Context: How Bolsa Mexicana de Valores works, and what it makes issuers disclose · Mexico on the LatAm Power Map
Mexico’s wealth management industry has a new, separately listed player — born from one of the country’s oldest brokerage houses, and quietly doubling its revenues in two years.
| Full name | Alterna Asesoría Internacional, S.A.B. de C.V. |
| Ticker / Exchange | ALTERNAB — Bolsa Mexicana de Valores (BMV) |
| Headquarters | Polanco, Mexico City, Mexico |
| Sector | Financial Services — Asset Management |
| Employees | Not disclosed in available sources |
| Market value (market cap) | MXN 827M (~US$47.7M) |
| Yearly sales (revenue, TTM) | MXN 679M (~US$39.2M) |
| Net profit (FY 2025) | MXN 57.7M (~US$3.3M) |
| Net margin | 8.5% |
| Return on equity | 7.4% |
| Price-to-earnings (P/E) | 159× |
| Dividend yield | ~2.4% (Mex$0.04/share declared May 2026; EODHD records 0%) |
| Website | alternainternacional.com.mx |
What it is
Alterna is a Mexico City holding company that grew out of a spin-off of Corporación Actinver and, through its subsidiaries, manages money and investment portfolios for both private and institutional clients — covering everything from securities brokerage and estate planning to insurance and private equity funds.
The group operates through seven lines of business: Alterna Securities, Alterna Wealth Management, Alterna Capital Management, Alterna Insurance Services, Alterna Private Equity Manager, Alterna Private Equity GP, and Alterna Inversiones y Valores.
All of its operating subsidiaries run their business in the United States and jurisdictions outside Mexico, with investment management focused mainly on private debt issued by Latin American companies.
Who owns it
The company was formally incorporated on 29 April 2021, following a shareholder-approved spin-off of Corporación Actinver — Mexico’s largest independent brokerage and fund-management group — voted through at an extraordinary general meeting on 12 March 2021.
Corporación Actinver remains the dominant controlling entity behind Alterna; the exact percentage of shares it retains is not disclosed in available sources. Institutional investors outside the Actinver group hold roughly 2.9% of the float, per EODHD data, implying the vast majority of shares stays within the Actinver orbit.
Who runs it
Héctor Madero chairs the board of Alterna and has served simultaneously as Chairman and Chief Executive of Corporación Actinver since 1996, also holding board seats at Grupo Financiero Actinver, Actinver Casa de Bolsa, Operadora Actinver, and Banco Actinver.
José Pedro Valenzuela, who joined the Actinver group in 1996 and held senior roles including Deputy Director General of Asset Management, now serves as a board member of Alterna and as Finance and Administration Director of Corporación Actinver. No separate Chief Executive for Alterna itself is disclosed in available sources.
The money, in plain words
Revenue has grown fast: from MXN 445M (~US$25.7M) in 2023 to MXN 561M (~US$32.4M) in 2024 — a gain of 26.2% — and then to MXN 679M (~US$39.2M) in 2025, a further 20.9% (our calculation). The business is clearly gathering clients and assets at pace.
From each peso of revenue the company kept about 8.5 cents as net profit in 2025 — a net margin of 8.5%, thin but improving from 6.8% in 2024 (our calculation). For every peso its owners have put in, it earned about 7.4 cents in the latest year — a return on equity of 7.4%, modest but moving in the right direction.
The balance sheet carries no reported debt and holds MXN 446M (~US$25.7M) in cash — net cash of MXN 446M (~US$25.7M, our calculation) — so the company is financially conservative, with cash equal to more than half its net worth.
At a price-to-earnings ratio of 159×, the market is paying an exceptionally high multiple for today’s earnings, betting heavily on future profit growth. A dividend of Mex$0.04 per share was declared for May 2026, versus Mex$0.038 distributed across all of the prior year — a small but growing payout.
What it is doing now
In its Q1 2025 results, Alterna reported a net profit of MXN 12 (US$0.69)M for the quarter — triple the MXN 4 (US$0.23)M earned in Q4 2024 — with operating revenues of MXN 173 (US$10)M, up from MXN 158 (US$9)M the prior quarter, driven mainly by higher brokerage and financial advisory commissions.
Brokerage commissions represented 58% of operating revenues in Q1 2025, investment advisory fees a further 39%, and the remaining 3% came from trading results, interest income, and other sources.
What to watch
- Margin expansion. Revenues are growing fast, but 8.5% net margins leave little room for error; watch whether the fixed-cost base grows slower than the revenue line.
- Valuation vs. earnings. A P/E of 159× prices in years of profit growth; any earnings disappointment would compress the share price sharply.
- Actinver relationship. The Actinver group created Alterna and continues to supply its leadership; any strategic shift at the parent would ripple directly through here.
- US and Latin America expansion. All operations run outside Mexico, in the US and elsewhere in Latin America; currency moves and regulatory changes in those markets are the key external risks.
- Ownership disclosure. With insider ownership recorded at zero and no formal free-float figure published, clarity on the exact Actinver stake would help investors price governance risk.
Sources
This is news, not investment advice.
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