# Banco Santander Brasil (SANB3.SA)

Canonical: https://gigainvestors.com/s/SANB3.SA

Analysis as of: 2026-10-01T19:02:34.604Z. Financial observations: FY2016–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: BRL 14.24 per share; close as of 2026-10-15.

Estimated value: low BRL 10.12 per share, central BRL 10.96 per share, high BRL 11.94 per share. Buy at or below the central value BRL 10.96 per share. Valuation as of 2026-10-01T19:02:34.604Z; scenarios are not confidence intervals.

Expected annual return: 15.4% at the stated quote. About 15.4% a year at today's price (required return 18.2%). required return 18.2% a year (BR 10-year bond 14.2% + 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): 0.22×

Chart: Net income; fiscal year observations.

- FY2016: BRL 7.3B

- FY2017: BRL 8.9B

- FY2018: BRL 13B

- FY2019: BRL 16B

- FY2020: BRL 13B

- FY2021: BRL 16B

- FY2022: BRL 14B

- FY2023: BRL 9.4B

- FY2024: BRL 13B

- FY2025: BRL 13B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 13.6%

- Years with reported combined ratio: 0

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

- FY2016: 13.6%

- FY2017: 15.8%

- FY2018: 20.6%

- FY2019: 24.8%

- FY2020: 17.9%

- FY2021: 21.0%

- FY2022: 18.2%

- FY2023: 11.5%

- FY2024: 15.4%

- FY2025: 13.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.5%

- Book return interval: 9 years

- Starting book value per share: BRL 7.16

- Ending book value per share: BRL 12.31

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

- FY2017: 15.4%

- FY2018: -31.4%

- FY2019: 107.7%

- FY2020: 29.1%

- FY2021: 12.2%

- FY2022: 16.8%

- FY2023: 11.5%

- FY2024: 12.2%

- FY2025: 13.4%

### 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: -0.1%

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.79×

- Book value created per share: BRL 5.15

- Earnings retained per share after dividends and buybacks: BRL 6.50

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

- FY2016: 100

- FY2017: 100

- FY2018: 173

- FY2019: 100

- FY2020: 100

- FY2021: 99

- FY2022: 99

- FY2023: 99

- FY2024: 99

- FY2025: 99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 21% since Jan 2026 · net income -4.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

The price assumes profits grow 8.8% a year forever

### Net income · FY2025

net income -4.5%; source https://www.sec.gov/Archives/edgar/data/1471055/000129281426000592/bsbrform20f_2025.htm; observed 2026-02-27.

- FY2016: BRL 7.3B 

- FY2017: BRL 8.9B 

- FY2018: BRL 13B 

- FY2019: BRL 16B 

- FY2020: BRL 13B 

- FY2021: BRL 16B 

- FY2022: BRL 14B 

- FY2023: BRL 9.4B 

- FY2024: BRL 13B 

- FY2025: BRL 13B 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in regional banking; annual sales are BRL 46.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1471055/000129281426000592/bsbrform20f_2025.htm (filed 2026-02-27); FY2025: revenue 46680266000.

### Why customers stay

It earns 16.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on tangible equity observations [[2016,0.13620304528786173],[2017,0.15809167777646607],[2018,0.20632461489376694],[2019,0.2483836751768138],[2020,0.17888870181875496],[2021,0.21003580957888313],[2022,0.18181566325316462],[2023,0.11512672822808387],[2024,0.15422054200312357],[2025,0.138841918663895]]; median 0.16849018979761052. 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 2026-02-27); Dividend observations: [[2016,3210762000],[2017,5652081000],[2018,6076073000],[2019,6953718000],[2020,10280430000],[2021,9907319000],[2022,7393031000],[2023,5616498000],[2024,5618714000],[2025,6496351000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 90.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); SANB3.SA SharesStats.PercentInsiders = 90.08800000000001 percentage points; cache date 2026-10-02.

