# Banco do Brasil (BBAS3.SA)

Canonical: https://gigainvestors.com/s/BBAS3.SA

Analysis as of: 2026-10-16T07:34:26.125Z. Financial observations: FY2015–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 23.76 per share; close as of 2026-10-15.

Estimated value: low BRL 20.08 per share, central BRL 21.92 per share, high BRL 24.12 per share. Buy at or below the central value BRL 21.92 per share. Valuation as of 2026-10-16T07:34:26.125Z; scenarios are not confidence intervals.

Expected annual return: 16.1% at the stated quote. About 16.1% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.29×

Chart: Net income; fiscal year observations.

- FY2016: BRL 8.0B

- FY2017: BRL 11B

- FY2018: BRL 13B

- FY2019: BRL 18B

- FY2020: BRL 13B

- FY2021: BRL 20B

- FY2022: BRL 31B

- FY2023: BRL 34B

- FY2024: BRL 35B

- FY2025: BRL 18B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 14.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.7%

- FY2017: 12.5%

- FY2018: 13.7%

- FY2019: 18.0%

- FY2020: 10.7%

- FY2021: 14.5%

- FY2022: 20.8%

- FY2023: 21.3%

- FY2024: 21.1%

- FY2025: 10.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 15.4%

- Book return interval: 10 years

- Starting book value per share: BRL 12.37

- Ending book value per share: BRL 31.02

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 15.0%

- FY2017: 22.5%

- FY2018: 11.0%

- FY2019: 7.2%

- FY2020: 21.0%

- FY2021: 19.5%

- FY2022: 19.3%

- FY2023: 14.9%

- FY2024: 15.5%

- FY2025: 9.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.2%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.89×

- Book value created per share: BRL 18.65

- Earnings retained per share after dividends and buybacks: BRL 9.85

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 102

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 102

- FY2024: 102

- FY2025: 102

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 2% since Oct 2023 · "Banco do Brasil misses profit forecast, slashing yearly outlook and dividend" (finance.yahoo.com, Aug 2025) · net income -49.8%

Story as of 2026-10-16T10:00:00.583Z; price observation 2026-10-15.

The price assumes profits grow 6.8% a year forever

- 2025-08-14: Banco do Brasil misses profit forecast, slashing yearly outlook and dividend ([finance.yahoo.com](https://finance.yahoo.com/news/banco-brasils-adjusted-net-profit-214632904.html))

### Net income · FY2025

net income -49.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 8.0B 

- FY2017: BRL 11B 

- FY2018: BRL 13B 

- FY2019: BRL 18B 

- FY2020: BRL 13B 

- FY2021: BRL 20B 

- FY2022: BRL 31B 

- FY2023: BRL 34B 

- FY2024: BRL 35B 

- FY2025: BRL 18B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are BRL 365.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.125Z); FY2025: revenue 365571013000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBAS3.SA: Banco do Brasil S.A., together with its subsidiaries, provides banking products and services for individuals, companies, and public sectors in Brazil and internationally. The company operates through Banking, Investments, Fund Management, Insurance (including insurance, private pension funds and capitalization) and Electronic Payments segments. Its Banking segment offers various products and services, including deposits, loans, and other services to retail, wholesale, and public sectors. This segment also engages in the business with micro-entrepreneurs and other activities through banking correspondents. Its Investments segment engages in the structuring and distribution of debt and equity instruments in the primary and secondary markets; and provision of financial services. The company's Fund Management segment is involved in the purchase, sale, and custody of securities and portfolio management; and the structuring, organization, and management of investment funds and clubs. Its Insurance segment provides life, property, and automobile insurance products, as well as private pension and capitalization plans. The company's Electronic Payment segment provides capture, transmission, processing, and financial settlement services for electronic payment transactions. Its Other segment engages in the provision of credit recovery and consortium management services. This segment is also involved in the development, manufacturing, sale, rental, and integration of digital electronic systems, peripherals, programs, inputs, and computing supplies. The company was incorporated in 1808 and is headquartered in Brasília, Brazil.

### Why customers stay

It earns 14.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.125Z); 10-year return on tangible equity observations [[2016,0.10673619969748699],[2017,0.12455769720746053],[2018,0.13688840887342035],[2019,0.18028531649212762],[2020,0.10728946658599316],[2021,0.14503463003698178],[2022,0.20786845803104478],[2023,0.213456986956755],[2024,0.2106239276584914],[2025,0.10055523013722972]]; median 0.14096151945520108. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.125Z); Dividend observations: [[2016,3974799000],[2017,3838556000],[2018,4206515999],[2019,1876305000],[2020,4199577000],[2021,6454965000],[2022,11810305000],[2023,12956523000],[2024,14824290000],[2025,6680889000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 50% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBAS3.SA SharesStats.PercentInsiders = 50 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.125Z); Price 23.76; FX 1; original perpetual distributable cash 2.399860869717564; discount 0.1695; growth 0.06849575464151668. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2016-10: BRL 14.56 per share

