# Banco del Bajío S.A. Institución de Banca Múltiple (BBAJIOO.MX)

Canonical: https://gigainvestors.com/s/BBAJIOO.MX

Analysis as of: 2026-10-16T07:38:25.509Z. Financial observations: FY2017–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 58.24 per share; close as of 2026-10-15.

Estimated value: low MXN 56.61 per share, central MXN 64.42 per share, high MXN 74.72 per share. Buy at or below the central value MXN 64.42 per share. Valuation as of 2026-10-16T07:38:25.509Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% a year at today's price (required return 13.3%). required return 13.3% a year (MX 10-year bond 9.3% + 4 points).

## Checklist

### understandable: pass

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.27×

Chart: Net income; fiscal year observations.

- FY2017: MXN 3.8B

- FY2018: MXN 5.1B

- FY2019: MXN 5.6B

- FY2020: MXN 3.4B

- FY2021: MXN 4.8B

- FY2022: MXN 8.1B

- FY2023: MXN 11B

- FY2024: MXN 11B

- FY2025: MXN 9.1B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 18.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 16.1%

- FY2018: 18.0%

- FY2019: 17.8%

- FY2020: 9.9%

- FY2021: 12.7%

- FY2022: 22.2%

- FY2023: 27.0%

- FY2024: 23.9%

- FY2025: 19.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 18.7%

- Book return interval: 8 years

- Starting book value per share: MXN 21.16

- Ending book value per share: MXN 39.62

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: 16.3%

- FY2019: 17.8%

- FY2020: 17.3%

- FY2021: 15.3%

- FY2022: 8.6%

- FY2023: 29.8%

- FY2024: 25.8%

- FY2025: 19.7%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: -0.0%

- Share growth excluding flagged crisis recapitalisations: 0.6%

- Five-year share growth excluding flagged crisis recapitalisations: -0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.85×

- Book value created per share: MXN 18.46

- Earnings retained per share after dividends and buybacks: MXN 21.77

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 104

- FY2019: 105

- FY2020: 105

- FY2021: 105

- FY2022: 105

- FY2023: 105

- FY2024: 105

- FY2025: 105

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 23% since Jan 2023 · net income -15.1%

Story as of 2026-10-16T10:00:09.953Z; price observation 2026-10-15.

The price assumes profits grow 5.2% a year forever

### Net income · FY2025

net income -15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: MXN 3.8B 

- FY2018: MXN 5.1B 

- FY2019: MXN 5.6B 

- FY2020: MXN 3.4B 

- FY2021: MXN 4.8B 

- FY2022: MXN 8.1B 

- FY2023: MXN 11B 

- FY2024: MXN 11B 

- FY2025: MXN 9.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are MXN 26.2 billion.

- Source: https://eodhd.com/api/fundamentals/BBAJIOO.MX.json#2025-12-31 (filed 2026-10-16T07:38:25.509Z); FY2025: revenue 26179000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBAJIOO.MX: Banco del Bajío, S.A., Institución de Banca Múltiple provides banking products and services in Mexico. The company offers deposit products such as immediate demand deposits, term deposits, and money market accounts, as well as certificates of deposit; commercial credits for business activities, financial entities, government entities, consumer credit, and housing loans. The company also provides financial factoring and leasing, securities trading, trust agreements, and intermediation services; derivative financial instruments, including forwards, swaps, and options, for trading and hedging purposes. The company was incorporated in 1994 and is based in León, Mexico.

### Why customers stay

It earns 18% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:25.509Z); 9-year return on tangible equity observations [[2017,0.16085611570938885],[2018,0.17984056687333924],[2019,0.17765033901527152],[2020,0.09885242601167707],[2021,0.12728714965626653],[2022,0.22177652004286066],[2023,0.26982065856526855],[2024,0.2390098832789231],[2025,0.19258835009121378]]; median 0.17984056687333924. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:25.509Z); Dividend observations: [[2016,462000000],[2017,445000000],[2018,770000000],[2019,2031000000],[2020,2262000000],[2021,2262000000],[2022,4668000000],[2023,6444000000],[2024,6609000000],[2025,6410000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 43.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBAJIOO.MX SharesStats.PercentInsiders = 43.39 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:25.509Z); Price 58.24; FX 1; original perpetual distributable cash 4.671454843969394; discount 0.13252; growth 0.052309580288987065. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (MXN per share)

