# Banco Bradesco (BBDC3.SA)

Canonical: https://gigainvestors.com/s/BBDC3.SA

Analysis as of: 2026-10-16T07:34:05.514Z. Financial observations: FY2015–FY2026.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 18.15 per share; close as of 2026-10-15.

Estimated value: low BRL 11.49 per share, central BRL 12.54 per share, high BRL 13.80 per share. Buy at or below the central value BRL 12.54 per share. Valuation as of 2026-10-16T07:34:05.514Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% 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): 0.16×

Chart: Net income; fiscal year observations.

- FY2016: BRL 15B

- FY2017: BRL 15B

- FY2018: BRL 19B

- FY2019: BRL 23B

- FY2020: BRL 17B

- FY2021: BRL 23B

- FY2022: BRL 21B

- FY2023: BRL 15B

- FY2024: BRL 19B

- FY2025: BRL 25B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 15.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.6%

- Years with reported combined ratio: 0

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

- FY2016: 16.9%

- FY2017: 14.5%

- FY2018: 17.6%

- FY2019: 18.8%

- FY2020: 12.6%

- FY2021: 17.2%

- FY2022: 14.9%

- FY2023: 10.5%

- FY2024: 13.2%

- FY2025: 16.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.2%

- Book return interval: 10 years

- Starting book value per share: BRL 8.42

- Ending book value per share: BRL 14.40

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

- FY2017: 20.2%

- FY2018: 12.9%

- FY2019: 27.9%

- FY2020: 9.4%

- FY2021: 11.4%

- FY2022: 5.5%

- FY2023: 10.2%

- FY2024: 5.1%

- FY2025: 14.1%

- LTM to Jun 2026: 7.5%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.2%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.63×

- Book value created per share: BRL 6.59

- Earnings retained per share after dividends and buybacks: BRL 10.38

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

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 101

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.4% a year forever · net income -0.9%

Story as of 2026-10-16T09:59:59.087Z; price observation 2026-10-15.

The price assumes profits grow 9.4% a year forever

### Net income · FY2026

net income -0.9%; source https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm; observed 2026-03-25.

- FY2017: BRL 15B 

- FY2018: BRL 19B 

- FY2019: BRL 23B 

- FY2020: BRL 17B 

- FY2021: BRL 23B 

- FY2022: BRL 21B 

- FY2023: BRL 15B 

- FY2024: BRL 19B 

- FY2025: BRL 25B 

- FY2026: BRL 24B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are BRL 311.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm (filed 2026-03-25); FY2025: revenue 311657992000.

### Why customers stay

It earns 15.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 10-year return on tangible equity observations [[2016,0.16852233750999024],[2017,0.14480438554593747],[2018,0.17647248108538138],[2019,0.1876024835393522],[2020,0.12635724877154964],[2021,0.17181759086048703],[2022,0.14865443647748267],[2023,0.10484954638456773],[2024,0.1319327339273704],[2025,0.16079259583073627]]; median 0.15472351615410945. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 222.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2016,5561036000],[2017,6397874000],[2018,6483196000],[2019,17751148000],[2020,1432130000],[2021,9914297000],[2022,3656763000],[2023,8927917000],[2024,6541998000],[2025,11834032000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm (filed 2026-03-25); FY2025: cash repurchases 222621000 BRL.

### Are managers owners

Insiders own 71.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBDC3.SA SharesStats.PercentInsiders = 71.865 percentage points; cache date 2026-10-16.

### What could break it

3.D.20.09-01 Failure to adequately protect ourselves against risks relating to cybersecurity could materially and adversely affect us.

- Source: https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm (filed 2026-03-25); 3.D.20.09 Cybersecurity risk Cybersecurity risk is represented by the possibility of cyber incidents, such as attacks, intrusions and leakages, that could compromise the confidentiality, integrity and/or availability of our critical business processes, assets and/or infrastructure. 3.D.20.09-01 Failure to adequately protect ourselves against risks relating to cybersecurity could materially and adversely affect us. We are exposed to significant cybersecurity-related risks, which can result in operational disruptions, financial losses, data exposure, regulatory impacts, and reputational damage.