- 2016-11: BRL 14.17 per share

- 2016-12: BRL 13.96 per share

- 2017-01: BRL 15.47 per share

- 2017-02: BRL 16.45 per share

- 2017-03: BRL 16.79 per share

- 2017-04: BRL 16.33 per share

- 2017-05: BRL 14.09 per share

- 2017-06: BRL 13.32 per share

- 2017-07: BRL 14.27 per share

- 2017-08: BRL 15.26 per share

- 2017-09: BRL 17.35 per share

- 2017-10: BRL 17.12 per share

- 2017-11: BRL 14.88 per share

- 2017-12: BRL 15.82 per share

- 2018-01: BRL 19.73 per share

- 2018-02: BRL 20.78 per share

- 2018-03: BRL 20.40 per share

- 2018-04: BRL 18.24 per share

- 2018-05: BRL 15.10 per share

- 2018-06: BRL 14.24 per share

- 2018-07: BRL 16.16 per share

- 2018-08: BRL 14.96 per share

- 2018-09: BRL 14.64 per share

- 2018-10: BRL 21.25 per share

- 2018-11: BRL 22.19 per share

- 2018-12: BRL 23.11 per share

- 2019-01: BRL 25.78 per share

- 2019-02: BRL 25.15 per share

- 2019-03: BRL 24.22 per share

- 2019-04: BRL 24.70 per share

- 2019-05: BRL 25.78 per share

- 2019-06: BRL 26.82 per share

- 2019-07: BRL 24.47 per share

- 2019-08: BRL 22.99 per share

- 2019-09: BRL 22.61 per share

- 2019-10: BRL 23.94 per share

- 2019-11: BRL 23.77 per share

- 2019-12: BRL 26.26 per share

- 2020-01: BRL 24.13 per share

- 2020-02: BRL 23.30 per share

- 2020-03: BRL 13.86 per share

- 2020-04: BRL 14.17 per share

- 2020-05: BRL 15.33 per share

- 2020-06: BRL 15.98 per share

- 2020-07: BRL 16.69 per share

- 2020-08: BRL 16.23 per share

- 2020-09: BRL 14.72 per share

- 2020-10: BRL 14.81 per share

- 2020-11: BRL 16.93 per share

- 2020-12: BRL 19.40 per share

- 2021-01: BRL 16.93 per share

- 2021-02: BRL 14.03 per share

- 2021-03: BRL 15.23 per share

- 2021-04: BRL 14.82 per share

- 2021-05: BRL 16.75 per share

- 2021-06: BRL 16.07 per share

- 2021-07: BRL 15.82 per share

- 2021-08: BRL 15.22 per share

- 2021-09: BRL 14.45 per share

- 2021-10: BRL 14.25 per share

- 2021-11: BRL 15.92 per share

- 2021-12: BRL 14.43 per share

- 2022-01: BRL 16.33 per share

- 2022-02: BRL 17.61 per share

- 2022-03: BRL 17.35 per share

- 2022-04: BRL 16.61 per share

- 2022-05: BRL 18.31 per share

- 2022-06: BRL 16.69 per share

- 2022-07: BRL 17.99 per share

- 2022-08: BRL 20.85 per share

- 2022-09: BRL 19.26 per share

- 2022-10: BRL 18.51 per share

- 2022-11: BRL 17.64 per share

- 2022-12: BRL 17.37 per share

- 2023-01: BRL 20.35 per share

- 2023-02: BRL 20.15 per share

- 2023-03: BRL 19.56 per share

- 2023-04: BRL 21.43 per share

- 2023-05: BRL 22.31 per share

- 2023-06: BRL 24.70 per share

- 2023-07: BRL 24.10 per share

- 2023-08: BRL 23.55 per share

- 2023-09: BRL 23.59 per share

- 2023-10: BRL 24.18 per share

- 2023-11: BRL 27.14 per share

- 2023-12: BRL 27.70 per share

- 2024-01: BRL 28.23 per share

- 2024-02: BRL 28.93 per share

- 2024-03: BRL 28.31 per share

- 2024-04: BRL 27.42 per share

- 2024-05: BRL 27.12 per share

- 2024-06: BRL 26.71 per share

- 2024-07: BRL 26.55 per share

- 2024-08: BRL 28.12 per share

- 2024-09: BRL 27.18 per share

- 2024-10: BRL 26.33 per share

- 2024-11: BRL 24.77 per share

- 2024-12: BRL 24.17 per share

- 2025-01: BRL 27.68 per share

- 2025-02: BRL 27.31 per share

- 2025-03: BRL 28.19 per share

- 2025-04: BRL 28.93 per share

- 2025-05: BRL 23.42 per share

- 2025-06: BRL 22.09 per share

- 2025-07: BRL 19.70 per share

- 2025-08: BRL 21.39 per share

- 2025-09: BRL 22.09 per share

- 2025-10: BRL 21.90 per share

- 2025-11: BRL 22.47 per share

- 2025-12: BRL 21.92 per share

- 2026-01: BRL 25.22 per share

- 2026-02: BRL 26.95 per share

- 2026-03: BRL 23.00 per share

- 2026-04: BRL 22.21 per share

- 2026-05: BRL 20.30 per share

- 2026-06: BRL 19.91 per share

- 2026-07: BRL 21.35 per share

- 2026-08: BRL 20.74 per share

- 2026-09: BRL 23.07 per share

- 2026-10: BRL 24.25 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 20.77 per share, central BRL 22.67 per share, high BRL 24.95 per share

- FY2017: low BRL 24.40 per share, central BRL 26.62 per share, high BRL 29.30 per share

- FY2018: low BRL 20.88 per share, central BRL 22.11 per share, high BRL 23.49 per share

- FY2019: low BRL 19.22 per share, central BRL 20.35 per share, high BRL 21.63 per share

- FY2020: low BRL 20.16 per share, central BRL 21.35 per share, high BRL 22.68 per share

- FY2021: low BRL 19.26 per share, central BRL 21.02 per share, high BRL 23.14 per share

- FY2022: low BRL 21.30 per share, central BRL 23.24 per share, high BRL 25.58 per share

- FY2023: low BRL 22.61 per share, central BRL 24.68 per share, high BRL 27.16 per share

- FY2024: low BRL 22.53 per share, central BRL 24.59 per share, high BRL 27.06 per share

- FY2025: low BRL 21.15 per share, central BRL 23.08 per share, high BRL 25.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.