Financials Credit Analyst

Hank Calenti, CFA

CreditContinuum

Credit

The downgrade of <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India's (SBIIN)</a> US$-denominated Additional Tier 1 (AT1) bond by Moody’s Investors Service is almost certain. Nonetheless, this downgrade is already priced-in and yet it remains more expensive to own than higher rated securities. Given this dichotomy, we continue to see better value away from State Bank of India's US$-AT1 bond.

The downgrade of State Bank Of India's (SBIIN) US$-denominated Additional Tier 1 (AT1) bond by Moody’s Investors Service is almost certain. Nonetheless, this downgrade is already priced-in and yet it remains more expensive to own than higher rated securities. Given this dichotomy, we continue to see better value away from State Bank of India's US$-AT1 bond.

State Bank of India: Likely AT1 Downgrade Already Priced-In

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

XP Inc is the largest digital brokerage in Brazil with about 1.5m retail clients and R$350bn in assets under custody. It is a technology driven company focusing on providing financial and brokerage services at low commission/fee rates.XP Inc filed for an IPO on NASDAQ and it is expected to start trading on 11th December 2019. The IPO price range is set at $22.00-25.00 and at the higher end of the IPO price range, XP Inc’s IPO could raise as much as $1.8bn.<table class="table table-striped"><tbody>
<tr>
<td style="width: 142.0pt;">XP Inc</td>
<td style="width: 48.0pt;"> </td>
<td style="width: 48.0pt;"> </td>
</tr>
<tr>
<td style="width: 142.0pt;">IPO Price Range</td>
<td style="width: 48.0pt;">$22.00</td>
<td style="width: 48.0pt;">$25.00</td>
</tr>
<tr>
<td style="width: 142.0pt;">New Shares</td>
<td colspan="2" style="width: 96.0pt;">42.55m</td>
</tr>
<tr>
<td style="width: 142.0pt;">Selling Shareholders</td>
<td colspan="2" style="width: 96.0pt;">29.96m</td>
</tr>
<tr>
<td style="width: 142.0pt;">IPO Size - $m</td>
<td style="width: 48.0pt;">1,595</td>
<td style="width: 48.0pt;">1,813</td>
</tr>
<tr>
<td style="width: 142.0pt;">Overallotment Option</td>
<td colspan="2" style="width: 96.0pt;">10.88m</td>
</tr>
<tr>
<td style="width: 142.0pt;">Shares Outstanding Post IPO</td>
<td colspan="2" style="width: 96.0pt;">551.80m</td>
</tr>
<tr>
<td style="width: 142.0pt;">Market Cap - $m</td>
<td style="width: 48.0pt;">12,140</td>
<td style="width: 48.0pt;">13,795</td>
</tr>
<tr>
<td style="width: 142.0pt;">EV</td>
<td style="width: 48.0pt;">11,542</td>
<td style="width: 48.0pt;">13,070</td>
</tr>
<tr>
<td style="width: 142.0pt;">EV/EBITDA - TTM</td>
<td style="width: 48.0pt;">40.3</td>
<td style="width: 48.0pt;">45.7</td>
</tr>
<tr>
<td style="width: 142.0pt;">PE - TTM</td>
<td style="width: 48.0pt;">65.1</td>
<td style="width: 48.0pt;">74.0</td>
</tr>
<tr>
<td style="width: 142.0pt;">P/B</td>
<td style="width: 48.0pt;">7.6</td>
<td style="width: 48.0pt;">8.0</td>
</tr>
<tr>
<td style="width: 142.0pt;"> </td>
<td style="width: 48.0pt;"> </td>
<td style="width: 48.0pt;"> </td>
</tr>
</tbody></table><div class="content-caption">Source: Company Disclosures</div>Use of Proceeds<ul>
<li>To meet increasing working capital requirements.</li>
<li>To accelerate customer acquisition through increased investments in marketing and advertising.</li>
<li>To invest in human resources.</li>
<li>To add new financial services verticals.</li>
<li>To fund potential future acquisitions.</li>
<li>To fund other general corporate purposes.</li>
</ul>

XP Inc is the largest digital brokerage in Brazil with about 1.5m retail clients and R$350bn in assets under custody. It is a technology driven company focusing on providing financial and brokerage services at low commission/fee rates.XP Inc filed for an IPO on NASDAQ and it is expected to start trading on 11th December 2019. The IPO price range is set at $22.00-25.00 and at the higher end of the IPO price range, XP Inc’s IPO could raise as much as $1.8bn.

