Ve por Más: Investment Strategies and Analysis Reports

Grupo Financiero Ve por Más, S.A. De C.V. (BX+), a Mexican financial group focused on banking, credit, and investment services, provides detailed analysis reports to its clients. These reports, prepared in accordance with Article 47 of the General Provisions applicable to financial entities, offer insights into investment strategies and issuer evaluations. This article details the methodology and disclosures associated with these reports, providing transparency into the firm’s analytical process.

Report Methodology and Analyst Remuneration

The analysis reports are prepared by a team of analysts including Juan F. Rich Rena, Rafael Antonio Camacho Peláez, Marisol Huerta Mondragón, Eduardo Lopez Ponce, Alejandro Javier Saldaña Brito, Angel Ignacio Ivan Huerta Monzalvo, Maricela Martínez Álvarez, Gustavo Hernández Ocadiz, and Agustín Becerril García. These analysts are available through Ve por Más’s website. Their compensation is derived from the profitability of Grupo Financiero BX+ and individual performance, ensuring alignment with client interests. The reports are intended for internal or personalized use as part of advisory services and should not be considered objective opinions or generalized recommendations.

Disclosure of Potential Conflicts of Interest

Ve por Más emphasizes transparency regarding potential conflicts of interest. The firm and its subsidiaries, Banco Ve por Más and Casa de Bolsa Ve por Más, provide both advised and non-advised investment services to clients in Mexico, and abroad. They may similarly provide services to the companies covered in their reports through Corporate Finance, Special Accounts, or Portfolio Administration, receiving compensation for these services.

while Grupo Financiero Ve por Más does not typically hold investments exceeding 1% of its portfolio in companies subject to recommendations, analysts may maintain positions in recommended stocks for at least three months. No directors or general directors of the Financial Group Companies hold positions in the companies covered by the recommendations.

Categorization of Investment Recommendations

Ve por Más categorizes its investment recommendations into three tiers:

• FAVORITE: Stations (companies) that meet two key criteria: being an extraordinary company and possessing an attractive valuation. An “extraordinary company” is assessed based on Growth, Profitability, Sector, Financial Structure, Dividend Policy, and Administration. An attractive valuation is determined when the potential return of the Target Price exceeds that of the IPyC (a benchmark index). These are included in the firm’s strategy portfolio and offer a potential performance difference greater than 5.00 percentage points (pp) compared to the IPyC.
• ATTENTION!: Stations that are close to meeting the criteria for a “FAVORITE” rating. They may or may not be included in the strategy portfolio and offer a potential performance difference of up to 5.00 pp compared to the IPyC.
• NOT FOR NOW: Stations that currently do not meet the criteria for either “FAVORITE” or “ATTENTION!” ratings. These are not part of the strategy portfolio and offer a potential performance difference of less than 5.00 pp compared to the IPyC.

Data Accuracy and Reproduction Restrictions

Ve por Más obtains information from sources considered reliable, including estimates, but does not guarantee accuracy or completeness. Information and estimates are current as of the issuance date and are subject to change. The firm does not undertake to provide certifications or updated versions of the reports unless required by regulations.

Reproduction, citation, disclosure, or use of the reports, even for academic or media purposes, is prohibited without prior written authorization from Grupo Financiero Ve por Más.

About Grupo Financiero Ve por Más

Established in 2004 through the acquisition of Dresdner Bank México, Grupo Financiero Ve por Más (BX+) offers a range of financial services through its subsidiaries: Banco Ve por Más, Casa de Bolsa Ve por Más, Arrendadora Ve por Más, and Seguros Ve por Más. As of mid-2025, the group ranked tenth in Mexico in terms of deposit capture and twentieth in terms of assets. The group’s headquarters are located in Mexico City. Antonio del Valle Perochena serves as the President of the Board of Administration, and Tomás Ehrenberg Aldford is the Director General.