As we move further into earnings season we are starting to see some of the reports from mining stocks, and it is still a messy picture. If you make your money digging stuff out of the ground, you’re having a pretty tough go of it in 2014.
Top 5 Warren Buffett Companies To Watch For 2016: Contango Oil & Gas Co (MCF)
Contango Oil & Gas Company (Contango) is an independent natural gas and oil company. The Company�� core business is to explore, develop, produce and acquire natural gas and oil properties onshore and offshore in the Gulf of Mexico in water-depths of less than 300 feet. Contango Operators, Inc. (COI), its wholly owned subsidiary, acts as operator on its properties.
Offshore Gulf of Mexico Activities
Contango, through its wholly-owned subsidiary, COI and its partially owned affiliate, Republic Exploration LLC (REX), conducts exploration activities in the Gulf of Mexico. COI drills, and operates its wells in the Gulf of Mexico, as well as attends lease sales and acquires leasehold acreage. As of August 24, 2012, the Company's offshore production was approximately 83.5 million cubic feet equivalent per day, net to Contango, which consists of seven federal and five state of Louisiana wells in the shallow waters of the Gulf of Mexico. These 12 operated wells produce through the four platforms: Eugene Island 24 Platform, Eugene Island 11 Platform, Ship Shoal 263 Platform, Vermilion 170 Platform and Other Activities.
This third-party owned and operated production platform at Eugene Island 24 was designed with a capacity of 100 million cubic feet per day and 3,000 barrels of oil per day. This platform services production from the Company�� Dutch #1, #2 and #3 federal wells. From this platform, the gas flows through an American Midstream pipeline into a third-party owned and operated on-shore processing facility at Burns Point, Louisiana, and the condensate flows through an ExxonMobil pipeline to on-shore markets and multiple refineries. As of August 24, 2012, it was producing approximately 22.5 million cubic feet equivalent per day, net to Contango, from this platform. The Company finished laying six inches auxiliary flowlines from the Dutch #1, #2, and #3 wells to its Eugene Island 11 Platform and is in the process of redirecting production from the Eugene Island 24! Platform to the Eugene Island 11 Platform.
The Company�� Company-owned and operated platform at Eugene Island 11 was designed with a capacity of 500 million cubic feet equivalent per day and 6,000 barrels of oil per day. These platforms service production from the Company�� five Mary Rose wells, which are all located in state of Louisiana waters, as well as its Dutch #4 and Dutch #5 wells, which are both located in federal waters. From these platforms, it can flow its gas to an American Midstream pipeline through its eight inches pipeline and from there to a third-party owned and operated on-shore processing facility at Burns Point, Louisiana. It can flow its condensate through an ExxonMobil pipeline to on-shore markets and multiple refineries.
The Company�� gas and condensate can flow to its Eugene Island 63 auxiliary platform through its 20 inches pipeline, which has been designed with a capacity of 330 million cubic feet equivalent per day and 6,000 barrels of oil per day, and from there to third-party owned and operated on-shore processing facilities near Patterson, Louisiana, through an ANR pipeline. As of August 24, 2012, it was producing approximately 44.6 million cubic feet equivalent per day, net to Contango, from this platform.
The Company�� owned and operated platform at Ship Shoal 263 was designed with a capacity of 40 million cubic feet equivalent per day and 5,000 barrels of oil per day. This platform services natural gas and condensate production from our Nautilus well, which flows through the Transcontinental Gas Pipeline to onshore processing plants. As of August 24, 2012, it was producing approximately 3.0 million cubic feet equivalent per day, net to Contango, from this platform. As of June 30, 2012, the Company owed a 100% working interest and 80% net revenue interest in this well and platform.
The Company�� owned and operated platform at Vermilion 170 was designed with a capacity of 60 million cubic feet equivalent per ! day and 2! ,000 barrels of oil per day. This platform services natural gas and condensate production from its Swimmy well, which flows through the Sea Robin Pipeline to onshore processing plants. As of August 24, 2012, it was producing approximately 13.4 million cubic feet equivalent per day, net to Contango, from this platform.