XP Inc
 
 


IPO Price Range
$22.00
$25.00


New Shares
42.55m


Selling Shareholders
29.96m


IPO Size - $m
1,595
1,813


Overallotment Option
10.88m


Shares Outstanding Post IPO
551.80m


Market Cap - $m
12,140
13,795


EV
11,542
13,070


EV/EBITDA - TTM
40.3
45.7


PE - TTM
65.1
74.0


P/B
7.6
8.0


 
 
 

Source: Company DisclosuresUse of Proceeds
To meet increasing working capital requirements.
To accelerate customer acquisition through increased investments in marketing and advertising.
To invest in human resources.
To add new financial services verticals.
To fund potential future acquisitions.
To fund other general corporate purposes.


XP Inc IPO: Strong Business but Overpriced

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Itau Unibanco Holding  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itau-unibanco-holding-sa-9d47d196-e503-471b-a84e-ca4401033062" target="_blank" data-smartkarma-citation="entities:24550:1" rel="noopener">Itau Unibanco Holding Sa (ITUB4 BZ)</a> shares have outperformed <a href="https://www.smartkarma.com/entities/banco-bradesco-sa" target="_blank" data-smartkarma-citation="entities:24569:1" rel="noopener">Banco Bradesco Sa (BBDC4 BZ)</a> shares over the last six months - partly due to solid 3Q19 figures from Itau with resilience in margins, and a gain from the forthcoming XP IPO - with a widening differential in PBV ratios</li>
<li>We believe that the PBV ratio gap differential has widened out too far, with Itau's PBV ratio close to its three year peak, and we expect Itau may have more fundamental challenges going forward than Bradesco</li>
<li>We think that Itau's cost of credit already bottomed out in 4Q18, and it is taking on more risk in growing its loan portfolio share to small and medium sized corporates and credit card lending,  whilst Bradesco is more focused on payroll lending and its cost of risk to 3Q19 continues to fall</li>
<li>Itau also has the challenge of extracting higher returns from its ex-Brazil LatAm operations in Chile, Colombia and Argentina, which fall well short of the Brazil operations, with <a href="https://www.smartkarma.com/entities/itau-corpbanca" target="_blank" data-smartkarma-citation="entities:27602:1" rel="noopener">Itau CorpBanca (ITAUCORP CI)</a> improving returns but only slowly</li>
<li>One important positive argument in favour of Bradesco is the prospect of sustainably low benchmark interest rates going forward in Brazil; Bradesco's insurance and pensions operations account for a meaningful share of group earnings (c30%), and the insurance arm's returns are inversely correlated to benchmark interest rates</li>
<li>We recommend investors to go long <a href="https://www.smartkarma.com/entities/banco-bradesco-sa" target="_blank" data-smartkarma-citation="entities:24569:1" rel="noopener">Banco Bradesco Sa (BBDC4 BZ)</a> and, in a pairs trade, we would also recommend selling or shorting <a href="https://www.smartkarma.com/entities/itau-unibanco-holding-sa-9d47d196-e503-471b-a84e-ca4401033062" target="_blank" data-smartkarma-citation="entities:24550:1" rel="noopener">Itau Unibanco Holding Sa (ITUB4 BZ)</a> </li>
<li>Risks to our thesis include better than expected credit quality at <a href="https://www.smartkarma.com/entities/itau-unibanco-holding-sa-9d47d196-e503-471b-a84e-ca4401033062" target="_blank" data-smartkarma-citation="entities:24550:1" rel="noopener">Itau Unibanco Holding Sa (ITUB4 BZ)</a> driving ROE higher, and a faster turnaround at Itau Corpbanca; also poorer than expected results from Bradesco's insurance arm and worse than expected credit quality at Bradesco, leading to a higher cost of risk</li>
</ul>



