Intrinsic value of Banco Latinoamericano de Comercio Exteri - BLX

Previous Close

$24.28

  Intrinsic Value

$0.00

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  Rating & Target

str. sell

-100%

Previous close

$24.28

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BLX.

We calculate the intrinsic value of BLX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  171
  175
  180
  185
  190
  197
  203
  211
  218
  227
  236
  245
  255
  266
  278
  290
  303
  316
  331
  346
  362
  379
  397
  416
  435
  456
  478
  501
  526
  551
Variable operating expenses, $m
  69
  71
  73
  75
  77
  79
  82
  85
  88
  91
  93
  97
  101
  105
  110
  114
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  69
  71
  73
  75
  77
  79
  82
  85
  88
  91
  93
  97
  101
  105
  110
  114
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
Operating income, $m
  102
  104
  107
  110
  114
  117
  121
  126
  130
  136
  143
  148
  155
  161
  168
  175
  183
  192
  200
  209
  219
  229
  240
  252
  263
  276
  289
  303
  318
  333
EBITDA, $m
  894
  915
  938
  965
  994
  1,026
  1,061
  1,099
  1,140
  1,183
  1,230
  1,280
  1,333
  1,390
  1,450
  1,513
  1,581
  1,652
  1,727
  1,806
  1,890
  1,978
  2,071
  2,169
  2,273
  2,381
  2,496
  2,616
  2,743
  2,876
Interest expense (income), $m
  0
  323
  311
  314
  317
  322
  326
  331
  337
  342
  349
  355
  363
  371
  379
  388
  397
  407
  417
  428
  440
  452
  465
  479
  493
  508
  525
  541
  559
  578
  598
Earnings before tax, $m
  -221
  -206
  -207
  -207
  -208
  -209
  -210
  -211
  -212
  -213
  -213
  -214
  -216
  -218
  -219
  -221
  -223
  -226
  -228
  -230
  -233
  -236
  -239
  -242
  -245
  -248
  -252
  -256
  -260
  -264
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -221
  -206
  -207
  -207
  -208
  -209
  -210
  -211
  -212
  -213
  -213
  -214
  -216
  -218
  -219
  -221
  -223
  -226
  -228
  -230
  -233
  -236
  -239
  -242
  -245
  -248
  -252
  -256
  -260
  -264

