Brazil Digital Banking – A Highly Competitive Market, but One with Opportunities
We believe Banco Inter’s recent share price correction reflects the increasing competition in Brazil digital banking The big major challenger is...
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Brazil Banks – Stick with Buys on Bradesco and Inter, Calling Time on Banrisul Long
​Bradesco's re-rating supported by insurance operations, Inter remains deep value but investors advised to lighten positions, downgrading Banrisul...
142 Views
PicPay Pre-IPO Revisited – Further Thoughts on Valuation
​PicPay's IPO valuation ranges from USD2.07bn to USD2.53bn, with credit quality as a key concern; we see Banco Pan as its key comparable, and...
292 Views
PicPay Pre-IPO Research – Initial Thoughts on Its Valuation Versus LatAm Fintechs
We base Brazil fintech PicPay's initial IPO valuation on those of LatAm fintech peers. We see it as higher quality than Banco PAN but it lags...
490 Views
Brazil Banks – Stick with Bradesco, Adding Small-Cap Banrisul to the Buy List
​Bradesco is re-rating due to banking recovery and solid insurance arm, Banrisul added to buys for its deep value, Itausa offers exposure to Banco...
606 Views