Itau Unibanco Holding Sa (ITUB4 BZ) shares have outperformed Banco Bradesco Sa (BBDC4 BZ) shares over the last six months - partly due to solid 3Q19 figures from Itau with resilience in margins, and a gain from the forthcoming XP IPO - with a widening differential in PBV ratios
We believe that the PBV ratio gap differential has widened out too far, with Itau's PBV ratio close to its three year peak, and we expect Itau may have more fundamental challenges going forward than Bradesco
We think that Itau's cost of credit already bottomed out in 4Q18, and it is taking on more risk in growing its loan portfolio share to small and medium sized corporates and credit card lending,  whilst Bradesco is more focused on payroll lending and its cost of risk to 3Q19 continues to fall
Itau also has the challenge of extracting higher returns from its ex-Brazil LatAm operations in Chile, Colombia and Argentina, which fall well short of the Brazil operations, with Itau CorpBanca (ITAUCORP CI) improving returns but only slowly
One important positive argument in favour of Bradesco is the prospect of sustainably low benchmark interest rates going forward in Brazil; Bradesco's insurance and pensions operations account for a meaningful share of group earnings (c30%), and the insurance arm's returns are inversely correlated to benchmark interest rates
We recommend investors to go long Banco Bradesco Sa (BBDC4 BZ) and, in a pairs trade, we would also recommend selling or shorting Itau Unibanco Holding Sa (ITUB4 BZ) 
Risks to our thesis include better than expected credit quality at Itau Unibanco Holding Sa (ITUB4 BZ) driving ROE higher, and a faster turnaround at Itau Corpbanca; also poorer than expected results from Bradesco's insurance arm and worse than expected credit quality at Bradesco, leading to a higher cost of risk


Bradesco (BBDC4 BZ) PBV Discount to Itaú Unibanco (ITUB4 BZ) Set to Narrow

Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Thematic (Sector/Industry)

Trawling through  &gt;1500 global banks, based on the last quarter of reported Balance Sheets, we apply the discipline of the PH Score™ , a value-quality fundamental momentum screen, plus a low RSI screen, and a low Franchise Valuation (FV) screen to deliver our latest rankings for global banks.While not all of top decile 1 scores are a buy - some are value traps while others maybe somewhat small and obscure and traded sparsely- the bottom decile names should awaken caution. We would be hard pressed to recommend some of the more popular and fashionable names from the bottom decile. Names such as <a href="https://www.smartkarma.com/entities/547" target="_blank" data-smartkarma-citation="entities:547:1">ICICI Bank Ltd (ICICIBC IN)</a> , Credicorp of Peru, <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/24411" target="_blank" data-smartkarma-citation="entities:24411:1">Itau Unibanco Holding Sa (ITUB US)</a> are EM favourites. Their share prices have performed well for an extended period and thus carry valuation risk. They represent pricey quality in some cases. They are not priced for disappointment but rather for hope. Are the constituents of the bottom decile not fertile grounds for short sellers?Why pay top dollar for a bank franchise given risks related to domestic (let alone global) politics and the economy? Some investors and analysts have expressed "inspiration" for developments in Brazil and Argentina. But Brazilian bonds are now trading as if the country is Investment Grade again. (This is relevant for banks especially). Guedes and co. may deliver on pension/social security reform. If so, prices will become even more inflated. But what happens if they don't deliver on reform? Why pay top dollar for hope given the ramp up in prices already? Argentina is an even more fragile "hope narrative". More of a "Hope take 2". Similar to Brazil, bank Franchise Valuations are elevated. While the current account adjustment and easing inflation are to be expected, the political and social scene will be a challenge. LATAM seems to be "hot" again with investment bankers talking of resilience. But resilience is different from valuation. Banks from Chile, Peru, and Colombia feature in the bottom decile too. If an investor wants to be in these markets and desires bank exposure, surely it makes sense to look for the best value on offer. <a href="https://www.smartkarma.com/entities/27802" target="_blank" data-smartkarma-citation="entities:27802:1">Grupo Aval Acciones y Valores (AVAL CB)</a> may represent one such opportunity.Our bottom decile rankings feature a great deal of banks from Indonesia. In a promising market such as Indonesia, given bank valuations, one needs to tread extremely carefully to not end up paying over the odds, to not pay for extrapolation. In addition, India is a susceptible jurisdiction for any bank operating there - no bank is "superhuman" and especially not at the prices on offer for the popular private sector "winners". Saudi Arabia is another market that suddenly became popular last year. We are mindful of valuations and FX.Does it not make more sense to look at opportunity in the top decile? While some of the names here will be too small or illiquid (mea culpa), there are genuine portfolio candidates. South Korea stands out in the rankings. <a href="https://www.smartkarma.com/entities/27497" target="_blank" data-smartkarma-citation="entities:27497:1">Woori Bank (WF US)</a> is top of the rankings after a share price plunge related to a stock overhang but this will pass. <a href="https://www.smartkarma.com/entities/12843" target="_blank" data-smartkarma-citation="entities:12843:1">Hana Financial (086790 KS)</a> , <a href="https://www.smartkarma.com/entities/27498" target="_blank" data-smartkarma-citation="entities:27498:1">Industrial Bank of Korea (IBK LX)</a> and <a href="https://www.smartkarma.com/entities/6138" target="_blank" data-smartkarma-citation="entities:6138:1">DGB Financial Group (139130 KS)</a> are portfolio candidates. Elsewhere, Russia and Vietnam rightly feature while Sri Lanka and Pakistan contribute some names despite very real political and macro risks. We would caution on some of the relatively small Chinese names but recommend the big 4 versus EM peers - they are not expensive. In fact some of the big 4 feature in decile 2 of our rankings. There are many Japanese banks here too. And many, like some Chinese lenders, are cheap for a reason. While the technical picture for Japanese banks is bearish, at some stage selective weeding out of opportunity within Japan's banking sector may be rewarding. The megabanks are certainly not dear. Europe is another matter. Despite valuations, we are cautious on French lenders and on German consolidation narratives - did a merger of 2 weak banks ever deliver shareholder value? The inclusion of two Romanian banks in the top decile is somewhat of a headscratcher. These are perfectly investable opportunities but share prices have been poor of late.