### What the price says

The price assumes profits grow 9.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Price 18.15; FX 1; original perpetual distributable cash 1.373424487628421; discount 0.1695; growth 0.09382922933176745. 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)

- 2016-11: BRL 15.08 per share

- 2016-12: BRL 15.08 per share

- 2017-01: BRL 16.63 per share

- 2017-02: BRL 16.88 per share

- 2017-03: BRL 16.58 per share

- 2017-04: BRL 16.84 per share

- 2017-05: BRL 15.40 per share

- 2017-06: BRL 15.71 per share

- 2017-07: BRL 17.16 per share

- 2017-08: BRL 18.36 per share

- 2017-09: BRL 19.01 per share

- 2017-10: BRL 18.66 per share

- 2017-11: BRL 17.29 per share

- 2017-12: BRL 18.25 per share

- 2018-01: BRL 22.39 per share

- 2018-02: BRL 20.96 per share

- 2018-03: BRL 21.90 per share

- 2018-04: BRL 19.97 per share

- 2018-05: BRL 16.33 per share

- 2018-06: BRL 15.26 per share

- 2018-07: BRL 17.46 per share

- 2018-08: BRL 15.72 per share

- 2018-09: BRL 16.12 per share

- 2018-10: BRL 18.94 per share

- 2018-11: BRL 21.03 per share

- 2018-12: BRL 21.19 per share

- 2019-01: BRL 25.21 per share

- 2019-02: BRL 24.12 per share

- 2019-03: BRL 23.70 per share

- 2019-04: BRL 23.29 per share

- 2019-05: BRL 24.53 per share

- 2019-06: BRL 25.13 per share

- 2019-07: BRL 23.37 per share

- 2019-08: BRL 22.76 per share

- 2019-09: BRL 23.48 per share

- 2019-10: BRL 24.68 per share

- 2019-11: BRL 23.48 per share

- 2019-12: BRL 25.60 per share

- 2020-01: BRL 23.55 per share

- 2020-02: BRL 20.50 per share

- 2020-03: BRL 14.13 per share

- 2020-04: BRL 14.51 per share

- 2020-05: BRL 14.71 per share

- 2020-06: BRL 15.67 per share

- 2020-07: BRL 17.13 per share

- 2020-08: BRL 15.73 per share

- 2020-09: BRL 14.89 per share

- 2020-10: BRL 15.02 per share

- 2020-11: BRL 17.89 per share

- 2020-12: BRL 20.00 per share

- 2021-01: BRL 17.88 per share

- 2021-02: BRL 17.02 per share

- 2021-03: BRL 19.43 per share

- 2021-04: BRL 18.79 per share

- 2021-05: BRL 20.78 per share

- 2021-06: BRL 19.87 per share

- 2021-07: BRL 18.77 per share

- 2021-08: BRL 18.13 per share

- 2021-09: BRL 16.24 per share

- 2021-10: BRL 15.45 per share

- 2021-11: BRL 15.47 per share

- 2021-12: BRL 14.72 per share

- 2022-01: BRL 17.09 per share

- 2022-02: BRL 15.51 per share

- 2022-03: BRL 16.61 per share

- 2022-04: BRL 14.91 per share

- 2022-05: BRL 16.88 per share

- 2022-06: BRL 14.38 per share

- 2022-07: BRL 14.47 per share

- 2022-08: BRL 15.84 per share

- 2022-09: BRL 16.31 per share

- 2022-10: BRL 16.64 per share

- 2022-11: BRL 13.76 per share

- 2022-12: BRL 13.47 per share

- 2023-01: BRL 12.62 per share

- 2023-02: BRL 11.64 per share

- 2023-03: BRL 11.85 per share

- 2023-04: BRL 12.42 per share

- 2023-05: BRL 13.27 per share

- 2023-06: BRL 14.64 per share

- 2023-07: BRL 14.85 per share

- 2023-08: BRL 13.24 per share

- 2023-09: BRL 12.66 per share

- 2023-10: BRL 12.29 per share

- 2023-11: BRL 14.28 per share

- 2023-12: BRL 15.28 per share

- 2024-01: BRL 13.68 per share

- 2024-02: BRL 12.30 per share

- 2024-03: BRL 12.74 per share

- 2024-04: BRL 12.36 per share

- 2024-05: BRL 11.45 per share

- 2024-06: BRL 11.19 per share

- 2024-07: BRL 11.23 per share

- 2024-08: BRL 14.14 per share

- 2024-09: BRL 13.09 per share

- 2024-10: BRL 12.74 per share

- 2024-11: BRL 11.13 per share

- 2024-12: BRL 10.64 per share

- 2025-01: BRL 11.02 per share

- 2025-02: BRL 10.36 per share

- 2025-03: BRL 11.35 per share

- 2025-04: BRL 12.23 per share

- 2025-05: BRL 13.98 per share

- 2025-06: BRL 14.51 per share

- 2025-07: BRL 13.40 per share

- 2025-08: BRL 14.44 per share

- 2025-09: BRL 15.23 per share

- 2025-10: BRL 15.47 per share

- 2025-11: BRL 16.74 per share

- 2025-12: BRL 15.60 per share

- 2026-01: BRL 18.32 per share

- 2026-02: BRL 18.37 per share

- 2026-03: BRL 16.71 per share

- 2026-04: BRL 16.72 per share

- 2026-05: BRL 15.50 per share

- 2026-06: BRL 15.77 per share

- 2026-07: BRL 15.96 per share

- 2026-08: BRL 15.17 per share

- 2026-09: BRL 16.22 per share

- 2026-10: BRL 18.84 per share

## Annual estimated value (BRL per share)

- FY2019: low BRL 11.00 per share, central BRL 11.65 per share, high BRL 12.38 per share

- FY2020: low BRL 11.71 per share, central BRL 12.41 per share, high BRL 13.18 per share

- FY2021: low BRL 11.89 per share, central BRL 12.98 per share, high BRL 14.28 per share

- FY2022: low BRL 12.06 per share, central BRL 13.16 per share, high BRL 14.48 per share

- FY2023: low BRL 12.34 per share, central BRL 13.47 per share, high BRL 14.82 per share

- FY2024: low BRL 11.53 per share, central BRL 12.58 per share, high BRL 13.85 per share

- FY2025: low BRL 11.38 per share, central BRL 12.42 per share, high BRL 13.66 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

Prior published observations retained from 2026-10-15T06:39:52.607Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1160330/000129281426001753/bbdform20f_2025.htm); period 2025-12-31, filed 2026-03-25.

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.

Banco Bradesco

BBDC3 · SA

Ibovespa

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: BRL 18.15
Buy up to: BRL 12.54
Expected / yr: 13.6% at today's price (17.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: BRL 19B
Worst year: BRL 15B
Latest · 2025: BRL 25B

Earned a median 15.5% on tangible equity (minimum 12%), and the second-worst year 12.6% (minimum 5%).

Return on tangible common equity

10y median: 15.5%
Worst year: 10.5%
Latest · 2025: 16.1%

Book value plus dividends grew 12.2% a year (minimum 7%).

Annual book + dividend return

10y median: 10.8%
Worst year: 5.1%
Latest · LTM: 7.5%

Book value gained 6.59 per share against 10.38 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 101
Latest · 2025: 100

