Trades at 2.02x trailing P/B against 24.8% ROE, the highest in our coverage and the widest valuation gap in our Mexican-LatAm financial sector universe.
Dominates Mexico's group-lending market with approximately 70% share across roughly 3 million clients, anchored by a 35-year collections infrastructure no competitor has replicated at scale.
Two near-term catalysts: the June 2026 EGM revote on a 40 to 45% dividend payout increase, and the Q3 2026 individual-lending NPL print that empirically tests the cyclical recovery thesis.
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Not investment advice. For informational purposes only.
Published May 2026. Research reflects data available through April 2026.
Download Free ExcerptLatin America's largest microfinance institution, serving over 6.5 million clients through Banco Compartamos with a loan portfolio of MXN 93.6 billion. Holds approximately 45 to 49% of Mexico's microfinance market, with roughly 90% of borrowers being women.
Investment thesis, bull and bear case, financial snapshot, valuation summary, key catalysts
Banco Compartamos, Compartamos Banco Peru, ConCredito, Aterna; Promotora Social Mexico ownership; board and management
Mexican microfinance market sizing, group-lending share dynamics, CNBV regulation, asymmetric NIM repricing thesis
Net interest income, NIM decomposition, ROE DuPont, balance sheet, cash flow, FY2023A through FY2030E projections
Three-approach weighted framework: Justified P/B, DDM, Residual Income; sensitivity grids; four named stress scenarios; five-peer regression cross-check
Peru bank conversion compounder, June 2026 EGM dividend revote, Q3 2026 NPL cycle normalization print
Six named risks with probability and severity assessments, including credit cycle deep dive and regulatory rate cap scenario
Thesis summary, risk/reward stance, what would change our view, what comes next
Full financial tables, DCF and DDM assumptions, peer regression data, primary-source citations from CNBV, BMV, SBS Peru
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