Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.35, read 2026-10-25
Ethical does not pass the values gate
Price51.87 USD
Fair value73.00
Ethical score30.0/100
Our investment reviews on this name
2026-10-18Read Accumulation54.43-4.7% to today Markdown gives way to Accumulation
2026-10-11Read Markdown54.66-5.1% to today ✓Accumulation gives way to Markdown first Markdown read since August
2026-10-02Read Accumulation54.66-5.1% to today Markdown gives way to Accumulation
2026-08-23Read Markdown54.25-4.4% to today ✓Markup gives way to Markdown after a 10% slide in 7 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Banco Latinoamericano de Comercio Exterior, S. A. holds its Markdown at $51.87. Consolidating, no directional conviction, held for 338 days.
As held on the ledger · 2026-10-28
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 338 days
Price at the screen
$51.87
Valuation
8.61 trailing · 7.41 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.80
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: bank
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: bank
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Banco Latinoamericano de Comercio Exterior, S. A. does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BLX's ethical verdict changes
Today BLX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-28 screen. The gold marker is the market price at the same screen. A 40.7% margin of safety to the base estimate.
Third-party analyst targets: 4 covering, consensus Strong Buy. The average target sits +29% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-28 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Trade finance bank fails our ethical line
Picture a Panama-based lender moving goods across Latin America and the Caribbean. Every deal crosses borders that standard banks often ignore. Yet the business still lands squarely in a sector our screen rejects outright.
Revenue is rising 8 percent, margins sit at 72 percent and return on equity reaches 15 percent. The shares trade at 8.4 times forward earnings with a modest 15 percent gap to our fair value. None of that matters once the ethical filter triggers on banking activity.
Risk sits in the sector exclusion itself plus emerging-market credit cycles that can compress those margins quickly. We pass. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Panama and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BLX trades on the NYSE (the company is based in Panama). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Accumulation$54.43+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 7% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
2026-10-11Markdown · changed$54.66+0.0%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
2026-08-23Markdown · changed$54.25-8.4%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
2026-07-23Markup$59.25-2.0%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
2026-07-18Markup$60.46+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 21% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 45%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (3 analysts) rates it none, with a mean price target of $66.
2026-07-03Markup$60.46+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$60.46Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