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 1.85 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price BRL 15.08; 2016-12 · Price BRL 15.08; 2017-01 · Price BRL 16.63; 2017-02 · Price BRL 16.88; 2017-03 · Price BRL 16.58; 2017-04 · Price BRL 16.84; 2017-05 · Price BRL 15.40; 2017-06 · Price BRL 15.71; 2017-07 · Price BRL 17.16; 2017-08 · Price BRL 18.36; 2017-09 · Price BRL 19.01; 2017-10 · Price BRL 18.66; 2017-11 · Price BRL 17.29; 2017-12 · Price BRL 18.25; 2018-01 · Price BRL 22.39; 2018-02 · Price BRL 20.96; 2018-03 · Price BRL 21.90; 2018-04 · Price BRL 19.97; 2018-05 · Price BRL 16.33; 2018-06 · Price BRL 15.26; 2018-07 · Price BRL 17.46; 2018-08 · Price BRL 15.72; 2018-09 · Price BRL 16.12; 2018-10 · Price BRL 18.94; 2018-11 · Price BRL 21.03; 2018-12 · Price BRL 21.19; 2019-01 · Price BRL 25.21 · Value 11.65 · Buy at or below 11.65; 2019-02 · Price BRL 24.12 · Value 11.65 · Buy at or below 11.65; 2019-03 · Price BRL 23.70 · Value 11.65 · Buy at or below 11.65; 2019-04 · Price BRL 23.29 · Value 11.65 · Buy at or below 11.65; 2019-05 · Price BRL 24.53 · Value 11.65 · Buy at or below 11.65; 2019-06 · Price BRL 25.13 · Value 11.65 · Buy at or below 11.65; 2019-07 · Price BRL 23.37 · Value 11.65 · Buy at or below 11.65; 2019-08 · Price BRL 22.76 · Value 11.65 · Buy at or below 11.65; 2019-09 · Price BRL 23.48 · Value 11.65 · Buy at or below 11.65; 2019-10 · Price BRL 24.68 · Value 11.65 · Buy at or below 11.65; 2019-11 · Price BRL 23.48 · Value 11.65 · Buy at or below 11.65; 2019-12 · Price BRL 25.60 · Value 11.65 · Buy at or below 11.65; 2020-01 · Price BRL 23.55 · Value 11.65 · Buy at or below 11.65; 2020-02 · Price BRL 20.50 · Value 12.41 · Buy at or below 12.41; 2020-03 · Price BRL 14.13 · Value 12.41 · Buy at or below 12.41; 2020-04 · Price BRL 14.51 · Value 12.41 · Buy at or below 12.41; 2020-05 · Price BRL 14.71 · Value 12.41 · Buy at or below 12.41; 2020-06 · Price BRL 15.67 · Value 12.41 · Buy at or below 12.41; 2020-07 · Price BRL 17.13 · Value 12.41 · Buy at or below 12.41; 2020-08 · Price BRL 15.73 · Value 12.41 · Buy at or below 12.41; 2020-09 · Price BRL 14.89 · Value 12.41 · Buy at or below 12.41; 2020-10 · Price BRL 15.02 · Value 12.41 · Buy at or below 12.41; 2020-11 · Price BRL 17.89 · Value 12.41 · Buy at or below 12.41; 2020-12 · Price BRL 20.00 · Value 12.41 · Buy at or below 12.41; 2021-01 · Price BRL 17.88 · Value 12.41 · Buy at or below 12.41; 2021-02 · Price BRL 17.02 · Value 12.98 · Buy at or below 12.98; 2021-03 · Price BRL 19.43 · Value 12.98 · Buy at or below 12.98; 2021-04 · Price BRL 18.79 · Value 12.98 · Buy at or below 12.98; 2021-05 · Price BRL 20.78 · Value 12.98 · Buy at or below 12.98; 2021-06 · Price BRL 19.87 · Value 12.98 · Buy at or below 12.98; 2021-07 · Price BRL 18.77 · Value 12.98 · Buy at or below 12.98; 2021-08 · Price BRL 18.13 · Value 12.98 · Buy at or below 12.98; 2021-09 · Price BRL 16.24 · Value 12.98 · Buy at or below 12.98; 2021-10 · Price BRL 15.45 · Value 12.98 · Buy at or below 12.98; 2021-11 · Price BRL 15.47 · Value 12.98 · Buy at or below 12.98; 2021-12 · Price BRL 14.72 · Value 12.98 · Buy at or below 12.98; 2022-01 · Price BRL 17.09 · Value 12.98 · Buy at or below 12.98; 2022-02 · Price BRL 15.51 · Value 13.16 · Buy at or below 13.16; 2022-03 · Price BRL 16.61 · Value 13.16 · Buy at or below 13.16; 2022-04 · Price BRL 14.91 · Value 13.16 · Buy at or below 13.16; 2022-05 · Price BRL 16.88 · Value 13.16 · Buy at or below 13.16; 2022-06 · Price BRL 14.38 · Value 13.16 · Buy at or below 13.16; 2022-07 · Price BRL 14.47 · Value 13.16 · Buy at or below 13.16; 2022-08 · Price BRL 15.84 · Value 13.16 · Buy at or below 13.16; 2022-09 · Price BRL 16.31 · Value 13.16 · Buy at or below 13.16; 2022-10 · Price BRL 16.64 · Value 13.16 · Buy at or below 13.16; 2022-11 · Price BRL 13.76 · Value 