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Analysts at the Intercam brokerage firm reiterated their recommendation to acquire Grupo Financiero Banorte shares and ruled out the company's impact on the cancellation of the New Mexico International Airport (NAIM), to the extent that where she is not directly exposed to the project.
The brokerage reported in a paper that Banorte's exposure to NAIM represented 0.04% of its total portfolio; As indicated by the Mexican Stock Exchange, its most direct exposure is linked to a loan of 300 million pesos under working capital.
According to his report for the third quarter of the year, Banorte 's total portfolio amounted to 749,335 million pesos. At a conference organized by the Bank to reassure analysts, he explained that they also maintained an indirect relationship through letters of credit with five contractors and a consortium of works of an amount of 6 000 million pesos.
In case of cancellation, the company would review all contracts, payments made to suppliers and the progress of the work. If the result is for the airport group, the payment will be negotiated with the corresponding contractor.
Even if you continue with a debt, you will continue to use letters of credit which, according to Banorte, the likelihood of use is very low.
Since the announcement of the cancellation of the NAIM, the price of Banorte shares has accumulated a 5.77% handicap to 123.74 pesos per share because, via Afore XXI Banorte, it has acquired a portion the Energy and Infrastructure Investment Trust (Fibra). E from NAIM.
"We consider that at these prices, the resort has become very attractive and, given the fact that they are not directly exposed to the cancellation of the NAIM, we reiterate our recommendation of". purchase, "says the Intercam document.
The Thomson Reuters analyst consensus estimates a price target for the next 12 months of 152.76 pesos per share.
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