On July 10, 2012, the Company spud its South Timbalier 75 prospect (Fang) with the Spartan 303 rig. It has a 100% working interest in this wildcat exploration prospect. On July 3, 2012, the Company spud its Ship Shoal 134 prospect (Eagle) with the Hercules 205 rig. The Company purchased the deep mineral rights on Ship Shoal 134 from an independent third-party. It has a 100% working interest in this wildcat exploration prospect. On December 21, 2011, the Company purchased an additional 3.66% working interest (2.67% net revenue interest) in Mary Rose #5 (previously Eloise North). The Company has a 47.05% working interest (38.1% net revenue interest) in Dutch #5.
Offshore Properties
During the fiscal year ended June 30, 2012 (fiscal 2012), State Lease 19396 expired and was returned to the state of Louisiana. As of August 24, 2012, the interests owned by Contango through its affiliated entities in the Gulf of Mexico, which were capable of producing natural gas or oil included Eugene Island 10 #D-1, Eugene Island 10 #E-1, Eugene Island 10 #F-1, Eugene Island 10 #G-1, Eugene Island 10 #I-1, S-L 18640 #1, S-L 19266 #1, S-L 19266 #2, S-L 18860 #1, S-L 19266 #3 and S-L 19261, Ship Shoal 263, Vermilion 170 and West Delta 36. As of August 24, 2012, interests owned by Contango through its related entities in leases in the Gulf of Mexico included Eugene Island 11, East Breaks 369, South Timbalier 97, Ship Shoal 121, Ship Shoal 122, Brazos Area 543, Ship Shoal 134 and South Timbalier 75.
Onshore Exploration and Properties
As of August 24, 2012, the Company had invested in Alta Energy Canada Partnership (Alta Energy) to purchase over! 60,000 a! cres in the Kaybob Duvernay. Contango has a 2% interest in Alta Energy and a 5% interest in the Kaybob Duvernay project. On April 9, 2012, the Company announced that through its wholly owned subsidiary, Contaro Company, it had entered into a Limited Liability Company Agreement (the LLC Agreement) to form Exaro Energy III LLC (Exaro). The Company owns approximately a 45% interest in Exaro. Exaro has entered into an Earning and Development Agreement (the EDA Agreement) with Encana Oil & Gas (USA) Inc. (Encana) to provide funding to continue the development drilling program in a defined area of Encana�� Jonah field asset located in Sublette County, Wyoming.
As of June 30, 2012, the Exaro-Encana venture had three rigs drilling, has completed five wells and achieved first production. As of August 24, 2012, the Company had invested to lease approximately 25,000 acres in the Tuscaloosa Marine Shale (TMS), a shale play in central Louisiana and Mississippi.
Advisors' Opinion:- [By Vera Yuan]
��hares of oil and gas exploration and production company Contango Oil & Gas Co. (MCF) fell, reflecting disappointing results from an exploration well in the Gulf of Mexico.
- [By Peter Krauth]
But the dynamic is suddenly changing. This is a pricing game—a global one. You see, while North Americans currently enjoy natural gas at close to $3.40 per million cubic feet (Mcf), Europeans are paying three times as much, between $10 and $11 per Mcf.
Top 10 Regional Bank Stocks To Buy Right Now: Norsk Hydro ASA (NHY)
Norsk Hydro ASA is a Norway-based company engaged in a number of activities along the aluminum industry�� value chain. The Company is organized into six segments; the Bauxite & Alumina segment includes the Company�� mining activities, sourcing arrangements and alumina commercial operations; the Primary Metal segment consists of aluminum production, re-melting and casting activities; the Metal Markets segment includes sales and distribution activities relating to products from metal plants, metal sourcing and trading activities; the Rolled Products segment comprises operations of the Company�� rolling mills; the Extruded Products segment focuses on delivering solutions to the building and construction, transportation, and engineered products industries and includes aluminum building systems and precision tubing activities, and the Energy segment is responsible for managing the Company�� captive hydropower production and external power sourcing arrangements to the aluminum business. Advisors' Opinion:- [By Corinne Gretler]
Norsk Hydro (NHY) ASA slumped the most in one year after Vale SA sold a stake in the aluminum maker. UniCredit SpA (UCG) and Infineon Technologies AG added at least 1 percent each after posting quarterly profit that beat projections. Henkel AG rose 2.1 percent as third-quarter profit beat analysts��estimates.
