Bladex, Inc. logo BLX - Bladex, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 2
HOLD 0
SELL 1
STRONG
SELL 0
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Banks, Insurers & Asset Managers 90% confidence

Primary model: P/Tangible Book × ROE Quality

Valuation Signal Undervalued Strong
Trading 50.2% below fair value
Current Price $59.94
Bear Case $77.69 29.6% upside ($77.69 - $59.94) / $59.94 = 29.6% ROTCE 10.2% → 1.34x TBV
Fair Value $120.29 100.7% upside ($120.29 - $59.94) / $59.94 = 100.7% ROTCE 13.6% → 2.07x TBV
Bull Case $145.84 143.3% upside ($145.84 - $59.94) / $59.94 = 143.3% ROTCE 15.6% → 2.51x TBV

Adjust Assumptions

13.6%
8.6%

Key Value Driver

ROTCE (13.6%) vs. cost of equity (8.6%)

Implied Market Multiple 1.03x

Plain-Language Summary

With ROTCE of 13.6% vs. 8.6% cost of equity, fair P/TBV is 2.07x on $58.04 tangible book, implying $120.29 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