### What the price says

The price assumes profits grow 8.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Price 13.88; FX 1; original perpetual distributable cash 1.3322553364231984; discount 0.1816; growth 0.0856161861366572. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-01.

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

- 2016-10: BRL 15.71 per share

- 2016-11: BRL 16.53 per share

- 2016-12: BRL 18.29 per share

- 2017-01: BRL 19.13 per share

- 2017-02: BRL 20.22 per share

- 2017-03: BRL 15.24 per share

- 2017-04: BRL 15.59 per share

- 2017-05: BRL 14.22 per share

- 2017-06: BRL 13.94 per share

- 2017-07: BRL 14.11 per share

- 2017-08: BRL 15.74 per share

- 2017-09: BRL 14.27 per share

- 2017-10: BRL 15.59 per share

- 2017-11: BRL 15.48 per share

- 2017-12: BRL 17.47 per share

- 2018-01: BRL 19.52 per share

- 2018-02: BRL 20.31 per share

- 2018-03: BRL 21.73 per share

- 2018-04: BRL 20.30 per share

- 2018-05: BRL 16.96 per share

- 2018-06: BRL 14.22 per share

- 2018-07: BRL 18.47 per share

- 2018-08: BRL 18.05 per share

- 2018-09: BRL 18.33 per share

- 2018-10: BRL 20.39 per share

- 2018-11: BRL 21.08 per share

- 2018-12: BRL 20.99 per share

- 2019-01: BRL 23.43 per share

- 2019-02: BRL 21.79 per share

- 2019-03: BRL 20.73 per share

- 2019-04: BRL 21.08 per share

- 2019-05: BRL 21.92 per share

- 2019-06: BRL 21.73 per share

- 2019-07: BRL 20.55 per share

- 2019-08: BRL 20.79 per share

- 2019-09: BRL 22.46 per share

- 2019-10: BRL 24.61 per share

- 2019-11: BRL 22.67 per share

- 2019-12: BRL 24.04 per share

- 2020-01: BRL 20.23 per share

- 2020-02: BRL 18.61 per share

- 2020-03: BRL 12.40 per share

- 2020-04: BRL 12.19 per share

- 2020-05: BRL 11.63 per share

- 2020-06: BRL 13.20 per share

- 2020-07: BRL 13.97 per share

- 2020-08: BRL 12.83 per share

- 2020-09: BRL 12.33 per share

- 2020-10: BRL 13.79 per share

- 2020-11: BRL 16.85 per share

- 2020-12: BRL 20.46 per share

- 2021-01: BRL 17.88 per share

- 2021-02: BRL 16.65 per share

- 2021-03: BRL 17.71 per share

- 2021-04: BRL 17.57 per share

- 2021-05: BRL 18.73 per share

- 2021-06: BRL 18.53 per share

- 2021-07: BRL 18.10 per share

- 2021-08: BRL 19.29 per share

- 2021-09: BRL 15.72 per share

- 2021-10: BRL 16.16 per share

- 2021-11: BRL 15.50 per share

- 2021-12: BRL 14.21 per share

- 2022-01: BRL 15.60 per share

- 2022-02: BRL 14.63 per share

- 2022-03: BRL 17.44 per share

- 2022-04: BRL 15.10 per share

- 2022-05: BRL 16.12 per share

- 2022-06: BRL 13.85 per share

- 2022-07: BRL 13.50 per share

- 2022-08: BRL 14.10 per share

- 2022-09: BRL 14.47 per share

- 2022-10: BRL 14.13 per share

- 2022-11: BRL 13.19 per share

- 2022-12: BRL 13.30 per share

- 2023-01: BRL 13.50 per share

- 2023-02: BRL 13.32 per share

- 2023-03: BRL 12.53 per share

- 2023-04: BRL 12.31 per share

- 2023-05: BRL 13.36 per share

- 2023-06: BRL 14.45 per share

- 2023-07: BRL 13.48 per share

- 2023-08: BRL 12.90 per share