Top 10 Regional Bank Stocks To Buy Right Now: BG Group PLC (BRGYY.PK)
BG Group plc (BG Group), incorporated on December 30, 1998, is a natural gas company. The Company is engaged in the exploration, development and production of natural gas and oil. he Company operates in two business segments: Exploration and Production (E&P) and Liquefied Natural Gas (LNG). The Company manages its business on an integrated basis across the Americas, Europe, Africa, Central and South Asia, and Australia. The Company has interests in more than 20 countries on five continents.
Exploration and Production
E&P consists of exploration, development, production and marketing of hydrocarbons with a focus on natural gas. BG Group�� Upstream segment covers exploration and production activities for gas, oil and liquids, plus liquefaction operations associated with integrated LNG projects.
Liquefied Natural Gas
BG Group�� LNG activities combine liquefaction and regasification facilities with the purchasing, shipping, marketing and sale of LNG. The Company has interest in liquefaction facilities in Egypt and Trinidad and Tobago. BG Group�� LNG Shipping & Marketing segment covers the purchasing, shipping, marketing and sale of LNG, as well as the Group�� interests and capacity in regasification facilities.
Advisors' Opinion:- [By Heather Ingrassia]
On Thursday, August 15, GasLog (GLOG) announced that it had ordered two new 174K cbm Tri-Fuel Diesel Electric LNG carriers from Samsung Heavy Industries. These carriers are expected to be delivered in 2016 which is the same year the company will begin seven-year charters with BG Group (BRGYY.PK) (BRGXF.PK).
Top 10 Regional Bank Stocks To Buy Right Now: Banco Santander Brasil SA (BSBR)
Banco Santander (Brasil) S.A. (Santander Brasil), incorporated on August 9, 1985, is a full-service bank in Brazil. The Bank operates its business along three segments: Commercial Banking, Global Wholesale Banking and Asset Management and Insurance. Through its Commercial Banking segment, the Bank offers traditional banking services, including checking and savings accounts, home and automobile financing, unsecured consumer financing, checking account overdraft loans, credit cards and payroll loans to mid- and high-income individuals and corporations (other than to its Global Banking and Markets clients). Its Global Wholesale Banking segment provides financial services and solutions to a group of approximately 700 local and multinational conglomerates, offering such products as global transaction banking, syndicated lending, corporate finance, equity and treasury. Through its Asset Management and Insurance segment, the Company manages fixed income, money market, equity and multi-market funds and offers insurance products complementary to its core banking business to its retail and small- and medium-sized corporate customers.
Lending Activities
As of December 31, 2010, the Bank�� total loans and advances to customers equaled R$160.6 billion (42.9% of its total assets). Net of allowances for credit losses, loans and advances to customers equaled R$151.4 billion as of December 31, 2010 (40.4% of its total assets). In addition to loans, it had outstanding R$93.5 billion as of December 31, 2010.
Substantially all of its loans are to borrowers domiciled in Brazil and are denominated in reais. Its commercial, financial and industrial loans include primarily loans to small and medium-sized enterprises (SMEs) in its Commercial Banking segment, and to Global Banking and Markets corporate and business enterprise customers in its Wholesale Global Banking segment. The principal products offered to SMEs in this category include revolving loans, overdraft facilities, installme! nt loans, working capital and equipment finance loans. Credit approval for SMEs is based on customer income, business activity, collateral coverage and internal and external credit scoring tools. Collateral on commercial, financial and industrial lending to SMEs generally includes receivables, liens, pledges, guarantees and mortgages, with coverage generally ranging from 100% to 150% of the loan value depending on the risk profile of the loan. Its Wholesale Global Banking customers are offered a range of loan products ranging from typical corporate banking products (installment loans, working capital and equipment finance loans) to more sophisticated products (derivative and capital markets transactions).
The Bank�� Real estate-construction loans include construction loans made principally to real estate developers that are SMEs and corporate customers in its Wholesale Global Banking Segment. Loans in this category are generally secured by mortgages and receivables, though guarantees may also be provided as additional security. Real estate-mortgage loans include loans on residential real estate to individuals. All loans granted under this category are secured by the financed real estate. Installment loans to individuals consist primarily of unsecured personal installment loans (including loans whose payments are automatically deducted from a customer�� payroll), revolving loans, overdraft facilities, consumer finance facilities and credit cards. Lease financing includes primarily automobile leases and loans to individuals. The vehicle financed acts as collateral for the particular loan granted.
