The business behind the dividend
| Measure | BLX | Median | Formula |
|---|---|---|---|
| Return on equity | 11.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $109.28m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $170.30m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 54.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 50.3% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | 11.7% | 9.9% | 11.3% | 11.0% | 6.1% | 8.1% | 9.9% |
| Operating margin | 54.0% | 38.6% | 39.5% | 56.4% | 28.9% | — | 39.5% |
| Net margin | 50.3% | 41.3% | 48.3% | 52.8% | 35.4% | 38.6% | 41.3% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Bladex pays out less than 68 of them. The median for that group is 30.6%, against this company’s 50.8%.
Closest on GAAP earnings
- Dolby Laboratories (DLB) 50.4%
- Ally Financial (ALLY) 50.6%
- Stewart Information Services (STC) 50.6%
- Richmond Mutual Bancorporation (RMBI) 51.3%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →