# Regional (RA.MX)

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

Analysis as of: 2026-10-01T19:03:19.351Z. Financial observations: FY2015–FY2025.

Listing currency: MXN. Reporting currency: MXN.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass. Published buy qualification: yes.

Share price: MXN 151.03 per share; close as of 2026-10-15.

Estimated value: low MXN 188.35 per share, central MXN 213.00 per share, high MXN 245.08 per share. Buy at or below the central value MXN 213.00 per share. Valuation as of 2026-10-01T19:03:19.351Z; scenarios are not confidence intervals.

Expected annual return: 16.8% at the stated quote. About 16.8% a year at today's price (required return 13.6%). required return 13.6% a year (MX 10-year bond 9.6% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.12×

Chart: Net income; fiscal year observations.

- FY2016: MXN 2.4B

- FY2017: MXN 2.8B

- FY2018: MXN 3.2B

- FY2019: MXN 3.7B

- FY2020: MXN 3.0B

- FY2021: MXN 3.6B

- FY2022: MXN 4.9B

- FY2023: MXN 5.7B

- FY2024: MXN 6.5B

- FY2025: MXN 6.6B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 19.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 14.6%

- Years with reported combined ratio: 0

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

- FY2016: 18.7%

- FY2017: 18.2%

- FY2018: 18.5%

- FY2019: 19.2%

- FY2020: 13.3%

- FY2021: 14.6%

- FY2022: 20.9%

- FY2023: 21.6%

- FY2024: 21.9%

- FY2025: 19.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 22.7%

- Book return interval: 10 years

- Starting book value per share: MXN 33.11

- Ending book value per share: MXN 125.37

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

- FY2016: 21.5%

- FY2017: 20.9%

- FY2018: 20.8%

- FY2019: 17.2%

- FY2020: 25.5%

- FY2021: 18.1%

- FY2022: 13.4%

- FY2023: 21.2%

- FY2024: 22.8%

- FY2025: 48.9%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.0%

- Share growth excluding flagged crisis recapitalisations: -2.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.27×

- Book value created per share: MXN 92.26

- Earnings retained per share after dividends and buybacks: MXN 72.76

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 81

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 1.9% a year forever · net income +1.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

The price assumes profits grow 1.9% a year forever

### Net income · FY2025

net income +1.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: MXN 2.4B 

- FY2017: MXN 2.8B 

- FY2018: MXN 3.2B 

- FY2019: MXN 3.7B 

- FY2020: MXN 3.0B 

- FY2021: MXN 3.6B 

- FY2022: MXN 4.9B 

- FY2023: MXN 5.7B 

- FY2024: MXN 6.5B 

- FY2025: MXN 6.6B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are MXN 20.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:19.351Z); FY2025: revenue 20124000000.

### Why customers stay

It earns 19% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:19.351Z); 10-year return on tangible equity observations [[2016,0.18737856532214192],[2017,0.18227480007930738],[2018,0.18491526404071953],[2019,0.19226744794391545],[2020,0.13303289770166743],[2021,0.14570935279416586],[2022,0.20860577937144062],[2023,0.21613075281926242],[2024,0.21913756595973516],[2025,0.19802543006731488]]; median 0.1898230066330287. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:19.351Z); Dividend observations: [[2016,328000000],[2017,426000000],[2018,983000000],[2019,1146000000],[2020,1797737261],[2021,1798000000],[2022,3977000000],[2023,2487000000],[2025,2595000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 23.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); RA.MX SharesStats.PercentInsiders = 23.400000000000002 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits grow 1.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T19:03:19.351Z); Price 134.26; FX 1; original perpetual distributable cash 16.27570198549963; discount 0.13641; growth 0.01518475059213742. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-01.