Investment Activities
The Bank�� investments include Government securities-Brazil, Government securities-other countries and other debt securities. As of December 31, 2010, the book value of the investment securities was R$84.7 billion (representing 22.6% of its total assets). Brazilian government securities totaled R$55.8 billion, or 65.9% of the Bank�� investment! securiti! es as of December 31, 2010. As of December 31, 2010, the Bank held no securities of single issuers or related group of companies whose aggregate book or market value exceed 10% of stockholders��equity, other than Brazilian government securities, which represented 76.9% of its stockholders��equity.
Sources of Funds
The Bank offers its customers a variety of deposit products, such as current accounts (also referred to as demand deposits), which do not bear interest; traditional savings accounts, which earn the Brazilian reference rate for savings accounts (taxa referencial) plus 0.5% per month, as set by the federal government, and time deposits, which are represented by certificates of bank deposits (CDBs), which normally have a maturity of less than 36 months and earn interest at a fixed or floating rate. In addition, it accepts deposits from financial institutions as part of its treasury operations, which are represented by certificates of interbank deposit CDIs, and which earn the interbank deposit rate.
Advisors' Opinion:- [By Jake L'Ecuyer]
Banco Santander (Brasil) SA (NYSE: BSBR) shares were also up, gaining 15.74 percent to $6.69 on Q1 results. The company reported Q1 recurring net income of 1.427 billion reais ($637 million).
- [By Jonas Elmerraji]
Nearest Resistance: $6.40��br>Nearest Support: $5.80��br>Catalyst: Brazil Elections
Banco Santander Brasil (BSBR) is another Brazilian stock that's getting shoved lower on big volume following the country's election results. The Rousseff administration's willingness to step in and impart new rules on the private sector is the catalyst here. And Petrobras and Banco Santander Brasil aren't in a vacuum here; the Ibovespa index is down more than 3.4% overall as I write.
The technical story in BSBR is pretty nasty here. Shares violated support at $6.40 back in early October, falling through that long-term price floor, and then confirming last week that it was now a resistance level. $5.80 looks like the next meaningful support level on the way down, but it's a weak one.
- [By Rudy Martin]
We are buying Banco Santander (Brasil) S.A. (BSBR) to gain broad additional exposure to the Brazilian.
BSBR offers a full-service range of financial services, including individual and corporate banking. We also hope to benefit from the stock's 7.2% current indicated dividend yield.
Top 10 Regional Bank Stocks To Buy Right Now: Etablissements Delhaize Freres et Cie le Lion SA (DEG)
Delhaize Group is Belgium-based food retailer, which operates in six countries and on three continents. The principal activity of the Company is the operation of food supermarkets in the United States, Belgium and Greece, with operations in Romania and Indonesia. The Company�� retail operations are conducted by its consolidated subsidiary, Delhaize America, LLC (Delhaize America); its businesses in Belgium and the Grand Duchy of Luxembourg (Delhaize Belgium), and the business of Alfa Beta Vassilopoulos S.A. (Alfa Beta) in Greece. On May 12, 2010, Delhaize The Lion Nederland B.V. (Delned) acquired approximately 90.83% interest in Alfa Beta. On July 7, 2009, the Company, through its wholly owned subsidiary, Mega Image closed the acquisition of four supermarkets in Romania previously operated under the Prodas name. On November 23, 2009, the Company, through Alfa Beta acquired the Greek retailer Koryfi, which operated 11 stores and a distribution center in the Northeast of Greece. On January 2, 2009, the Company completed the acquisition of Knauf Center Schmett SA and Knauf Center Pommerlach SA.
The store format consists of retail food supermarkets. The sales network also includes other store formats such as proximity stores and specialty stores. In addition to food retailing, the Company is engaged in food wholesaling and non-food retailing of products, such as pet products and prescription drugs. Delhaize Group SA is the parent company of a number of direct and indirect subsidiaries.
United States
The Company is engaged in one line of business in the United States, the operation of food supermarkets in the southeastern, mid-Atlantic and northeastern regions of the United States under the banners Food Lion, Hannaford, Sweetbay Supermarket, Bloom, Bottom Dollar Food, Reid�� and Harveys. During the year ended December 31, 2009, the Company opened 30 new stores in the United States, closed and relocated seven stores, and decided to close 17 other stores. As of De! cember 31, 2009, the Company operated 1,607 supermarkets in 16 states in the eastern United States. In 2009, it re-opened 53 supermarkets in the United States. It included 35 Food Lion renewals in the Columbia, South Carolina market and five in the Daytona Beach, Florida market.