13.16 · Buy at or below 13.16; 2022-12 · Price BRL 13.47 · Value 13.16 · Buy at or below 13.16; 2023-01 · Price BRL 12.62 · Value 13.16 · Buy at or below 13.16; 2023-02 · Price BRL 11.64 · Value 13.47 · Buy at or below 13.47; 2023-03 · Price BRL 11.85 · Value 13.47 · Buy at or below 13.47; 2023-04 · Price BRL 12.42 · Value 13.47 · Buy at or below 13.47; 2023-05 · Price BRL 13.27 · Value 13.47 · Buy at or below 13.47; 2023-06 · Price BRL 14.64 · Value 13.47 · Buy at or below 13.47; 2023-07 · Price BRL 14.85 · Value 13.47 · Buy at or below 13.47; 2023-08 · Price BRL 13.24 · Value 13.47 · Buy at or below 13.47; 2023-09 · Price BRL 12.66 · Value 13.47 · Buy at or below 13.47; 2023-10 · Price BRL 12.29 · Value 13.47 · Buy at or below 13.47; 2023-11 · Price BRL 14.28 · Value 13.47 · Buy at or below 13.47; 2023-12 · Price BRL 15.28 · Value 13.47 · Buy at or below 13.47; 2024-01 · Price BRL 13.68 · Value 13.47 · Buy at or below 13.47; 2024-02 · Price BRL 12.30 · Value 12.58 · Buy at or below 12.58; 2024-03 · Price BRL 12.74 · Value 12.58 · Buy at or below 12.58; 2024-04 · Price BRL 12.36 · Value 12.58 · Buy at or below 12.58; 2024-05 · Price BRL 11.45 · Value 12.58 · Buy at or below 12.58; 2024-06 · Price BRL 11.19 · Value 12.58 · Buy at or below 12.58; 2024-07 · Price BRL 11.23 · Value 12.58 · Buy at or below 12.58; 2024-08 · Price BRL 14.14 · Value 12.58 · Buy at or below 12.58; 2024-09 · Price BRL 13.09 · Value 12.58 · Buy at or below 12.58; 2024-10 · Price BRL 12.74 · Value 12.58 · Buy at or below 12.58; 2024-11 · Price BRL 11.13 · Value 12.58 · Buy at or below 12.58; 2024-12 · Price BRL 10.64 · Value 12.58 · Buy at or below 12.58; 2025-01 · Price BRL 11.02 · Value 12.58 · Buy at or below 12.58; 2025-02 · Price BRL 10.36 · Value 12.42 · Buy at or below 12.42; 2025-03 · Price BRL 11.35 · Value 12.42 · Buy at or below 12.42; 2025-04 · Price BRL 12.23 · Value 12.42 · Buy at or below 12.42; 2025-05 · Price BRL 13.98 · Value 12.42 · Buy at or below 12.42; 2025-06 · Price BRL 14.51 · Value 12.42 · Buy at or below 12.42; 2025-07 · Price BRL 13.40 · Value 12.42 · Buy at or below 12.42; 2025-08 · Price BRL 14.44 · Value 12.42 · Buy at or below 12.42; 2025-09 · Price BRL 15.23 · Value 12.42 · Buy at or below 12.42; 2025-10 · Price BRL 15.47 · Value 12.42 · Buy at or below 12.42; 2025-11 · Price BRL 16.74 · Value 12.42 · Buy at or below 12.42; 2025-12 · Price BRL 15.60 · Value 12.42 · Buy at or below 12.42; 2026-01 · Price BRL 18.32 · Value 12.42 · Buy at or below 12.42; 2026-02 · Price BRL 18.37 · Value 12.54 · Buy at or below 12.54; 2026-03 · Price BRL 16.71 · Value 12.54 · Buy at or below 12.54; 2026-04 · Price BRL 16.72 · Value 12.54 · Buy at or below 12.54; 2026-05 · Price BRL 15.50 · Value 12.54 · Buy at or below 12.54; 2026-06 · Price BRL 15.77 · Value 12.54 · Buy at or below 12.54; 2026-07 · Price BRL 15.96 · Value 12.54 · Buy at or below 12.54; 2026-08 · Price BRL 15.17 · Value 12.54 · Buy at or below 12.54; 2026-09 · Price BRL 16.22 · Value 12.54 · Buy at or below 12.54; 2026-10 · Price BRL 18.84 · Value 12.54 · Buy at or below 12.54; 2026-10 · Price BRL 18.15 · Value 12.54 · Buy at or below 12.54

BRL per share · annual estimates

Price & return math
Value range	BRL 11.49 – BRL 13.80
Buy at or below	Central value BRL 12.54
Discount to value	1 − 18.15 / 12.54 = -44.7%
Return / year	About 13.6% a year at today's price (required return 17.0%)
Cash-flow inputs	Book BRL 14.58/share; ROE 15.4%; first payout BRL 1.37/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	17.0% / year, earned by construction at the central value

Net incomeBRL 24B

Net income

Book / shareBRL 14.40

Book / share

Dividend / shareBRL 1.12

Dividend / share

Return on tangible equity16.1%

Return on tangible equity

Diluted shares11B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·