- 2017-06: MXN 31.98 per share

- 2017-07: MXN 36.94 per share

- 2017-08: MXN 36.72 per share

- 2017-09: MXN 35.27 per share

- 2017-10: MXN 34.74 per share

- 2017-11: MXN 34.33 per share

- 2017-12: MXN 36.00 per share

- 2018-01: MXN 39.33 per share

- 2018-02: MXN 41.05 per share

- 2018-03: MXN 38.91 per share

- 2018-04: MXN 39.89 per share

- 2018-05: MXN 37.80 per share

- 2018-06: MXN 41.34 per share

- 2018-07: MXN 44.03 per share

- 2018-08: MXN 44.50 per share

- 2018-09: MXN 46.18 per share

- 2018-10: MXN 39.93 per share

- 2018-11: MXN 38.06 per share

- 2018-12: MXN 38.37 per share

- 2019-01: MXN 39.88 per share

- 2019-02: MXN 37.22 per share

- 2019-03: MXN 38.56 per share

- 2019-04: MXN 40.76 per share

- 2019-05: MXN 37.87 per share

- 2019-06: MXN 38.39 per share

- 2019-07: MXN 36.05 per share

- 2019-08: MXN 33.50 per share

- 2019-09: MXN 32.63 per share

- 2019-10: MXN 30.99 per share

- 2019-11: MXN 30.31 per share

- 2019-12: MXN 31.38 per share

- 2020-01: MXN 31.21 per share

- 2020-02: MXN 30.70 per share

- 2020-03: MXN 20.48 per share

- 2020-04: MXN 19.00 per share

- 2020-05: MXN 20.22 per share

- 2020-06: MXN 19.54 per share

- 2020-07: MXN 17.13 per share

- 2020-08: MXN 17.50 per share

- 2020-09: MXN 16.56 per share

- 2020-10: MXN 17.54 per share

- 2020-11: MXN 25.17 per share

- 2020-12: MXN 27.28 per share

- 2021-01: MXN 24.76 per share

- 2021-02: MXN 24.03 per share

- 2021-03: MXN 27.57 per share

- 2021-04: MXN 32.12 per share

- 2021-05: MXN 34.59 per share

- 2021-06: MXN 35.76 per share

- 2021-07: MXN 35.64 per share

- 2021-08: MXN 38.44 per share

- 2021-09: MXN 39.00 per share

- 2021-10: MXN 38.65 per share

- 2021-11: MXN 36.03 per share

- 2021-12: MXN 36.80 per share

- 2022-01: MXN 44.41 per share

- 2022-02: MXN 49.75 per share

- 2022-03: MXN 54.61 per share

- 2022-04: MXN 50.39 per share

- 2022-05: MXN 48.55 per share

- 2022-06: MXN 40.31 per share

- 2022-07: MXN 47.94 per share

- 2022-08: MXN 42.02 per share

- 2022-09: MXN 50.99 per share

- 2022-10: MXN 55.78 per share

- 2022-11: MXN 62.69 per share

- 2022-12: MXN 61.38 per share

- 2023-01: MXN 75.64 per share

- 2023-02: MXN 69.91 per share

- 2023-03: MXN 65.55 per share

- 2023-04: MXN 59.12 per share

- 2023-05: MXN 55.64 per share

- 2023-06: MXN 52.29 per share

- 2023-07: MXN 50.79 per share

- 2023-08: MXN 53.68 per share

- 2023-09: MXN 54.61 per share

- 2023-10: MXN 54.89 per share

- 2023-11: MXN 55.64 per share

- 2023-12: MXN 56.70 per share

- 2024-01: MXN 65.69 per share

- 2024-02: MXN 63.09 per share

- 2024-03: MXN 64.59 per share

- 2024-04: MXN 63.32 per share

- 2024-05: MXN 58.75 per share