The Company�� United States-based supermarkets sell a range of groceries, produce, meats, dairy products, seafood, frozen food, deli/bakery products and non-food items, such as prescriptions, health and beauty care and other household and personal products. The stores offered nationally and regionally advertised brand name merchandise as well as products manufactured and packaged under private brands. Food Lion offers between 15,000 and 20,000 stock-keeping units (SKUs) in its supermarkets, Harveys between 15,000 and 20,000 SKUs, Bloom between 21,000 and 25,000 SKUs, Bottom Dollar Food between 6,500 and 8,000 SKUs, Sweetbay between 28,000 and 40,000 SKUs and Hannaford between 31,000 and 45,000 SKUs.
Belgium and the Grand Duchy of Luxembourg
In Belgium and the Grand Duchy of Luxembourg, the sales network consists of several banners, depending on the specialty, the store size and whether the store is company-operated, franchised or affiliated. At December 31, 2009, the sales network consisted of 792 stores in Belgium and the Grand Duchy of Luxembourg. The network included 369 supermarkets under the Delhaize Le Lion, AD Delhaize and Red Market banners, 287 stores primarily under the Proxy Delhaize, Delhaize City and Shop �� Go banners. It also included 136 pet food and products stores operated under the Tom & Co. banner. At December 31, 2009, the Company operated 41 stores in the Grand Duchy of Luxembourg. In 2009, the Company divested its German operations, which consisted of four stores.
The supermarkets operated by the Company in Belgium and the Grand Duchy of Luxembourg carry the Delhaize Le Lion banner. At December 31, 2009, there were 144 company-operated supermarket! s of whic! h 14 supermarkets were remodeled. The AD Delhaize supermarkets have an average size of 1,142 square meters and offer approximately 12,000 SKUs.
In 2009, the Company opened the first two Red Market stores. At December 31, 2009, the Company�� network of proximity stores in Belgium and the Grand Duchy of Luxembourg consisted of 287 stores under the Delhaize City, Proxy Delhaize and Shop �� Go banners. Proxy Delhaize stores have an average selling area of approximately 500 square meters and offer approximately 6,500 SKUs.
Caddy-Home, the food products home delivery banner in Belgium, sells food products to customers for which orders can be placed by the Internet, telephone or fax. As of December 31, 2009, Caddy-Home delivered in 17 cities throughout Belgium, offering approximately 5,500 SKUs to customers. In 2009, Delhaize Belgium launched Delhaize Direct, allowing customers to order their groceries through the Internet and pick them up at their local store.
Tom & Co. is a specialty chain focusing on food and accessories for pets. At December 31, 2009, the stores were operated under franchise agreements with independent operators.
The supermarkets in Belgium and the Grand Duchy of Luxembourg sell a range of groceries, produce, meats, dairy products, seafood, frozen food, deli/bakery products and nonfood items, such as health and beauty care and other household and personal products. Delhaize Belgium is also selling a basic offering of lottery and postal products in part of its network.
Greece
In 2009, the Company operated a total of 216 stores in Greece. As of December 31, 2009, Alfa Beta directly operated 142 supermarkets under the Alfa Beta banner, 10 cash and carry stores under the ENA banner, 13 AB City stores and served 39 affiliated stores operated under the AB Food Market and AB Shop & Go banners and 10 Koryfi stores.
Rest of the World
As of December 31, 2009, Mega Image operated 51 super! markets i! n Romania. The stores offer private brand ranges, including 365, Care and the house brands available at Delhaize Belgium and Alfa Beta. In 2009, Mega Image introduced a private brand for Romanian products called Gusturi Romanesti. As of December 31, 2009, the Company operated 66 stores in Indonesia.
The Company competes with Wal-Mart, Kroger, Harris Teeter, Bi-Lo, Lowes Food, Save-A-Lot, Supervalu, Price Chopper, DeMoulas, Royal Ahold, Publix, Winn-Dixie, Carrefour, Louis Delhaize-Cora, Aldi, Makro-Metro, Lidl, Intermarche, Colruyt and Mestdagh.
Advisors' Opinion:- [By Brian Pacampara]
What: Shares of Brussels-based supermarket operator Delhaize Group (NYSE: DEG ) climbed 10% today after its preliminary quarterly results and outlook topped Wall Street expectations.
