Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Thematic (Sector/Industry)

<ul>
<li>The World Cup tailwind might prove to be less positive than previously expected, and there might be some overhang risks in 2H26.</li>
<li>For another quarter, we are overall below consensus, yet the gap is lower vs. in the previous 2 quarters.</li>
<li>Amid some PT updates to the downside, we update our FY26 year-end and 12M MEXBOL PTs to 71,000 and 75,500, respectively (2.5% lower on average).</li>
</ul>


The World Cup tailwind might prove to be less positive than previously expected, and there might be some overhang risks in 2H26.
For another quarter, we are overall below consensus, yet the gap is lower vs. in the previous 2 quarters.
Amid some PT updates to the downside, we update our FY26 year-end and 12M MEXBOL PTs to 71,000 and 75,500, respectively (2.5% lower on average).


Actinver Research - Mexico Equity Research: 2Q25 Preview

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>As of September 2025, Figure is set to go public on Nasdaq under the ticker FIGR, marketing 31.5 million shares at $20–$22 each, for a targeted valuation of $4.66 billion and up to $693 million in proceeds.</li><li>Figure&#39;s Partner HELOC platform already serves over 135 financial institutions, but banks and credit unions still originate 90% of all HELOCs.</li><li>Figure&#39;s blockchain-based infrastructure differentiates it from traditional lenders by creating a permanent, auditable record of loan ownership and lien positions.</li></ul>

As of September 2025, Figure is set to go public on Nasdaq under the ticker FIGR, marketing 31.5 million shares at $20–$22 each, for a targeted valuation of $4.66 billion and up to $693 million in proceeds.Figure&#39;s Partner HELOC platform already serves over 135 financial institutions, but banks and credit unions still originate 90% of all HELOCs.Figure&#39;s blockchain-based infrastructure differentiates it from traditional lenders by creating a permanent, auditable record of loan ownership and lien positions.

<ul><li>Sacra estimates Snapdocs hit $102M in revenue in 2023, representing a -4% decline year-over-year.</li><li>Snapdocs generates revenue by providing a cloud-based platform that digitizes mortgage closings for over 130,000 real estate professionals.</li><li>Snapdocs reached a $1.5B valuation following its Series D round in May 2021, with participation from Tiger Global Management, Sequoia Capital, and F-Prime Capital.</li></ul>

Sacra estimates Snapdocs hit $102M in revenue in 2023, representing a -4% decline year-over-year.Snapdocs generates revenue by providing a cloud-based platform that digitizes mortgage closings for over 130,000 real estate professionals.Snapdocs reached a $1.5B valuation following its Series D round in May 2021, with participation from Tiger Global Management, Sequoia Capital, and F-Prime Capital.

<ul><li>Vesta is building a new loan origination system, focusing on automation and orchestration by software.</li><li>There&#39;s been no new back-office loan origination system since about 1997.</li><li>It&#39;s all a SaaS subscription, so we charge an annual platform fee, and we charge a per-loan origination fee.</li></ul>

Vesta is building a new loan origination system, focusing on automation and orchestration by software.There&#39;s been no new back-office loan origination system since about 1997.It&#39;s all a SaaS subscription, so we charge an annual platform fee, and we charge a per-loan origination fee.

Mike Yu, CEO Of Vesta, On Building A New System Of Record For The Mortgage Industry

United States

Workflow engine and system of record for mortgage lenders to automate loan origination

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Vesta (VESTA US)

Actinver Research - Mexico Equity Research: 2Q25 Preview

The World Cup tailwind might prove to be less positive than previously expected, and there might be some overhang risks in 2H26.For another...

Actinver

Primer: Figure - 15 Aug 2025

Online tool for homeowners to access home equity through fast digital HELOCs

Sacra

Primer: Snapdocs - 07 Dec 2024

Software for automating mortgage closings across lenders, title companies, and notaries

Sacra

Mike Yu, CEO Of Vesta, On Building A New System Of Record For The Mortgage Industry

Sacra interview with Mike Yu, the co-founder and CEO of Vesta.

Sacra

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