- 2023-09: BRL 12.27 per share

- 2023-10: BRL 12.71 per share

- 2023-11: BRL 14.47 per share

- 2023-12: BRL 15.20 per share

- 2024-01: BRL 13.50 per share

- 2024-02: BRL 13.42 per share

- 2024-03: BRL 13.37 per share

- 2024-04: BRL 13.53 per share

- 2024-05: BRL 13.30 per share

- 2024-06: BRL 13.13 per share

- 2024-07: BRL 13.59 per share

- 2024-08: BRL 14.94 per share

- 2024-09: BRL 13.52 per share

- 2024-10: BRL 13.02 per share

- 2024-11: BRL 11.89 per share

- 2024-12: BRL 11.30 per share

- 2025-01: BRL 12.39 per share

- 2025-02: BRL 11.95 per share

- 2025-03: BRL 12.70 per share

- 2025-04: BRL 14.09 per share

- 2025-05: BRL 14.07 per share

- 2025-06: BRL 13.99 per share

- 2025-07: BRL 12.55 per share

- 2025-08: BRL 13.48 per share

- 2025-09: BRL 14.05 per share

- 2025-10: BRL 14.97 per share

- 2025-11: BRL 16.37 per share

- 2025-12: BRL 16.47 per share

- 2026-01: BRL 17.95 per share

- 2026-02: BRL 16.50 per share

- 2026-03: BRL 14.83 per share

- 2026-04: BRL 14.24 per share

- 2026-05: BRL 13.23 per share

- 2026-06: BRL 12.84 per share

- 2026-07: BRL 14.45 per share

- 2026-08: BRL 14.74 per share

- 2026-09: BRL 14.40 per share

## Annual estimated value (BRL per share)

- FY2017: low BRL 4.35 per share, central BRL 4.71 per share, high BRL 5.13 per share

- FY2018: low BRL 3.10 per share, central BRL 3.36 per share, high BRL 3.66 per share

- FY2019: low BRL 6.57 per share, central BRL 7.11 per share, high BRL 7.74 per share

- FY2020: low BRL 8.80 per share, central BRL 9.28 per share, high BRL 9.82 per share

- FY2021: low BRL 8.94 per share, central BRL 9.68 per share, high BRL 10.55 per share

- FY2022: low BRL 9.95 per share, central BRL 10.49 per share, high BRL 11.11 per share

- FY2023: low BRL 10.08 per share, central BRL 10.91 per share, high BRL 11.89 per share

- FY2024: low BRL 10.94 per share, central BRL 11.54 per share, high BRL 12.21 per share

- FY2025: low BRL 10.15 per share, central BRL 10.98 per share, high BRL 11.96 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1471055/000129281426000592/bsbrform20f_2025.htm); period 2025-12-31, filed 2026-02-27.

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 Santander Brasil

SANB3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 14.24
Buy up to: BRL 10.96
Expected / yr: 15.4% at today's price (18.2% at central value)

The business

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

1. Is this a good business?

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

Net income

10y median: BRL 13B
Worst year: BRL 7.3B
Latest · 2025: BRL 13B

Earned a median 16.8% on tangible equity (minimum 12%), and the second-worst year 13.6% (minimum 5%).

Return on tangible common equity

10y median: 16.8%
Worst year: 11.5%
Latest · 2025: 13.9%

Book value plus dividends grew 16.5% a year (minimum 7%).

Annual book + dividend return

9y median: 13.4%
Worst year: -31.4%
Latest · 2025: 13.4%

Book value gained 5.15 per share against 6.5 kept (must cover the amount kept).

Shares (first year = 100)

10y median: 100
Worst year: 173
Latest · 2025: 99

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 15.71; 2016-11 · Price BRL 16.53; 2016-12 · Price BRL 18.29; 2017-01 · Price BRL 19.13 · Value 4.71 · Buy at or below 3.06; 2017-02 · Price BRL 20.22 · Value 4.71 · Buy at or below 3.06; 2017-03 · Price BRL 15.24 · Value 4.71 · Buy at or below 3.06; 2017-04 · Price BRL 15.59 · Value 4.71 · Buy at or below 3.06; 2017-05 · Price BRL 14.22 · Value 4.71 · Buy at or below 3.06; 2017-06 · Price BRL 13.94 · Value 4.71 · Buy at or below 3.06; 2017-07 · Price BRL 14.11 · Value 4.71 · Buy at or below 3.06; 2017-08 · Price BRL 15.74 · Value 4.71 · Buy at or below 3.06; 2017-09 · Price BRL 14.27 · Value 4.71 · Buy at or below 3.06; 2017-10 · Price BRL 15.59 · Value 4.71 · Buy at or below 3.06; 2017-11 · Price BRL 15.48 · Value 4.71 · Buy at or below 3.06; 2017-12 · Price BRL 17.47 · Value 4.71 · Buy at or below 3.06; 2018-01 · Price BRL 19.52 · Value 4.71 · Buy at or below 3.06; 2018-02 · Price BRL 20.31 · Value 3.36 · Buy at or below 2.18; 2018-03 · Price BRL 21.73 · Value 3.36 · Buy at or below 2.18; 2018-04 · Price BRL 20.30 · Value 3.36 · Buy at or below 2.18; 2018-05 · Price BRL 16.96 · Value 3.36 · Buy at or below 2.18; 2018-06 · Price BRL 14.22 · Value 3.36 · Buy at or below 2.18; 2018-07 · Price BRL 18.47 · Value 3.36 · Buy at or below 2.18; 2018-08 · Price BRL 18.05 · Value 3.36 · Buy at or below 2.18; 2018-09 · Price BRL 18.33 · Value 3.36 · Buy at or below 2.18; 2018-10 · Price BRL 20.39 · Value 3.36 · Buy at or below 2.18; 2018-11 · Price BRL 21.08 · Value 3.36 · Buy at or below 2.18; 2018-12 · Price BRL 20.99 · Value 3.36 · Buy at or below 2.18; 2019-01 · Price BRL 23.43 · Value 3.36 · Buy at or below 2.18; 2019-02 · Price BRL 21.79 · Value 7.11 · Buy at or below 4.62; 2019-03 · Price BRL 20.73 · Value 7.11 · Buy at or below 4.62; 2019-04 · Price BRL 21.08 · Value 7.11 · Buy at or below 4.62; 2019-05 · Price BRL 21.92 · Value 7.11 · Buy at or below 4.62; 2019-06 · Price BRL 21.73 · Value 7.11 · Buy at or below 4.62; 2019-07 · Price BRL 20.55 · Value 7.11 · Buy at or below 4.62; 2019-08 · Price BRL 20.79 · Value 7.11 · Buy at or below 4.62; 2019-09 · Price BRL 22.46 · Value 7.11 · Buy at or below 4.62; 2019-10 · Price BRL 24.61 · Value 7.11 · Buy at or below 4.62; 2019-11 · Price BRL 22.67 · Value 7.11 · Buy at or below 4.62; 2019-12 · Price BRL 24.04 · Value 7.11 · Buy at or below 4.62; 2020-01 · Price BRL 20.23 · Value 7.11 · Buy at or below 4.62; 2020-02 · Price BRL 18.61 · Value 9.28 · Buy at or below 6.03; 2020-03 · Price BRL 12.40 · Value 9.28 · Buy at or below 6.03; 2020-04 · Price BRL 12.19 · Value 9.28 · Buy at or below 6.03; 2020-05 · Price BRL 11.63 · Value 9.28 · Buy at or below 6.03; 2020-06 · Price BRL 13.20 · Value 9.28 · Buy at or below 6.03; 2020-07 · Price BRL 13.97 · Value 9.28 · Buy at or below 6.03; 2020-08 · Price BRL 12.83 · Value 9.28 · Buy at or below 6.03; 2020-09 · Price BRL 12.33 · Value 9.28 · Buy at or below 6.03; 2020-10 · Price BRL 13.79 · Value 9.28 · Buy at or below 6.03; 2020-11 · Price BRL 16.85 · Value 9.28 · Buy at or below 6.03; 2020-12 · Price BRL 20.46 · Value 9.28 · Buy at or below 6.03; 2021-01 · Price BRL 17.88 · Value 9.28 · Buy at or below 6.03; 2021-02 · Price BRL 16.65 · Value 9.68 · Buy at or below 6.29; 2021-03 · Price BRL 17.71 · Value 9.68 · Buy at or below 6.29; 2021-04 · Price BRL 17.57 · Value 9.68 · Buy at or below 6.29; 2021-05 · Price BRL 18.73 · Value 9.68 · Buy at or below 6.29; 2021-06 · Price BRL 18.53 · Value 9.68 · Buy at or below 6.29; 2021-07 · Price BRL 18.10 · Value 9.68 · Buy at or below 6.29; 2021-08 · Price BRL 19.29 · Value 9.68 · Buy at or below 6.29; 2021-09 · Price BRL 15.72 · Value 9.68 · Buy at or below 6.29; 2021-10 · Price BRL 16.16 · Value 9.68 · Buy at or below 6.29; 2021-11 · Price BRL 15.50 · Value 9.68 · Buy at or below 6.29; 2021-12 · Price BRL 14.21 · Value 9.68 · Buy at or below 6.29; 2022-01 · Price BRL 15.60 · Value 9.68 · Buy at or below 6.29; 2022-02 · Price BRL 14.63 · Value 10.49 · Buy at or below 6.82; 2022-03 · Price BRL 17.44 · Value 10.49 · Buy at or below 6.82; 2022-04 · Price BRL 15.10 · Value 10.49 · Buy at or below 6.82; 2022-05 · Price BRL 16.12 · Value 10.49 · Buy at or below 6.82; 2022-06 · Price BRL 13.85 · Value 10.49 · Buy at or below 6.82; 2022-07 · Price BRL 13.50 · Value 10.49 · Buy at or below 6.82; 2022-08 · Price BRL 14.10 · Value 10.49 · Buy at or below 6.82; 2022-09 · Price BRL 14.47 · Value 10.49 · Buy at or below 6.82; 2022-10 · Price BRL 14.13 · Value 10.49 · Buy at or below 6.82; 2022-11 · Price BRL 13.19 · Value 10.49 · Buy at or below 6.82; 2022-12 · Price BRL 13.30 · Value 10.49 · Buy at or below 6.82; 2023-01 · Price BRL 13.50 · Value 10.49 · Buy at or below 6.82; 2023-02 · Price BRL 13.32 · Value 10.91 · Buy at or below 7.09; 2023-03 · Price BRL 12.53 · Value 10.91 · Buy at or below 7.09; 2023-04 · Price BRL 12.31 · Value 10.91 · Buy at or below 7.09; 2023-05 · Price BRL 13.36 · Value 10.91 · Buy at or below 7.09; 2023-06 · Price BRL 14.45 · Value 10.91 · Buy at or below 7.09; 2023-07 · Price BRL 13.48 · Value 10.91 · Buy at or below 7.09; 2023-08 · Price BRL 12.90 · Value 10.91 · Buy at or below 7.09; 2023-09 · Price BRL 12.27 · Value 10.91 · Buy at or below 7.09; 2023-10 · Price BRL 12.71 · Value 10.91 · Buy at or below 7.09; 2023-11 · Price BRL 14.47 · Value 10.91 · Buy at or below 7.09; 2023-12 · Price BRL 15.20 · Value 10.91 · Buy at or below 7.09; 2024-01 · Price BRL 13.50 · Value 10.91 · Buy at or below 7.09; 