- [By patokehoe]
Traditional grocers such as Kroger Co (KR) and Delhaize Group SA (DEG) are having an increasingly hard time dealing with competition from nontraditional grocers. Both of these firms have tried to adapt to the pressure stemming from rival discounters, with varying degrees of success. Whereas Kroger has been able to utilize its scale to leverage fixed costs, Delhaize has struggled to maintain margins, and is being forced to lower prices.
Fending off competitors Investment gurus John Hussman of Hussman Economtrics Advisors and Joel Greenblatt of Gotham Capital own considerable positions in Kroger, one of the largest retailers in the U.S. The firm currently operates over 2,400 supermarkets, 750 convenience stores, and 325 jewellery stores across 31 states. Shareholders have reason to be optimistic, as the company recently acquired Harris Teeter Supermarkets Inc (HTSI). The $2.44 billion deal means Kroger will be looking at an 8% increase in its store base and a 4% boost in revenue.
Top 10 Regional Bank Stocks To Buy Right Now: Green Mountain Coffee Roasters Inc.(GMCR)
Green Mountain Coffee Roasters, Inc. engages in the specialty coffee and coffee maker business. The company sources, produces, and sells approximately 200 varieties of coffee, cocoa, teas, and other beverages in K-Cup portion packs and coffee in traditional packaging, including whole bean and ground coffee selections in bags and ground coffee in fractional packs for use in at-home (AH) and away-from-home (AFH). It sells its products primarily in North America through supermarkets, club stores, and convenience stores; in restaurants and hospitality; and to office coffee distributors, as well as directly to consumers through its Website. The company also manufactures gourmet single-cup brewing systems and brewing equipment. In addition, it sells AH single-cup brewers; accessories; and coffee, tea, hot cocoa, and other beverages in K-Cup portion packs, as well as offers other licensed roasters to retailers, department stores, and mass merchandisers. Further, the company sells AFH single-cup brewers to distributors for use in offices. It provides its products under the Van Houtte, Br�erie St. Denis, Br�erie Mont-Royal, and Orient Express brands, as well as licensed Bigelow and Wolfgang Puck brands. The company was founded in 1981 and is based in Waterbury, Vermont.
Advisors' Opinion:- [By Travis Hoium]
The Verismo single-serve line is Starbucks' effort to move beyond stores and get onto every counter, battling Green Mountain Coffee Roasters' (NASDAQ: GMCR ) success in this market. Over the past five years, Green Mountain has grown faster than Starbucks because of its presence in the home.
- [By WALLSTCHEATSHEET]
Green Mountain�� growth might be slowing, but with a strong management team in place, innovation and finding creative ways to move the stock price are possibilities. Of course, long-term investors would prefer to see innovation for more sustainable results.
Top 10 Regional Bank Stocks To Buy Right Now: Nishat Power Ltd (NPL)
Nishat Power Limited (NPL) is a Pakistan-based company engaged in the electric utilities industry. The principal activity of the Company is to build, own, operate and maintain a fuel fired power station having gross capacity of 200 megawatt in Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab, Pakistan. It has an installed annual capacity (based on 8,784 hours) of 1,715,559 megawatt hour. The Company�� customer is National Transmission and Dispatch Company Ltd (NTDC). During the fiscal year ended June 30, 2012, its actual energy delivered was 1,062,644 megawatt hour. The Company is a subsidiary of Nishat Mills Limited. Advisors' Opinion:- [By Federico Zaldua]
Despite growing expenses, in local currency terms, the bank's net income improved 16% year-over-year (yoy) while Non-Performing-Loans (NPL) have been kept below 4%. Hence, through Galicia, you can invest in an operationally healthy bank that shall behave in line with government bonds. Trading at 3 times P/E and 75% book value I think Galicia is good bet within the space.
High Exposure to Public Debt
Banco Macro (BMA) has been one of the highest growing banks during the last two decades. One interesting thing about Banco Macro is that the bank owns approximately $400 million of government related securities when the bank's total market capitalization is now just above $1 billion. On the other hand, Banco Macro is growing earnings aggressively at a 39% year over year rate in local currency terms with a very low (and stable) 1.6% NPL rate. Banco Macro is slightly more expensive than Galicia trading at 80% its book value and 3.2 times P/E.
No comments:
Post a Comment