olivLaw · US equity research
Bladex, Inc. BLX
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Bladex is a specialized multinational bank, founded by central banks of Latin America and the Caribbean to finance foreign trade and regional integration, headquartered in Panama with shares listed on the NYSE under the symbol BLX. Profit for 2025 reached 226.9 mn USD, and attention to regional risk remains central for investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Bladex, Inc. (BLX) stock was 51.27 USD (−0.08% on the day), with market capitalisation 1.9 bn USD, P/E 9.2 on diluted EPS of 5.60 USD over the last 12 months, dividend yield 1.94%, beta 0.72, 52-week range 42.89–62.78 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.1
- weak (30–45)
- Bollinger (20, 2)
- 49.87 – 56.96
- in the lower half of the band · %B 0.20 · band width 13.3%
- SMA 50 / 200
- 54.31 / 54.21
- mixed trend
- MACD (12, 26, 9)
- -1.06 / -0.73
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.8% | −1.1% | −5.7 pp | — |
| 3 months | −13.2% | −0.5% | −12.7 pp | — |
| 6 months | −6.7% | +4.4% | −11.1 pp | — |
| Year to date | +15.0% | +12.3% | +2.6 pp | — |
| 1 year | +18.3% | +13.5% | +4.8 pp | +23.0% |
| 3 years | +117.6% | +76.4% | +41.2 pp | +132.7% |
| 5 years | +186.3% | +63.7% | +122.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 9-quarter history (min 5.4, median 9.9, max 61.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138.3 m | 127.6 m | 126.7 m | 99.2 m | 104.2 m | 166.7 m | 266.1 m | 303.6 m |
| Revenue YoY | −17.7% | −7.8% | −0.7% | −21.7% | +5.1% | +59.9% | +59.7% | +14.1% |
| Net income | 82.0 m | 11.1 m | 86.1 m | 63.6 m | 62.7 m | 92.0 m | 166.2 m | 205.9 m |
| Net income YoY | −5.8% | −86.4% | +672.6% | −26.1% | −1.4% | +46.8% | +80.5% | +23.9% |
| Diluted EPS | 2.08 | 0.28 | 2.17 | 1.60 | 1.62 | 2.54 | 4.55 | 5.60 |
| Diluted EPS YoY | −6.3% | −86.5% | +675.0% | −26.3% | +1.2% | +56.8% | +79.1% | +23.1% |
| net % | 59.3% | 8.7% | 67.9% | 64.1% | 60.2% | 55.2% | 62.4% | 67.8% |
| Free cash flow | 713.7 m | -174.2 m | -93.5 m | 1.2 bn | -872.2 m | -771.3 m | 1.1 bn | -124.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.0 bn USD
- Financial debt
- 1.7 bn USD
- Net debt
- -311.3 m USD
- Equity
- 1.3 bn USD
- Total assets
- 11.9 bn USD
- Debt / equity
- 1.24x
- Current ratio
- unavailable
- ROE
- 16.2%
- ROA
- 1.8%
- FCF margin
- -41.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net income | 86.1 m | 63.6 m | 62.7 m | 92.0 m | 166.2 m | 205.9 m | SEC (XBRL)· 15 Apr 2025verified |
| Diluted EPS | 2.17 | 1.60 | 1.62 | 2.54 | 4.55 | 5.60 | SEC (XBRL)· 15 Apr 2025verified |
| Dividend per share | — | — | — | — | 0.99 | — | SEC (XBRL)· 25 Apr 2024derived |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 863.8 m | 1.3 bn | 1.2 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 15 Apr 2025verified |
| Total assets | 7.2 bn | 6.3 bn | 8.0 bn | 9.3 bn | 10.7 bn | 11.9 bn | SEC (XBRL)· 15 Apr 2025verified |
| Short-term debt | 1.6 bn | 331.6 m | 1.5 bn | 2.2 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 15 Apr 2025verified |
| Long-term debt | 723.4 m | 477.0 m | 329.9 m | — | — | — | SEC (XBRL)· 28 Apr 2022verified |
| Total liabilities | 6.2 bn | 5.3 bn | 7.0 bn | 8.2 bn | 9.5 bn | 10.5 bn | SEC (XBRL)· 15 Apr 2025verified |
| Equity | 1.0 bn | 1.0 bn | 991.8 m | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 15 Apr 2025verified |
| Shares outstanding at year end | — | — | — | — | 36.5 m | — | SEC (XBRL)· 25 Apr 2024verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 58.9 m | 44.7 m | 38.6 m | 36.1 m | 36.3 m | 72.8 m | SEC (XBRL)· 15 Apr 2025verified |
| Share repurchases | 0 | 0 | 60.1 m | 0 | 0 | — | SEC (XBRL)· 25 Apr 2024verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 78 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Growth100
- Valuation58
- Quality85
- Returns67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.62 – 87.51 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income41.60 – 43.54 (Mid 42.55)
- Justified P/B64.30 – 86.47 (Mid 73.75)
- Dividend discount (DDM)outside the aggregate13.04 – 17.54 (Mid 14.96)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E27.62 – 87.51 (Mid 65.80)6 companies used · median multiple 11.7x · quartiles 4.9x – 15.6xAVAL, BCH, HDB, KB, NTB, PGC
- Peers: P/B38.52 – 71.05 (Mid 42.92)5 companies used · median multiple 1.2x · quartiles 1.1x – 1.9xAVAL, HDB, KB, NTB, PGC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 78/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 16.2% | 79 (vs peers) | 25% |
| ROA · Quality | 1.8% | 100 (on a fixed band) | 9% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 51.2% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 42.8% | 100 (on a fixed band) | 9% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.4x | 50 (vs peers) | 16% |
| P/E (TTM) · Valuation | 9.2x | 67 (vs peers) | 16% |
| Dividend yield · Returns | 1.9% | 67 (vs peers) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality85/100 · 2/4 factors with a value
- Returns67/100 · 1/1 factors with a value
- Valuation58/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FOREIGN TRADE BANK OF LATIN AMERICA, INC. (BLX). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: YoY growth 14.1%; net margin 67.8%; ROE 16.2%.
The estimated value range is 40.06–78.76 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 54.36 USD, the price of 51.27 USD leaves a potential of 6.0% (value / price − 1) and a margin of safety of 5.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 78/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 16.2%
- ROA: 1.8%
- EPS CAGR 3Y: 51.2%
- Revenue CAGR 3Y: 42.8%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +18% / +118% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
1- and 3-year price returns: for BLX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.71 Total return -33% · Per year -33% | 59.32 Total return 18% · Per year 18% | 88.98 Total return 76% · Per year 76% |
| 3 years | 39.98 Total return -16% · Per year -6% | 78.45 Total return 61% · Per year 17% | 128.13 Total return 160% · Per year 37% |
| 5 years | 47.43 Total return 3% · Per year 1% | 103.75 Total return 117% · Per year 17% | 184.51 Total return 280% · Per year 31% |
- Exit P/E± 19.61
- Net margin± 13.73
- Annual revenue growth± 10.24
- Annual dilution± 1.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (16 Sept 2026), 6-K (03 Aug 2026), 6-K (29 Jul 2026), 6-K (28 Jul 2026).
In brief
Bladex is a specialized multinational bank, founded by central banks of Latin America and the Caribbean to finance foreign trade and regional integration, headquartered in Panama with shares listed on the NYSE under the symbol BLX. Profit for 2025 reached 226.9 mn USD, and attention to regional risk remains central for investors 1.
SWOT
Strengths
- The bank holds a specialized position in regional trade finance, with long-standing relationships with top clients and a correspondent banking network 1.
- Solid capitalization, prudent risk management and preferred creditor status in some jurisdictions are stated assets of the bank 1.
- The deposit base is described as strong, which supports an efficient cost of funds 1.
Weaknesses
- The bank does not take retail deposits and relies on interbank funding and capital markets, which can create sensitivity to liquidity conditions 1.
- The net interest margin was compressed in 2025, showing exposure to falling reference rates 1.
- Operating costs rose in 2025 due to technology and strategic investments, which could weigh on returns if revenues do not grow alongside them 1.