Trawling through  &gt;1500 global banks, based on the last quarter of reported Balance Sheets, we apply the discipline of the PH Score™ , a value-quality fundamental momentum screen, plus a low RSI screen, and a low Franchise Valuation (FV) screen to deliver our latest rankings for global banks.While not all of top decile 1 scores are a buy - some are value traps while others maybe somewhat small and obscure and traded sparsely- the bottom decile names should awaken caution. We would be hard pressed to recommend some of the more popular and fashionable names from the bottom decile. Names such as ICICI Bank Ltd (ICICIBC IN) , Credicorp of Peru, Bank Central Asia (BBCA IJ) and Itau Unibanco Holding Sa (ITUB US) are EM favourites. Their share prices have performed well for an extended period and thus carry valuation risk. They represent pricey quality in some cases. They are not priced for disappointment but rather for hope. Are the constituents of the bottom decile not fertile grounds for short sellers?Why pay top dollar for a bank franchise given risks related to domestic (let alone global) politics and the economy? Some investors and analysts have expressed "inspiration" for developments in Brazil and Argentina. But Brazilian bonds are now trading as if the country is Investment Grade again. (This is relevant for banks especially). Guedes and co. may deliver on pension/social security reform. If so, prices will become even more inflated. But what happens if they don't deliver on reform? Why pay top dollar for hope given the ramp up in prices already? Argentina is an even more fragile "hope narrative". More of a "Hope take 2". Similar to Brazil, bank Franchise Valuations are elevated. While the current account adjustment and easing inflation are to be expected, the political and social scene will be a challenge. LATAM seems to be "hot" again with investment bankers talking of resilience. But resilience is different from valuation. Banks from Chile, Peru, and Colombia feature in the bottom decile too. If an investor wants to be in these markets and desires bank exposure, surely it makes sense to look for the best value on offer. Grupo Aval Acciones y Valores (AVAL CB) may represent one such opportunity.Our bottom decile rankings feature a great deal of banks from Indonesia. In a promising market such as Indonesia, given bank valuations, one needs to tread extremely carefully to not end up paying over the odds, to not pay for extrapolation. In addition, India is a susceptible jurisdiction for any bank operating there - no bank is "superhuman" and especially not at the prices on offer for the popular private sector "winners". Saudi Arabia is another market that suddenly became popular last year. We are mindful of valuations and FX.Does it not make more sense to look at opportunity in the top decile? While some of the names here will be too small or illiquid (mea culpa), there are genuine portfolio candidates. South Korea stands out in the rankings. Woori Bank (WF US) is top of the rankings after a share price plunge related to a stock overhang but this will pass. Hana Financial (086790 KS) , Industrial Bank of Korea (IBK LX) and DGB Financial Group (139130 KS) are portfolio candidates. Elsewhere, Russia and Vietnam rightly feature while Sri Lanka and Pakistan contribute some names despite very real political and macro risks. We would caution on some of the relatively small Chinese names but recommend the big 4 versus EM peers - they are not expensive. In fact some of the big 4 feature in decile 2 of our rankings. There are many Japanese banks here too. And many, like some Chinese lenders, are cheap for a reason. While the technical picture for Japanese banks is bearish, at some stage selective weeding out of opportunity within Japan's banking sector may be rewarding. The megabanks are certainly not dear. Europe is another matter. Despite valuations, we are cautious on French lenders and on German consolidation narratives - did a merger of 2 weak banks ever deliver shareholder value? The inclusion of two Romanian banks in the top decile is somewhat of a headscratcher. These are perfectly investable opportunities but share prices have been poor of late.

