At MXN 42.32 Gentera trades at 1.82x its 2Q26 book against a 24.5% controlling ROE (25.7% across the first half, the best half in its history), a combination no Mexican-LatAm peer matches without an embedded discount for credit-cycle anxiety.
The market prices a terminal ROE near 21%, below the company's own post-COVID average and below what it currently earns; the gap to the Street's higher target is a cost-of-equity gap, since we apply a fuller, observable beta (0.812 versus the IPC) than the Street implicitly does.
The individual-lending NPL scare is turning: consolidated NPL improved to 4.04% in 2Q26, the first decline since the spike, coverage rebuilt to 219.5%, and the collections process that recovered a 5.43% COVID peak to 2.82% within twelve months underwrites the cyclical read.
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Not investment advice. For informational purposes only.
Published August 2026. Research reflects data available through August 2026.
Download Free ExcerptLatin America's largest microfinance institution, lending to Mexico's base-of-pyramid population through Banco Compartamos since its 1990 origin, with a consolidated loan book of MXN 94.7 billion at 2Q26 and roughly 70% of Mexico's group-lending segment. It serves 4.68 million active credit clients across Mexico and Peru, where Compartamos Banco became a full bank in January 2025, and earned a 24.5% controlling return on equity in the second quarter.
Investment thesis, bull case and bear case, financial snapshot, and the dated key catalysts, with the full three-method valuation on the tear sheet
Business model, subsidiary structure (Banco Compartamos, Compartamos Banco Peru, ConCredito, Aterna), revenue composition, Promotora Social Mexico ownership, board and management, and strategic history
Mexico microfinance market, regulatory framework under CNBV, the competitive landscape and group-lending share, and the sector tailwinds and headwinds
Net interest income and NIM, profitability and asset quality, balance sheet and capital adequacy, cash flow and capital allocation, and key operating and financial metrics
Justified P/B framework, dividend discount model, residual income model, sensitivity and stress testing, a peer P/B-versus-ROE regression, and the consensus comparison
NPL cycle normalization, the funding-cost lock-in, and the Peru compounding story, each with dated triggers
A risk matrix and a deep dive across the principal risks, including the individual-lending credit cycle and the regulatory rate-cap scenario
Investment thesis summary, what would change our view, and what comes next
Full financials, valuation assumptions, the event calendar, and primary-source citations
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