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,856
  2,922
  2,997
  3,081
  3,174
  3,277
  3,389
  3,509
  3,640
  3,779
  3,929
  4,088
  4,258
  4,438
  4,630
  4,833
  5,047
  5,274
  5,514
  5,768
  6,035
  6,317
  6,614
  6,927
  7,257
  7,605
  7,970
  8,355
  8,759
  9,185
Adjusted assets (=assets-cash), $m
  2,856
  2,922
  2,997
  3,081
  3,174
  3,277
  3,389
  3,509
  3,640
  3,779
  3,929
  4,088
  4,258
  4,438
  4,630
  4,833
  5,047
  5,274
  5,514
  5,768
  6,035
  6,317
  6,614
  6,927
  7,257
  7,605
  7,970
  8,355
  8,759
  9,185
Revenue / Adjusted assets
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
Average production assets, $m
  7,907
  8,089
  8,297
  8,530
  8,789
  9,072
  9,381
  9,716
  10,076
  10,463
  10,877
  11,318
  11,788
  12,287
  12,817
  13,379
  13,974
  14,603
  15,267
  15,968
  16,709
  17,489
  18,312
  19,179
  20,092
  21,053
  22,065
  23,130
  24,250
  25,428
Working capital, $m
  -6,291
  -6,435
  -6,601
  -6,787
  -6,992
  -7,218
  -7,464
  -7,730
  -8,017
  -8,324
  -8,653
  -9,005
  -9,379
  -9,776
  -10,198
  -10,645
  -11,118
  -11,618
  -12,147
  -12,705
  -13,294
  -13,915
  -14,569
  -15,259
  -15,985
  -16,750
  -17,555
  -18,402
  -19,294
  -20,231
Total debt, $m
  5,752
  5,811
  5,879
  5,955
  6,039
  6,131
  6,232
  6,340
  6,457
  6,583
  6,718
  6,861
  7,014
  7,176
  7,349
  7,531
  7,724
  7,929
  8,145
  8,373
  8,614
  8,867
  9,135
  9,417
  9,713
  10,026
  10,355
  10,701
  11,065
  11,448
Total liabilities, $m
  2,570
  2,630
  2,697
  2,773
  2,857
  2,949
  3,050
  3,158
  3,276
  3,401
  3,536
  3,679
  3,832
  3,994
  4,167
  4,349
  4,543
  4,747
  4,963
  5,191
  5,432
  5,685
  5,953
  6,235
  6,532
  6,844
  7,173
  7,519
  7,883
  8,266
Total equity, $m
  286
  292
  300
  308
  317
  328
  339
  351
  364
  378
  393
  409
  426
  444
  463
  483
  505
  527
  551
  577
  604
  632
  661
  693
  726
  760
  797
  835
  876
  918
Total liabilities and equity, $m
  2,856
  2,922
  2,997
  3,081
  3,174
  3,277
  3,389
  3,509
  3,640
  3,779
  3,929
  4,088
  4,258
  4,438
  4,630
  4,832
  5,048
  5,274
  5,514
  5,768
  6,036
  6,317
  6,614
  6,928
  7,258
  7,604
  7,970
  8,354
  8,759
  9,184
Debt-to-equity ratio
  20.140
  19.890
  19.620
  19.330
  19.020
  18.710
  18.390
  18.070
  17.740
  17.420
  17.100
  16.780
  16.470
  16.170
  15.870
  15.580
  15.300
  15.030
  14.770
  14.520
  14.270
  14.040
  13.810
  13.590
  13.380
  13.180
  12.990
  12.810
  12.630
  12.460
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -221
  -206
  -207
  -207
  -208
  -209
  -210
  -211
  -212
  -213
  -213
  -214
  -216
  -218
  -219
  -221
  -223
  -226
  -228
  -230
  -233
  -236
  -239
  -242
  -245
  -248
  -252
  -256
  -260
  -264
Depreciation, amort., depletion, $m
  792
  811
  831
  855
  881
  909
  940
  973
  1,009
  1,048
  1,088
  1,132
  1,179
  1,229
  1,282
  1,338
  1,397
  1,460
  1,527
  1,597
  1,671
  1,749
  1,831
  1,918
  2,009
  2,105
  2,207
  2,313
  2,425
  2,543
Funds from operations, $m
  571
  604
  625
  647
  673
  700
  730
  762
  797
  835
  875
  917
  963
  1,011
  1,062
  1,117
  1,174
  1,235
  1,299
  1,366
  1,438
  1,513
  1,593
  1,676
  1,764
  1,857
  1,954
  2,057
  2,165
  2,279
Change in working capital, $m
  -123
  -145
  -165
  -186
  -206
  -226
  -246
  -266
  -287
  -308
  -329
  -351
  -374
  -397
  -422
  -447
  -473
  -500
  -529
  -558
  -589
  -621
  -655
  -690
  -726
  -765
  -805
  -847
  -891
  -937
Cash from operations, $m
  694
  749
  790
  833
  878
  926
  976
  1,029
  1,084
  1,142
  1,204
  1,269
  1,337
  1,409
  1,484
  1,563
  1,647
  1,735
  1,827
  1,925
  2,027
  2,134
  2,247
  2,366
  2,491
  2,622
  2,760
  2,904
  3,056
  3,216
Maintenance CAPEX, $m
  -775
  -791
  -809
  -830
  -853
  -879
  -907
  -938
  -972
  -1,008
  -1,046
  -1,088
  -1,132
  -1,179
  -1,229
  -1,282
  -1,338
  -1,397
  -1,460
  -1,527
  -1,597
  -1,671
  -1,749
  -1,831
  -1,918
  -2,009
  -2,105
  -2,207
  -2,313
  -2,425
New CAPEX, $m
  -156
  -182
  -208
  -233
  -259
  -284
  -309
  -334
  -360
  -387
  -414
  -441
  -470
  -500
  -530
  -562
  -595
  -629
  -664
  -701
  -740
  -781
  -823
  -867
  -913
  -961
  -1,012
  -1,065
  -1,120
  -1,178
Cash from investing activities, $m
  -931
  -973
  -1,017
  -1,063
  -1,112
  -1,163
  -1,216
  -1,272
  -1,332
  -1,395
  -1,460
  -1,529
  -1,602
  -1,679
  -1,759
  -1,844
  -1,933
  -2,026
  -2,124
  -2,228
  -2,337
  -2,452
  -2,572
  -2,698
  -2,831
  -2,970
  -3,117
  -3,272
  -3,433
  -3,603
Free cash flow, $m
  -237
  -224
  -227
  -230
  -233
  -237
  -240
  -244
  -248
  -252
  -256
  -260
  -265
  -270
  -275
  -280
  -285
  -291
  -297
  -304
  -310
  -317
  -325
  -332
  -340
  -349
  -358
  -367
  -377
  -387
Issuance/(repayment) of debt, $m
  -235
  59
  68
  76
  84
  92
  100
  109
  117
  126
  134
  144
  153
  162
  172
  183
  193
  204
  216
  228
  241
  254
  267
  282
  297
  313
  329
  346
  364
  383
Issuance/(repurchase) of shares, $m
  510
  213
  214
  216
  217
  219
  221
  223
  225
  227
  228
  230
  233
  236
  239
  242
  245
  248
  252
  256
  260
  264
  268
  273
  278
  283
  289
  294
  300
  307
Cash from financing (excl. dividends), $m  
  275
  272
  282
  292
  301
  311
  321
  332
  342
  353
  362
  374
  386
  398
  411
  425
  438
  452
  468
  484
  501
  518
  535
  555
  575
  596
  618
  640
  664
  690
Total cash flow (excl. dividends), $m
  37
  48
  55
  62
  68
  75
  81
  88
  94
  101
  106
  113
  121
  128
  136
  144
  153
  161
  171
  180
  190
  200
  211
  223
  234
  247
  260
  273
  288
  303
Retained Cash Flow (-), $m
  -510
  -213
  -214
  -216
  -217
  -219
  -221
  -223
  -225
  -227
  -228
  -230
  -233
  -236
  -239
  -242
  -245
  -248
  -252
  -256
  -260
  -264
  -268
  -273
  -278
  -283
  -289
  -294
  -300
  -307
Prev. year cash balance distribution, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
Cash available for distribution, $m
  -469
  -164
  -159
  -154
  -149
  -145
  -140
  -135
  -131
  -126
  -122
  -117
  -112
  -107
  -102
  -97
  -92
  -87
  -81
  -76
  -70
  -64
  -57
  -50
  -44
  -36
  -29
  -21
  -13
  -4
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  -405
  -121
  -98
  -79
  -62
  -48
  -36
  -27
  -20
  -14
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  28.7
  16.5
  9.6
  5.6
  3.3
  2.0
  1.2
  0.7
  0.5
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Banco Latinoamericano de Comercio Exterior, S.A. (the Bank) is a specialized multinational bank. The Bank is established to support the financing of trade and economic integration in Latin America and the Caribbean. The Company operates in two segments: Commercial and Treasury. The Bank's Commercial segment incorporates all of the Bank's financial intermediation and fees generated by the commercial portfolio activities, such as origination of bilateral and syndicated credits, short- and medium-term loans, acceptances and contingent credits. The Bank's Treasury segment incorporates deposits in banks and all of the Bank's trading assets, securities available-for-sale and held-to-maturity, and the balance of the investment funds. The Bank serves a range of sectors, including oil and gas, agribusiness, food processing and manufacturing. Its products and services are categorized into three main areas: Financial Intermediation Business, Structuring and Syndications Business and Treasury.