Global Banks: Why Buy High Into Popular and Fashionable Banks and Markets? Be Contrarian and Buy Low

Accelerating Tomorrow’s Independent Research

Boost Research

Boost Research Ltd is an appointed representative of Messels Ltd which is authorised and regulated by the FCA of the UK. 

This document is issued by Boost Research Limited solely for its clients. It may not be reproduced, redistributed or passed to any other person in whole or in part for any purpose without written consent of Boost Research. The material in this document is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Boost Research is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

This document is provided for information purposes only and should not be regarded as an offer, solicitation, invitation, inducement or recommendation relating to the subscription, purchase or sale of any security or other financial instrument.  This document does not constitute, and should not be interpreted as, investment advice.  It is accordingly recommended that you should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. All expressions of opinions and estimates constitute a judgement and, unless otherwise stated, are those of the author and the research department of Boost Research only, and are subject to change without notice. Boost Research is under no obligation to update the information contained herein. Whilst Boost Research has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, Boost Research cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. This document is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty either expressed or implied is made, nor responsibility of any kind is accepted, by Boost Research or any of its respective directors, officers, employees or analysts either as to the accuracy or completeness of any information contained in this document nor should it be relied on as such. No liability whatsoever is accepted by Boost Research or any of its respective directors, officers, employees or analysts for any loss, whether direct or consequential, arising whether directly or indirectly as a result of the recipient acting on the content of this document, including, without limitation, lost profits arising from the use of this document or any of its contents.

This document is provided with the understanding that Boost Research is not acting in a fiduciary capacity and it is not a personal recommendation to you. Investing in securities entails risks. Past performance is not necessarily a guide to future performance. The value of and the income produced by products may fluctuate, so that an investor may get back less than he invested. Investments in the entities and/or the securities or other financial instruments referred to are not suitable for all investors and this document should not be relied upon in substitution for the exercise of independent judgment in relation to any such investment. The stated price of any securities mentioned herein will generally be the closing price at the end of any of the three business days immediately prior to the publication date on this document. This stated price is not a representation that any transaction can be effected at this price.

Boost Research and its respective analysts are remunerated for providing investment research to professional investors, corporations, other research institutions and consultancy houses. Boost Research, or its respective directors, officers, employees and clients may have or take positions in the securities or entities mentioned in this document.  Any of these circumstances could create, or be perceived as creating, conflicts of interest. Boost Research’ analysts are not censored in any way and are free to express their personal opinions. As a result, Boost Research may have issued other documents that are inconsistent with and reach different conclusions from, the information contained in this document. Those documents reflect the different assumptions, views and analytical methods of their authors. No director, officer or employee of Boost Research is on the board of directors of any company referenced herein and no one at any such referenced company is on the board of directors of Boost Research.