Opportunities
Risks
- Market and macroeconomic riskhigh
Macroeconomic conditions in the region and in the US can affect loan quality, margins and growth, and the source warns that markets can become volatile 1.
- Liquidity riskhigh
If the bank does not manage liquidity effectively, it could lack sufficient funds to meet its obligations, and its funding cost could rise 1.
- Credit riskmedium
Impairment losses on financial instruments rose in 2025, linked to exposure to a client in Stage 2 and the deterioration of an exposure in Stage 3 1.
- Geopolitical and transit riskmedium
Events in the Middle East, Venezuela and at the Panama Canal could affect regional trade and the bank's balance sheet 1.
- Regulatory and policy risklow
Changes in financial, fiscal or trade policy can affect the regional economy, clients and the bank's results 1.
Investment thesis
What would need to be true (bull case)
- If profit and fee income keep growing, the bank could show that its trade finance model is durable and scalable 1.
- Its preferred creditor status and solid capitalization could support access to funding even in periods of stress 1.
- An improving regional risk profile, reflected in rating upgrades, could ease pressure on lending costs 1.
What would break the thesis
- If interest margins keep compressing, interest income could fall and profitability could be affected 1.
- Volatility in US trade policy and geopolitical tensions could reduce trade finance volumes 1.
- Rising operating costs and impairment losses could erode returns if they are not offset by revenue growth 1.
What to watch
- Trajectory of the net interest margin and fee incomeQ1 2027
- Level of impairment losses on financial instruments2027
- Evolution of US trade policy and its impact on regional exports2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (27 Oct 2026), 6-K (16 Sept 2026), 6-K (03 Aug 2026), 6-K (29 Jul 2026), 6-K (28 Jul 2026).
The business
Its geographic footprint includes the head office in Panama, a New York agency, a subsidiary in São Paulo and representative offices in Buenos Aires, Mexico City and Bogotá, plus a representative license in Peru 1. Class E shares trade on the New York Stock Exchange and the LTSE under the symbol BLX 1. The bank holds preferred creditor status in certain jurisdictions, a recognition linked to its strong capitalization and corporate governance 1.
A distinctive element is its trade finance model, focused on letters of credit, guarantees and co-financing, alongside syndicated loans and structured finance 1. The bank stresses that long-term client relationships and its regional reputation support its vision of being a leading institution for trade and integration in Latin America 1.
Trends
- Regional trade resiliencetailwind
Latin American goods exports to the United States grew above 5% year on year, better than the 4% average of the prior three years, which could support demand for trade finance 1.
- US tariff policymixed
US tariff and trade policy shifts created volatility, but could reduce trade flows if measures widen, and the source notes their impact on export-dependent sectors remains uncertain 1.
- Compression of interest marginsheadwind
Abundant US dollar liquidity and lower reference rates reduced margins, which could limit growth in net interest income if the pressure persists 1.
- Geopolitics and the Panama Canalheadwind
Instability in the Middle East, the situation in Venezuela and transit constraints at the Panama Canal could affect trade flows and credit risk, particularly for a bank focused on international trade 1.
Competitive position
The source does not provide a detailed competitive analysis, but describes Bladex as a specialized bank with long-standing relationships with leading regional financial institutions and corporations, and an extensive correspondent banking network 1. Its stated advantage rests on capitalization, prudent risk management and preferred creditor status 1.
Competition essentially comes from international and regional banks financing trade in Latin America; the source does not name competitors, so the competitive landscape would need additional information to assess 1.
- International commercial banks financing regional trade
The source cites borrowings from international commercial banks as a funding source, without naming specific institutions 1.
- Correspondent banks in the region
The correspondent banking network is a key element of the Bladex model, but the source does not identify the institutions 1.
- Central banks and financial institutions in the region
These are the bank's main depositors and also part of its competitive ecosystem 1.
- Development finance institutions
The source names no competitors in this category, but such institutions could compete for infrastructure projects where Bladex has expanded its participation 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)28 Jul 2026
- Current report (foreign issuer)23 Jun 2026
- Current report (foreign issuer)08 Jun 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)30 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Bladex, Inc. · 20 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.