FINANCIAL RATIOS  of  Banco Latinoamericano de Comercio Exteri (BLX)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 0
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 1.2
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 600%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 321.2%
Total Debt to Equity 321.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 69%

BLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLX stock intrinsic value calculation we used $168 million for the last fiscal year's total revenue generated by Banco Latinoamericano de Comercio Exteri. The default revenue input number comes from 2016 income statement of Banco Latinoamericano de Comercio Exteri. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BLX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for BLX is calculated based on our internal credit rating of Banco Latinoamericano de Comercio Exteri, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Banco Latinoamericano de Comercio Exteri.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BLX stock the variable cost ratio is equal to 40.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BLX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Banco Latinoamericano de Comercio Exteri.

Corporate tax rate of 27% is the nominal tax rate for Banco Latinoamericano de Comercio Exteri. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BLX stock is equal to 1.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BLX are equal to 4614.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Banco Latinoamericano de Comercio Exteri operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BLX is equal to -3671.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Banco Latinoamericano de Comercio Exteri - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 39 million for Banco Latinoamericano de Comercio Exteri is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Banco Latinoamericano de Comercio Exteri at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ 5 Bank Stocks That Pay Big Dividends to Shareholders   [Jun-29-18 02:12PM  InvestorPlace]
▶ Bladex Files Annual Report On Form 20-F   [Apr-30-18 05:00PM  PR Newswire]
▶ Banco Latinoamericano: 1Q Earnings Snapshot   [07:33AM  Associated Press]
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▶ Top Dividend Paying Companies   [Mar-17-18 09:02AM  Simply Wall St.]
▶ Banco Latinoamericano posts 4Q profit   [07:21AM  Associated Press]
▶ December Dividend Stocks To Look Out For   [Dec-10-17 08:02AM  Simply Wall St.]
▶ Banco Latinoamericano posts 3Q profit   [Oct-20-17 08:55AM  Associated Press]
▶ Banco Latinoamericano posts 2Q profit   [Jul-21-17 08:54PM  Associated Press]
▶ New Strong Sell Stocks for June 2nd   [Jun-02-17 08:06AM  Zacks]
▶ Bladex Files Annual Report on Form 20-F   [Apr-28-17 07:00PM  PR Newswire]
▶ Banco Latinoamericano posts 1Q profit   [Apr-21-17 07:25AM  Associated Press]
▶ 3 Stocks You Can Safely Own Until 2027   [Apr-08-17 02:08PM  Motley Fool]
▶ Bladex Puts 2016 Behind It, Looks Forward to a Stronger 2017   [Feb-21-17 09:18AM  at Motley Fool]
▶ Banco Latinoamericano posts 4Q profit   [07:44AM  Associated Press]
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