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Grupo BMV or Bolsa Mexicana de Valores SAB(BMV:BOLSAA) is the largest financial exchange in Mexico and the second largest in Latin America. Grupo BMV operates in six different business segments: Equities, Derivatives, Information Services, OTC, Capital Formation, and Central Securities Depository. The company is a stable high quality business with great returns on capital and a fantastic balance sheet. However, BMV is trading at a 50% discount to peers. At the current price, I’ve added the company to my portfolio due to the stability of the business, high returns on capital, and attractive valuation.

Summary of my Portfolio as of Q4 2022.

Since my last article on Village Super Market (NASDAQ:VLGEA) the company has performed quite well. The company’s profitability has significantly improved and same-store sales has been positive. However, its valuation is still depressed at .17 times sales which is one of the lowest in the sector and about the same as of my last article. Net income margin has increased since 2021 from .98% to 1.7% in 2022 and in the most recent quarter, it hit 2.2%. If the current profitability can continue the company would be trading at 8 times earnings. Given a pending recession, Village wouldn’t be a bad place to continue to park money in my view.

I have become very confused about the future of Marijuana as of late. 

Aeroporto Guglielmo Marconi di Bologna SpA(Ticker:ADB) operates an airport in Bologna, Italy. I’ll refer to Aeroporto Guglielmo Marconi di Bologna SpA as its ticker for the remainder of the article. ADB pre-covid was executing beautifully growing passenger volumes or PAX at a 7% CAGR vs 4% growth for Italian peers. Margins expanded from 9% in 2014 to close to 17% in 2019 due to increasing non-aero revenue which has much higher margins than aero revenue. Then covid came and destroyed air traffic for two years. As of October 2022, PAX has finally eclipsed 2019 numbers by over 4%. ADB has now finally recovered from covid but the stock price is below march 2020 levels. This is where the opportunity arises.