# 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.

## Reported holder observations