2024-02 · Price BRL 13.42 · Value 11.54 · Buy at or below 7.50; 2024-03 · Price BRL 13.37 · Value 11.54 · Buy at or below 7.50; 2024-04 · Price BRL 13.53 · Value 11.54 · Buy at or below 7.50; 2024-05 · Price BRL 13.30 · Value 11.54 · Buy at or below 7.50; 2024-06 · Price BRL 13.13 · Value 11.54 · Buy at or below 7.50; 2024-07 · Price BRL 13.59 · Value 11.54 · Buy at or below 7.50; 2024-08 · Price BRL 14.94 · Value 11.54 · Buy at or below 7.50; 2024-09 · Price BRL 13.52 · Value 11.54 · Buy at or below 7.50; 2024-10 · Price BRL 13.02 · Value 11.54 · Buy at or below 7.50; 2024-11 · Price BRL 11.89 · Value 11.54 · Buy at or below 7.50; 2024-12 · Price BRL 11.30 · Value 11.54 · Buy at or below 7.50; 2025-01 · Price BRL 12.39 · Value 11.54 · Buy at or below 7.50; 2025-02 · Price BRL 11.95 · Value 10.98 · Buy at or below 7.14; 2025-03 · Price BRL 12.70 · Value 10.98 · Buy at or below 7.14; 2025-04 · Price BRL 14.09 · Value 10.98 · Buy at or below 7.14; 2025-05 · Price BRL 14.07 · Value 10.98 · Buy at or below 7.14; 2025-06 · Price BRL 13.99 · Value 10.98 · Buy at or below 7.14; 2025-07 · Price BRL 12.55 · Value 10.98 · Buy at or below 7.14; 2025-08 · Price BRL 13.48 · Value 10.98 · Buy at or below 7.14; 2025-09 · Price BRL 14.05 · Value 10.98 · Buy at or below 7.14; 2025-10 · Price BRL 14.97 · Value 10.98 · Buy at or below 7.14; 2025-11 · Price BRL 16.37 · Value 10.98 · Buy at or below 7.14; 2025-12 · Price BRL 16.47 · Value 10.98 · Buy at or below 7.14; 2026-01 · Price BRL 17.95 · Value 10.98 · Buy at or below 7.14; 2026-02 · Price BRL 16.50 · Value 10.96 · Buy at or below 7.12; 2026-03 · Price BRL 14.83 · Value 10.96 · Buy at or below 7.12; 2026-04 · Price BRL 14.24 · Value 10.96 · Buy at or below 7.12; 2026-05 · Price BRL 13.23 · Value 10.96 · Buy at or below 7.12; 2026-06 · Price BRL 12.84 · Value 10.96 · Buy at or below 7.12; 2026-07 · Price BRL 14.45 · Value 10.96 · Buy at or below 7.12; 2026-08 · Price BRL 14.74 · Value 10.96 · Buy at or below 7.12; 2026-09 · Price BRL 14.40 · Value 10.96 · Buy at or below 7.12; 2026-10 · Price BRL 14.24 · Value 10.96 · Buy at or below 7.12

BRL per share · annual estimates

Price & return math
Value range	BRL 10.12 – BRL 11.94
Buy at or below	Central value BRL 10.96
Discount to value	1 − 14.24 / 10.96 = -30.0%
Return / year	About 15.4% a year at today's price (required return 18.2%)
Cash-flow inputs	Book BRL 12.28/share; ROE 16.8%; first payout BRL 1.33/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	18.2% / year, earned by construction at the central value

Net incomeBRL 13B

Net income

Book / shareBRL 12.31

Book / share

Dividend / shareBRL 0.87

Dividend / share

Return on tangible equity13.9%

Return on tangible equity

Diluted shares7.5B

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·