Grupo BMV: 2Q26 in-line results; investment phase still under a "show-me" story

Research evidence excerpt

Grupo BMV: 2Q26 in-line results; investment phase still under a "show-me" story

Latin America - Financials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

PagSeguro Digital Ltd PAGS PAGS US Mario Pierry

Porto Seguro PSGUF PSSA3 BZ Mario Pierry

Santander Brasil XCBDF SANB11 BZ Mario Pierry

Santander Brasil BSBR BSBR US Mario Pierry

StoneCo STNE STNE US Mario Pierry

Supervielle SUPV SUPV US Ernesto Gabilondo

Supervielle XAZFF SUPV AR Ernesto Gabilondo

XP Inc. XP XP US Mario Pierry

UNDERPERFORM

ABC Brasil XBABF ABCB4 BZ Antonio Ruette

Banco do Brasil XBBAF BBAS3 BZ Mario Pierry

Banco do Brasil BDORY BDORY US Mario Pierry

Banrisul XGRBF BRSR6 BZ Antonio Ruette

BB Seguridade XBDPF BBSE3 BZ Mario Pierry

BB Seguridade BBSEY BBSEY US Mario Pierry

GFInbur GPFOF GFINBURO MM Ernesto Gabilondo

Nubank NU NU US Mario Pierry

Qualitas QUCOF Q* MM Ernesto Gabilondo

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A

Free Cash Flow Cash Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense

Valuation Toolkit Numerator Denominator

Price / Earnings Ratio Current Share Price Diluted Earnings Per Share (Basis As Specified)