BLX
Bladex, Inc.
$53.95
Banks, Insurers & Asset Managers
90%
P/Tangible Book × ROE Quality
Strong
·
Conviction
Undervalued
Trading 54.6% below fair value
You pay
$53.95
Bear
$76.69
Fair
$118.74
Bull
$143.97
Bear
$76.69
+42.1%
ROTCE 10.2% → 1.32x TBV
Fair
$118.74
+120.1%
ROTCE 13.6% → 2.05x TBV
Bull
$143.97
+166.8%
ROTCE 15.6% → 2.48x TBV
Adjust Assumptions
13.6%
8.7%
Key Value Driver
ROTCE (13.6%) vs. cost of equity (8.7%)
Implied Market Multiple
0.93x
Summary
With ROTCE of 13.6% vs. 8.7% cost of equity, fair P/TBV is 2.05x on $58.04 tangible book, implying $118.74 per share.
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly