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    Ignacio

    Senior Analyst at IMBERTIN and MOLSA

    Ignacio is a Senior Analyst at IMBERTIN and MOLSA, specializing in Latin American equity research with a focus on consumer goods, retail, and industrial sectors. He actively covers prominent companies including Grupo Bimbo, FEMSA, and Gruma, consistently providing actionable insights that have contributed to portfolio gains and positive client returns. With a career starting at a boutique investment advisory in 2012 followed by key analytical roles at regional financial firms, Ignacio joined IMBERTIN and MOLSA in 2019 and has since been recognized for his top-quartile performance rankings and client satisfaction ratings. He is FINRA Series 7 and Series 63 licensed, underscoring his commitment to professional standards and industry best practices.

    Ignacio's questions to Grupo Supervielle (SUPV) leadership

    Ignacio's questions to Grupo Supervielle (SUPV) leadership • Q1 2025

    Question

    Ignacio from IMBERTIN and MOLSA requested a breakdown of the 18-20% NIM guidance for 2025, asking for the underlying assumptions on interest rates for both assets and liabilities.

    Answer

    CFO Mariano Biglia explained that the NIM guidance is based on an expectation that the central bank's reference interest rate will remain stable in the near term before declining as inflation eases. He anticipates this will lead to positive real interest rates, which will inform the pricing of both loans and deposits, but did not provide specific rate levels.

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    Ignacio's questions to Grupo Supervielle (SUPV) leadership • Q1 2025

    Question

    Ignacio from IMBERTIN and MOLSA requested a breakdown of the bank's estimated Net Interest Margin (NIM) of 18-20% for 2025. He specifically asked for the underlying assumptions regarding interest rates on both assets and liabilities.

    Answer

    CFO Mariano Biglia responded by outlining the bank's macroeconomic view. He stated they expect the reference interest rate to remain stable in the near term before declining as inflation eases. He anticipates the eventual lifting of capital controls will lead to positive real interest rates, which will subsequently be reflected in the pricing of both the bank's loans (assets) and deposits (liabilities), forming the basis for their NIM projection.

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