Messels is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the provision of investment advice. Residents of the United Kingdom should seek specific professional financial and investment advice from a stockbroker, banker, solicitor, accountant or other independent professional adviser authorised pursuant to the Financial Services and Markets Act 2000. This report is intended only for investors who are 'professional clients' as defined by the FCA, and may not, therefore, be redistributed to other classes of investors.

The content of this report is covered by our Policy of Independence which may be viewed at www.messels.com.

 

Analysts’ Certification

The analysts involved in the production of this document hereby certify that the views expressed in this document accurately reflect their personal views about the securities mentioned herein. The analysts point out that they may buy, sell or already have taken positions in the securities, and related financial instruments, mentioned in this document

<ul>
<li>A rising pro-market tide has lifted the big-cap banks, but now it is time to be more selective. We see further potential for stock re-rating among the Brazilian banks, as the new Bolosonaro administration executes its pro-market policies.</li>
<li>Our top pick is <a href="https://www.smartkarma.com/entities/24564" target="_blank">Banco Do Brasil Sa (BdoBAS3 BZ)</a> , with a target price of BRL57, which implies 19% re-rating potential. We believe that Banco do Brasil (BdoB) shareholders are set to benefit from less of a “social programme” agenda which in turn should help improve ROE going forward.</li>
<li>Yet the PBV discount between BdoB and its private sector peers - especially against Itaú Unibanco at 52% - has barely narrowed, and we believe that the discount has potential to narrow further as BdoB’s ROE expands and narrows the gap with its private sector peers.</li>
</ul>


A rising pro-market tide has lifted the big-cap banks, but now it is time to be more selective. We see further potential for stock re-rating among the Brazilian banks, as the new Bolosonaro administration executes its pro-market policies.
Our top pick is Banco Do Brasil Sa (BdoBAS3 BZ) , with a target price of BRL57, which implies 19% re-rating potential. We believe that Banco do Brasil (BdoB) shareholders are set to benefit from less of a “social programme” agenda which in turn should help improve ROE going forward.
Yet the PBV discount between BdoB and its private sector peers - especially against Itaú Unibanco at 52% - has barely narrowed, and we believe that the discount has potential to narrow further as BdoB’s ROE expands and narrows the gap with its private sector peers.


Brazil Banks: Banco Do Brasil Focus - Prospects for Improved Returns, Narrowing PBV Discount

Brazil

Itau Unibanco Holding S.A. attracts deposits and offer retail, commercial, corporate, and private banking services. The Bank offers consumer loans, financial management, insurance, pension plans, treasury services, mortgage loans, lease financing, securities brokerage, and foreign exchange services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Itau Unibanco Holding (ITUB US)

State Bank of India: Likely AT1 Downgrade Already Priced-In

The downgrade of State Bank Of India's (SBIIN) US$-denominated Additional Tier 1 (AT1) bond by Moody’s Investors Service is almost certain....

Hank Calenti, CFA

XP Inc IPO: Strong Business but Overpriced

XP Inc is the largest digital brokerage in Brazil with about 1.5m retail clients and R$350bn in assets under custody. It is a technology driven...

Oshadhi Kumarasiri

Bradesco (BBDC4 BZ) PBV Discount to Itaú Unibanco (ITUB4 BZ) Set to Narrow

Itau Unibanco Holding Sa (ITUB4 BZ) shares have outperformed Banco Bradesco Sa (BBDC4 BZ) shares over the last six months - partly due to solid...

Victor Galliano

Global Banks: Why Buy High Into Popular and Fashionable Banks and Markets? Be Contrarian and Buy Low

Trawling through >1500 global banks, based on the last quarter of reported Balance Sheets, we apply the discipline of the PH Score™ , a...

Paul Hollingworth

Brazil Banks: Banco Do Brasil Focus - Prospects for Improved Returns, Narrowing PBV Discount

A rising pro-market tide has lifted the big-cap banks, but now it is time to be more selective. We see further potential for stock re-rating among...

Boost Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)