Bolsa Mexicana de Valores (BOLSAA.MX) : juste valeur

Thèse ACCE

Bolsa Mexicana de Valores runs Mexico's main equity exchange and its listing, trading and clearing infrastructure, and it earns fees on each of those activities rather than on any balance sheet risk. The structural case rests on that position: a monopoly-style venue in a market with a thin base of listed companies, which is why its operating margin sits near 49.5% and its return on equity near 23.6%. Revenue growth of 8.2% is modest but comes with very little capital needed to deliver it. At 12.8 times trailing earnings and 11.2 times forward, the stock is priced below what its margins would suggest for a franchise of this kind, though the market's reasons for that discount (Mexican listing activity, peso sensitivity, and limited index inclusion, since it belongs to no major index) are worth testing before assuming it is mispriced. This name is worth a deeper look mainly to judge whether volume and listing growth can sustain the 8% top line, and whether the discount reflects a lasting liquidity problem or just a neglected local name.