- 2024-06: MXN 55.80 per share

- 2024-07: MXN 55.94 per share

- 2024-08: MXN 49.08 per share

- 2024-09: MXN 46.10 per share

- 2024-10: MXN 44.37 per share

- 2024-11: MXN 42.40 per share

- 2024-12: MXN 41.65 per share

- 2025-01: MXN 47.58 per share

- 2025-02: MXN 46.55 per share

- 2025-03: MXN 44.58 per share

- 2025-04: MXN 47.06 per share

- 2025-05: MXN 50.34 per share

- 2025-06: MXN 45.30 per share

- 2025-07: MXN 42.40 per share

- 2025-08: MXN 44.47 per share

- 2025-09: MXN 46.17 per share

- 2025-10: MXN 47.41 per share

- 2025-11: MXN 47.74 per share

- 2025-12: MXN 45.56 per share

- 2026-01: MXN 51.13 per share

- 2026-02: MXN 57.43 per share

- 2026-03: MXN 55.39 per share

- 2026-04: MXN 54.97 per share

- 2026-05: MXN 56.17 per share

- 2026-06: MXN 56.65 per share

- 2026-07: MXN 57.55 per share

- 2026-08: MXN 57.62 per share

- 2026-09: MXN 57.25 per share

- 2026-10: MXN 56.98 per share

## Annual estimated value (MXN per share)

- FY2018: low MXN 20.38 per share, central MXN 23.19 per share, high MXN 26.90 per share

- FY2019: low MXN 27.49 per share, central MXN 31.28 per share, high MXN 36.29 per share

- FY2020: low MXN 24.84 per share, central MXN 28.27 per share, high MXN 32.79 per share

- FY2021: low MXN 26.47 per share, central MXN 30.12 per share, high MXN 34.94 per share

- FY2022: low MXN 26.02 per share, central MXN 29.60 per share, high MXN 34.34 per share

- FY2023: low MXN 35.55 per share, central MXN 40.45 per share, high MXN 46.92 per share

- FY2024: low MXN 49.77 per share, central MXN 56.63 per share, high MXN 65.69 per share

- FY2025: low MXN 57.02 per share, central MXN 64.88 per share, high MXN 75.26 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:14.471Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Banco del Bajío S.A. Institución de Banca Múltiple

BBAJIOO · MX

IPC

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: MXN 58.24
Buy up to: MXN 64.42
Expected / yr: 14.0% at today's price (13.3% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 9 needed).

Net income

9y median: MXN 5.6B
Worst year: MXN 3.4B
Latest · 2025: MXN 9.1B

Earned a median 18% on tangible equity (minimum 12%), and the second-worst year 12.7% (minimum 5%).

Return on tangible common equity

9y median: 18.0%
Worst year: 9.9%
Latest · 2025: 19.3%

Book value plus dividends grew 18.7% a year (minimum 7%).

Annual book + dividend return

8y median: 17.6%
Worst year: 8.6%
Latest · 2025: 19.7%

Book value gained 18.46 per share against 21.77 kept (must cover the amount kept).

Shares (first year = 100)

9y median: 105
Worst year: 105
Latest · 2025: 105

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 8.62 MXN.

