of our expectations for slower loan growth and our unenthusiastic view of Mexico’s economy. We have reassessed our opinion of the level of competition in Mexico’s banking industry and believe that long-term returns for Santander Mexico will only be comparable w...
- Stephen Ellis
Mexico's Youth and Consumers Will Fuel Santander Mexico's Growth
After transferring coverage to a new analyst, we are downgrading our moat rating for Grupo Financiero Santander Mexico to none from narrow. In addition, we are decreasing our fair value estimate to $6 from $9 per ADR share as a result of our expectations for slower loan growth and our unenthusiastic view of Mexico’s economy. We have reassessed our opinion of the level of competition in Mexico’s banking industry and believe that long-term returns for Santander Mexico will only be comparable w...
- Stephen Ellis
Higher Rates South of the Border Boost Santander Mexico
Narrow moat-rated Grupo Financiero Santander Mexico turned out another strong quarter posting net income of MXN 4.542 million or MXN 0.67 per share; representing sequential growth of 15.7%. We plan to maintain our fair value estimate of $9 per share. This improvement was driven by an impressive expansion in net interest margin. During the fourth quarter, net interest margin expanded 11 basis points to 5.12% from 5.01% as investors benefited significantly from the steep rise in Mexican interest r...
- Stephen Ellis
Santander Mexico's strong market position will help the bank drive pro...
Narrow-moat-rated Santander Mexico reported results largely in line with our expectations, and we plan to maintain our $10 fair value estimate. The company reported net income of MXN 3.926 billion, or MXN 0.58 per share. Net income grew 5.9% sequentially and 13.3% year over year. Net interest margin expanded to 5.01% from 4.86% during the previous quarter. During the third quarter, nonperforming loans as a percentage of total loans declined to 2.82% from 2.96%. Much of these results were driven...
Ford Equity US Rating and Forecast Report
Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.
- Stephen Ellis
Santander Mexico's Commercial Loans Continue Their Red-Hot Pace
Narrow-moat-rated Santander Mexico reported results largely in line with our expectations, and we plan to maintain our $10 fair value estimate. The company reported net income of MXN 3.926 billion, or MXN 0.58 per share. Net income grew 5.9% sequentially and 13.3% year over year. Net interest margin expanded to 5.01% from 4.86% during the previous quarter. During the third quarter, nonperforming loans as a percentage of total loans declined to 2.82% from 2.96%. Much of these results were driven...
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