Jose Itzamna Espitia Hernandez


Senior Equity Research Analyst, Infrastructure, Materials and Transportation @ Banorte

José has more than 10 years of sell-side experience in Grupo Financiero Banorte. He was ranked as #3 in the Industry Stock Picking category (Industrials), in the Analyst Awards 2018 in Latin America by Thomson Reuters. Nowadays, as a Senior Equity Research Analyst, he is in charge of infrastructure, materials and transportation sectors. Throughout his career he has participated (as an equity analyst) in initial and follow-on public offerings of several companies and Mexican REITs (FIBRAs). He is an active member of the Analysis' Committee of the Mexican Association of Financial Intermediaries (AMIB) and he is professor of the Banorte-UNAM business subject (Financial Markets) at the Faculty of Accounting and Administration at UNAM. José has a degree in Economics and holds a master’s degree in Finance from the Universidad Panamericana.

Jose Itzamna Espitia Hernandez
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Latest articles from Jose Itzamna Espitia Hernandez

Cemex: CEMEX, Quarterly Report 2Q21: More favorable outlook and attractive valuation

CEMEX's 2Q21 figures showed solid progress, above our estimates, and profitability expansion, surpassing pre-pandemic levels. Considering the figures, the multiple decreased from 8.8x to 7.4x vs. 9.6x for the sector, reflecting an attractive valuatio...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 30 July 2021

Grupo Aeroportuario del Pacifico: GAP, Quarterly Report 2Q21: Exceeds pre-pandemic revenues and EBITDA

Gap is the first airport group to regain pre-pandemic revenue and EBITDA levels. Solid report accompanied by profitability increase. Considering the above and the higher ratio of fixed expenses to total costs and expenses, EBITDA reached MXN 2.8 bill...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 30 July 2021

CFE Capital: FCFE, Quarterly Report 2Q21: Greater transported volume boosts results

Expectations of greater dynamism in key sectors for the transmission industry, in our view, should continue to drive the REIT's figures. Positive quarter, although with slight profitability pressure. FIBRA E CFE's 2Q21 results showed good annual incr...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 29 July 2021

Grupo Cementos de Chihuahua: GCC, Quarterly Report 2Q21: Confirms solid results and raises 2021 guidance

Highlights include higher cash flow (+18% y/y) and financial strength (0.1x ND/EBITDA). It is worth noting that including the results, FV/EBITDA multiple decreased from 8.8x to 8.3x. It should be remembered that GCC's main market is the US (74% of LT...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 29 July 2021

Grupo Mexico: GMEXICO, Quarterly Report 2Q21: Once again with record revenues and EBITDA

Despite market concerns about the new Peruvian government, we believe that this will not have a significant impact. GMexico's 2Q21 figures showed year-over-year sales growth of 62.5% to US$3.9 billion and EBITDA growth of 127.1% y/y to US$2.4 billion...
Banorte Marissa
Marissa Garza Ostos @ Banorte 28 July 2021

Promotora y Operadora de Infraestructura: PINFRA, Quarterly Report 2Q21: Surprising recovery and more than doubled EBITDA

Progress in all three segments and profitability exceeded estimates. In 2Q21, the company showed year-over-year revenue growth of 69.6% to MXN 3.0 billion, due to an easy comparative base, as 2Q20 was the quarter with the greatest impact from the pan...
Banorte Jose Itzamna
Jose Itzamna Espitia Hernandez @ Banorte 28 July 2021

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