2. Is the price low enough?

PriceEstimated rangeBuy price

2017-06 · Price MXN 31.98; 2017-07 · Price MXN 36.94; 2017-08 · Price MXN 36.72; 2017-09 · Price MXN 35.27; 2017-10 · Price MXN 34.74; 2017-11 · Price MXN 34.33; 2017-12 · Price MXN 36.00; 2018-01 · Price MXN 39.33 · Value 23.19 · Buy at or below 23.19; 2018-02 · Price MXN 41.05 · Value 23.19 · Buy at or below 23.19; 2018-03 · Price MXN 38.91 · Value 23.19 · Buy at or below 23.19; 2018-04 · Price MXN 39.89 · Value 23.19 · Buy at or below 23.19; 2018-05 · Price MXN 37.80 · Value 23.19 · Buy at or below 23.19; 2018-06 · Price MXN 41.34 · Value 23.19 · Buy at or below 23.19; 2018-07 · Price MXN 44.03 · Value 23.19 · Buy at or below 23.19; 2018-08 · Price MXN 44.50 · Value 23.19 · Buy at or below 23.19; 2018-09 · Price MXN 46.18 · Value 23.19 · Buy at or below 23.19; 2018-10 · Price MXN 39.93 · Value 23.19 · Buy at or below 23.19; 2018-11 · Price MXN 38.06 · Value 23.19 · Buy at or below 23.19; 2018-12 · Price MXN 38.37 · Value 23.19 · Buy at or below 23.19; 2019-01 · Price MXN 39.88 · Value 23.19 · Buy at or below 23.19; 2019-02 · Price MXN 37.22 · Value 31.28 · Buy at or below 31.28; 2019-03 · Price MXN 38.56 · Value 31.28 · Buy at or below 31.28; 2019-04 · Price MXN 40.76 · Value 31.28 · Buy at or below 31.28; 2019-05 · Price MXN 37.87 · Value 31.28 · Buy at or below 31.28; 2019-06 · Price MXN 38.39 · Value 31.28 · Buy at or below 31.28; 2019-07 · Price MXN 36.05 · Value 31.28 · Buy at or below 31.28; 2019-08 · Price MXN 33.50 · Value 31.28 · Buy at or below 31.28; 2019-09 · Price MXN 32.63 · Value 31.28 · Buy at or below 31.28; 2019-10 · Price MXN 30.99 · Value 31.28 · Buy at or below 31.28; 2019-11 · Price MXN 30.31 · Value 31.28 · Buy at or below 31.28; 2019-12 · Price MXN 31.38 · Value 31.28 · Buy at or below 31.28; 2020-01 · Price MXN 31.20 · Value 31.28 · Buy at or below 31.28; 2020-02 · Price MXN 30.70 · Value 28.27 · Buy at or below 28.27; 2020-03 · Price MXN 20.48 · Value 28.27 · Buy at or below 28.27; 2020-04 · Price MXN 19.00 · Value 28.27 · Buy at or below 28.27; 2020-05 · Price MXN 20.22 · Value 28.27 · Buy at or below 28.27; 2020-06 · Price MXN 19.54 · Value 28.27 · Buy at or below 28.27; 2020-07 · Price MXN 17.13 · Value 28.27 · Buy at or below 28.27; 2020-08 · Price MXN 17.50 · Value 28.27 · Buy at or below 28.27; 2020-09 · Price MXN 16.56 · Value 28.27 · Buy at or below 28.27; 2020-10 · Price MXN 17.54 · Value 28.27 · Buy at or below 28.27; 2020-11 · Price MXN 25.17 · Value 28.27 · Buy at or below 28.27; 2020-12 · Price MXN 27.28 · Value 28.27 · Buy at or below 28.27; 2021-01 · Price MXN 24.76 · Value 28.27 · Buy at or below 28.27; 2021-02 · Price MXN 24.03 · Value 30.12 · Buy at or below 30.12; 2021-03 · Price MXN 27.57 · Value 30.12 · Buy at or below 30.12; 2021-04 · Price MXN 32.12 · Value 30.12 · Buy at or below 30.12; 2021-05 · Price MXN 34.59 · Value 30.12 · Buy at or below 30.12; 2021-06 · Price MXN 35.76 · Value 30.12 · Buy at or below 30.12; 2021-07 · Price MXN 35.64 · Value 30.12 · Buy at or below 30.12; 2021-08 · Price MXN 38.44 · Value 30.12 · Buy at or below 30.12; 2021-09 · Price MXN 39.00 · Value 30.12 · Buy at or below 30.12; 2021-10 · Price MXN 38.65 · Value 30.12 · Buy at or below 30.12; 2021-11 · Price MXN 36.03 · Value 30.12 · Buy at or below 30.12; 2021-12 · Price MXN 36.80 · Value 30.12 · Buy at or below 30.12; 2022-01 · Price MXN 44.41 · Value 30.12 · Buy at or below 30.12; 2022-02 · Price MXN 49.75 · Value 29.60 · Buy at or below 29.60; 2022-03 · Price MXN 54.61 · Value 29.60 · Buy at or below 29.60; 2022-04 · Price MXN 50.39 · Value 29.60 · Buy at or below 29.60; 2022-05 · Price MXN 48.55 · Value 29.60 · Buy at or below 29.60; 2022-06 · Price MXN 40.31 · Value 29.60 · Buy at or below 29.60; 2022-07 · Price MXN 47.94 · Value 29.60 · Buy at or below 29.60; 2022-08 · Price MXN 42.02 · Value 29.60 · Buy at or below 29.60; 2022-09 · Price MXN 50.99 · Value 29.60 · Buy at or below 29.60; 2022-10 · Price MXN 55.78 · Value 29.60 · Buy at or below 29.60; 2022-11 · Price MXN 62.69 · Value 29.60 · Buy at or below 29.60; 2022-12 · Price MXN 61.38 · Value 29.60 · Buy at or below 29.60; 2023-01 · Price MXN 75.64 · Value 29.60 · Buy at or below 29.60; 2023-02 · Price MXN 69.91 · Value 40.45 · Buy at or below 40.45; 2023-03 · Price MXN 65.55 · Value 40.45 · Buy at or below 40.45; 2023-04 · Price MXN 59.12 · Value 40.45 · Buy at or below 40.45; 2023-05 · Price MXN 55.64 · Value 40.45 · Buy at or below 40.45; 2023-06 · Price MXN 52.29 · Value 40.45 · Buy at or below 40.45; 2023-07 · Price MXN 50.79 · Value 40.45 · Buy at or below 40.45; 2023-08 · Price MXN 53.68 · Value 40.45 · Buy at or below 40.45; 2023-09 · Price MXN 54.61 · Value 40.45 · Buy at or below 40.45; 2023-10 · Price MXN 54.89 · Value 40.45 · Buy at or below 40.45; 2023-11 · Price MXN 55.64 · Value 40.45 · Buy at or below 40.45; 2023-12 · Price MXN 56.70 · Value 40.45 · Buy at or below 40.45; 2024-01 · Price MXN 65.69 · Value 40.45 · Buy at or below 40.45; 2024-02 · Price MXN 63.09 · Value 56.63 · Buy at or below 56.63; 2024-03 · Price MXN 64.59 · Value 56.63 · Buy at or below 56.63; 2024-04 · Price MXN 63.32 · Value 56.63 · Buy at or below 56.63; 2024-05 · Price MXN 58.75 · Value 56.63 · Buy at or below 56.63; 2024-06 · Price MXN 55.80 · Value 56.63 · Buy at or below 56.63; 2024-07 · Price MXN 55.94 · Value 56.63 · Buy at or below 56.63; 2024-08 · Price MXN 49.08 · Value 56.63 · Buy at or below 56.63; 2024-09 · Price MXN 46.10 · Value 56.63 · Buy at or below 56.63; 2024-10 · Price MXN 44.37 · Value 56.63 · Buy at or below 56.63; 2024-11 · Price MXN 42.40 · Value 56.63 · Buy at or below 56.63; 2024-12 · Price MXN 41.65 · Value 56.63 · Buy at or below 56.63; 2025-01 · Price MXN 47.58 · Value 56.63 · Buy at or below 56.63; 2025-02 · Price MXN 46.55 · Value 64.88 · Buy at or below 64.88; 2025-03 · Price MXN 44.58 · Value 64.88 · Buy at or below 64.88; 2025-04 · Price MXN 47.06 · Value 64.88 · Buy at or below 64.88; 2025-05 · Price MXN 50.34 · Value 64.88 · Buy at or below 64.88; 2025-06 · Price MXN 45.30 · Value 64.88 · Buy at or below 64.88; 2025-07 · Price MXN 42.40 · Value 64.88 · Buy at or below 64.88; 2025-08 · Price MXN 44.47 · Value 64.88 · Buy at or below 64.88; 2025-09 · Price MXN 46.17 · Value 64.88 · Buy at or below 64.88; 2025-10 · Price MXN 47.41 · Value 64.88 · Buy at or below 64.88; 2025-11 · Price MXN 47.74 · Value 64.88 · Buy at or below 64.88; 2025-12 · Price MXN 45.56 · Value 64.88 · Buy at or below 64.88; 2026-01 · Price MXN 51.13 · Value 64.88 · Buy at or below 64.88; 2026-02 · Price MXN 57.43 · Value 64.42 · Buy at or below 64.42; 2026-03 · Price MXN 55.39 · Value 64.42 · Buy at or below 64.42; 2026-04 · Price MXN 54.97 · Value 64.42 · Buy at or below 64.42; 2026-05 · Price MXN 56.17 · Value 64.42 · Buy at or below 64.42; 2026-06 · Price MXN 56.65 · Value 64.42 · Buy at or below 64.42; 2026-07 · Price MXN 57.55 · Value 64.42 · Buy at or below 64.42; 2026-08 · Price MXN 57.62 · Value 64.42 · Buy at or below 64.42; 2026-09 · Price MXN 57.25 · Value 64.42 · Buy at or below 64.42; 2026-10 · Price MXN 56.98 · Value 64.42 · Buy at or below 64.42; 2026-10 · Price MXN 58.24 · Value 64.42 · Buy at or below 64.42

MXN per share · annual estimates

Price & return math
Value range	MXN 56.61 – MXN 74.72
Buy at or below	Central value MXN 64.42
Discount to value	1 − 58.24 / 64.42 = 9.6%
Return / year	About 14.0% a year at today's price (required return 13.3%)
Cash-flow inputs	Book MXN 39.34/share; ROE 17.9%; first payout MXN 4.67/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	13.3% / year, earned by construction at the central value

Net incomeMXN 9.1B

Net income

Book / shareMXN 39.62

Book / share

Dividend / shareMXN 5.39

Dividend / share

Return on tangible equity19.3%

Return on tangible equity

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2025