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

- 2016-10: MXN 123.84 per share

- 2016-11: MXN 110.09 per share

- 2016-12: MXN 115.47 per share

- 2017-01: MXN 115.81 per share

- 2017-02: MXN 104.01 per share

- 2017-03: MXN 111.71 per share

- 2017-04: MXN 108.55 per share

- 2017-05: MXN 104.93 per share

- 2017-06: MXN 114.97 per share

- 2017-07: MXN 116.95 per share

- 2017-08: MXN 115.34 per share

- 2017-09: MXN 108.43 per share

- 2017-10: MXN 101.99 per share

- 2017-11: MXN 101.61 per share

- 2017-12: MXN 107.35 per share

- 2018-01: MXN 115.92 per share

- 2018-02: MXN 116.15 per share

- 2018-03: MXN 111.92 per share

- 2018-04: MXN 119.48 per share

- 2018-05: MXN 111.13 per share

- 2018-06: MXN 106.64 per share

- 2018-07: MXN 113.32 per share

- 2018-08: MXN 117.31 per share

- 2018-09: MXN 117.78 per share

- 2018-10: MXN 98.93 per share

- 2018-11: MXN 87.76 per share

- 2018-12: MXN 90.49 per share

- 2019-01: MXN 101.08 per share

- 2019-02: MXN 100.24 per share

- 2019-03: MXN 97.91 per share

- 2019-04: MXN 103.31 per share

- 2019-05: MXN 94.92 per share

- 2019-06: MXN 98.93 per share

- 2019-07: MXN 91.78 per share

- 2019-08: MXN 90.79 per share

- 2019-09: MXN 90.49 per share

- 2019-10: MXN 102.18 per share

- 2019-11: MXN 106.64 per share

- 2019-12: MXN 105.64 per share

- 2020-01: MXN 108.00 per share

- 2020-02: MXN 109.43 per share

- 2020-03: MXN 62.49 per share

- 2020-04: MXN 59.07 per share

- 2020-05: MXN 61.58 per share

- 2020-06: MXN 61.84 per share

- 2020-07: MXN 57.60 per share

- 2020-08: MXN 54.57 per share

- 2020-09: MXN 52.49 per share

- 2020-10: MXN 57.32 per share

- 2020-11: MXN 86.28 per share

- 2020-12: MXN 92.10 per share

- 2021-01: MXN 83.86 per share

- 2021-02: MXN 94.74 per share

- 2021-03: MXN 95.92 per share

- 2021-04: MXN 102.91 per share

- 2021-05: MXN 107.48 per share

- 2021-06: MXN 117.23 per share

- 2021-07: MXN 122.71 per share

- 2021-08: MXN 123.48 per share

- 2021-09: MXN 118.80 per share

- 2021-10: MXN 107.69 per share

- 2021-11: MXN 101.72 per share

- 2021-12: MXN 106.18 per share

- 2022-01: MXN 118.26 per share

- 2022-02: MXN 121.18 per share

- 2022-03: MXN 139.78 per share

- 2022-04: MXN 123.13 per share

- 2022-05: MXN 114.06 per share

- 2022-06: MXN 95.09 per share

- 2022-07: MXN 111.37 per share

- 2022-08: MXN 108.77 per share

- 2022-09: MXN 113.52 per share

- 2022-10: MXN 138.10 per share

- 2022-11: MXN 140.87 per share

- 2022-12: MXN 141.00 per share

- 2023-01: MXN 162.94 per share

- 2023-02: MXN 151.80 per share

- 2023-03: MXN 137.65 per share

- 2023-04: MXN 131.63 per share

- 2023-05: MXN 137.80 per share

- 2023-06: MXN 124.02 per share

- 2023-07: MXN 129.83 per share

- 2023-08: MXN 125.62 per share

- 2023-09: MXN 124.96 per share

- 2023-10: MXN 136.64 per share

- 2023-11: MXN 150.51 per share

- 2023-12: MXN 162.39 per share

- 2024-01: MXN 159.29 per share

- 2024-02: MXN 159.00 per share

- 2024-03: MXN 163.75 per share

- 2024-04: MXN 154.06 per share

- 2024-05: MXN 146.98 per share

- 2024-06: MXN 136.96 per share

- 2024-07: MXN 135.07 per share

- 2024-08: MXN 125.23 per share

- 2024-09: MXN 114.27 per share

- 2024-10: MXN 127.29 per share

- 2024-11: MXN 113.15 per share

- 2024-12: MXN 117.49 per share

- 2025-01: MXN 135.08 per share

- 2025-02: MXN 133.04 per share

- 2025-03: MXN 130.16 per share

- 2025-04: MXN 137.90 per share

- 2025-05: MXN 150.83 per share

- 2025-06: MXN 155.00 per share

- 2025-07: MXN 145.86 per share

- 2025-08: MXN 145.00 per share

- 2025-09: MXN 164.44 per share

- 2025-10: MXN 137.64 per share

- 2025-11: MXN 136.14 per share

- 2025-12: MXN 142.19 per share

- 2026-01: MXN 156.73 per share

- 2026-02: MXN 160.95 per share

- 2026-03: MXN 153.81 per share

- 2026-04: MXN 146.66 per share

- 2026-05: MXN 134.43 per share

- 2026-06: MXN 133.52 per share

- 2026-07: MXN 142.52 per share

- 2026-08: MXN 140.97 per share

- 2026-09: MXN 138.88 per share

## Annual estimated value (MXN per share)

- FY2016: low MXN 48.23 per share, central MXN 54.54 per share, high MXN 62.76 per share

- FY2017: low MXN 57.70 per share, central MXN 65.25 per share, high MXN 75.07 per share

- FY2018: low MXN 67.94 per share, central MXN 76.83 per share, high MXN 88.40 per share

- FY2019: low MXN 79.90 per share, central MXN 90.35 per share, high MXN 103.96 per share

- FY2020: low MXN 92.75 per share, central MXN 104.89 per share, high MXN 120.69 per share

- FY2021: low MXN 102.02 per share, central MXN 115.38 per share, high MXN 132.75 per share

- FY2022: low MXN 102.83 per share, central MXN 116.29 per share, high MXN 133.80 per share

- FY2023: low MXN 114.49 per share, central MXN 129.47 per share, high MXN 148.96 per share

- FY2024: low MXN 132.42 per share, central MXN 149.75 per share, high MXN 172.30 per share

- FY2025: low MXN 188.35 per share, central MXN 213.00 per share, high MXN 245.08 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

## 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.

## Reported holder observations