Zacks Article Compares IFS to Blackstone, Highlighting Value Debate Amid Solid Fundamentals

What happened

Zacks Investment Research published an article on December 17, 2025, comparing Intercorp Financial Services Inc. (IFS) with Blackstone Inc. (BX) to assess which stock offers better value for investors. This comparison surfaces as IFS recently reported unaudited 3Q25 results, with a net profit of S/456.2 million and a return on equity of approximately 15.6%, indicating continued business momentum. According to the DeepValue master report, IFS trades at an attractive valuation of about 8x P/E and 1.33x P/B, supported by diversified earnings across banking, insurance, wealth management, and payments. However, the report cautions that quarterly profit volatility from investment mark-to-market effects and one-off impairments, such as the Rutas de Lima insurance hit, could obscure underlying operational strength. Investors should therefore look beyond the article's simplistic value framing to consider IFS's risk-adjusted fundamentals and the detailed watch items in the filings.

Implication

The Zacks article's focus on value metrics may distract from IFS's deeper investment case, which includes resilient profitability from diversified segments and a balance sheet with negative net debt/EBITDA. Key strengths like recurring capital returns through dividends and buybacks provide downside support, but risks such as credit performance volatility and investment mark-to-market losses require vigilant monitoring. Comparative analyses with Blackstone often overlook IFS's specific operational context in Peru, including exposure to government-backed lending programs and episodic insurance shocks. While the article reinforces IFS's value proposition, it lacks the depth needed to assess sustainability amid quarterly earnings fluctuations. Ultimately, a thorough review of SEC filings and the DeepValue report's watch items—like risk-adjusted NIM and capital return execution—offers a more nuanced basis for investment decisions.

Thesis delta

The Zacks article does not materially shift the investment thesis for IFS, which remains a BUY based on valuation and resilient fundamentals per the DeepValue report. However, it highlights the risk of oversimplifying value assessments without considering underlying operational risks and growth drivers. Investors should maintain focus on the report's key monitoring areas, such as credit performance and capital return stability, to validate the thesis.