Banorte
Banorte

Banorte

Coverage: Mexico
Grupo Financiero Banorte is the second largest financial group in Mexico. It operates as a full-service bank, offering a suite of products and services through its banking, insurance, asset management and broker-dealer divisions.
Location: Mexico

Latest articles from Banorte

Mexico: Ahead of the Curve

Gross Domestic Product (2Q21 P). On complementary indicators, the participation rate would pick up given the continuing return of people back to the labor force. Turning to primary activities, we forecast a 4.2% m/m increase (+5.1% y/y), rebounding a...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 23 July 2021

Megacable Holdings: MEGA, Quarterly Report 2Q21: Advance in subscribers stood out. We raised to Buy

Mega reported positive figures, in line with our estimates. A quarter with figures that should be welcomed by the market. Unique subscribers surpassed 4 million, with an 8.5% y/y growth (Internet: +13.0%, Video: +6.0% and Telephony: +23.7%). In the C...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021

Axtel: AXTEL, Quarterly Report 2Q21: Government continues to pressure the results

Infrastructure performed well, although Services are still weak. Axtel's report showed figures in line with expectations. In contrast, the Infrastructure unit performed favorably with an increase of 9.5% y/y, driven by dark fiber prepaid contracts to...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021

Alpek: ALPEK, Quarterly Report 2Q21: Recovery, profitability and financial strength

Favorable dynamics that should be welcomed by the market. The results underpin Alpek within our selection of companies benefiting from a favorable environment. The company improved its 2021 guidance, and now anticipates EBITDA of US$880 million (+56%...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021

Alfa: ALFA, Quarterly Report 2Q21: Clear recovery momentum; Guidance rises again

Balance sheet continues to strengthen, with Alpek once again standing out. Alfa's revenues amounted to MXN 74.8 billion, while EBITDA reached MXN 10.0 billion, representing year-on-year growth of 0.7% and 87.8%, respectively, recalling that these var...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021

La Comer: LACOMER,Quarterly Report2Q21: Grows at a slower pace but maintains profitability

La Comer's report was slightly below our estimates and those of the consensus. The outlook is positive, but the base effect will limit growth going forward. While the report should be neutral, the valuation at 14.4x FV/EBITDA 2021E looks stretched. D...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021