Banco do Brasil: Shares Remain Attractive After The Rally [Seeking Alpha]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: Seeking Alpha
Q4 results capped off a solid year, with the bank continuing to generate very healthy levels of profitability even while certain peers have struggled. Despite rallying closer to book value, these shares still look around 25% undervalued, while capital return potential also remains compelling. Banco do Brasil ( OTCPK:BDORY )("BdB") has done well since I initiated coverage with a 'Buy' rating in October, with a circa 30% total return roughly matching the performance of peer Itaú ( ITUB ) and landing well ahead of Banco Bradesco ( BBD ), Banco Santander (Brasil) ( BSBR ) and indeed Brazilian equities ( EWZ ) more broadly. The investment case for BdB was pretty straightforward a few months ago, with a clear discount to book value and a P/E of around 4x looking too cheap relative to the bank's earnings power. BdB has continued to generate healthy levels of profitability since then, with solid Q4 and 2023 results helping to send the stock's valuation closer to book value. While tha
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News
- Payments Firm Cielo Moves Closer to Brazil Delisting After Vote [Yahoo! Finance]Yahoo! Finance
- Payments Firm Cielo Moves Closer to Brazil Delisting After Vote [BNN Bloomberg (Canada)]BNN Bloomberg
- Banco Santander Remains Materially Undervalued [Seeking Alpha]Seeking Alpha
- Banco Bradesco: Q4 Earnings, Ugly With Prolonged Recovery Ahead [Seeking Alpha]Seeking Alpha
- Cielo Shareholders to Seek Higher Price in Buyout Offer [BNN Bloomberg (Canada)]BNN Bloomberg