Ariel Investments 40 Followers

Summary

We see buying opportunities emerge when these franchises evolve faster than investor perceptions.

Our Greek banks trade at roughly 9–10x fiscal 2027 earnings, despite expected returns on tangible equity near 17%.

Lion trades at approximately 0.7x fiscal 2027 earnings.

The market is still pricing Kaspi on the limits of its home market rather than the broader platform it is building.

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Emerging market financials are often priced through a single risk lens: past crises, local geopolitics or perceived customer

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Ariel Investments 40 Followers

Ariel Investments, LLC is a global value-based asset management firm founded four decades ago in 1983. Ariel is headquartered in Chicago, with offices in New York City, San Francisco and Sydney, Australia.…