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Ferrucho Doddoli Lankenau's avatar

I did research on Bolsa Mexicana de Valores. I really liked the recurring nature of their business, and the dominant position they hold. However, I could not quite understand Valmer's business.

Also, around 30% of their revenue comes from INDEVAL, Mexico’s Central Security Depository. This is a great business. They own the rights to 92% of net income, but are minority shareholders in the business.

Nevertheless, INDEVAL's business greatly depends on settlement and custody of government bonds. I worry that Banxico could create their own Security Depository.

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Wubbe Bos's avatar

The more I look into Grupo Comercial Chedraui SAB de CV a Mexican supermarket chain with a strong presence in the US the better it becomes. No debt, great historic results, demographic tailwind, benefits from cheaper pesos and cheap compared to US competitors.

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