bearish
XP Inc
XP (XP US) – Less Demanding Valuations, but the Overhang Still Weighs
XP's less demanding valuation is not enough, in our view, to offset the big share overhang, and competition in Brazil wealth management is intense; monitor Itausa NAV discount for diluted XP exposure
Equity Bottom-Up
411 Views, 13 May 2022 23:28
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- Itausa (ITSA4 BZ); Attractive NAV Discount, Dividend Yield & Portfolio Diversification Are Positives23 Sep 2022
- Itausa (ITSA4 BZ) – Historically Big NAV Discount Buying Opportunity31 Aug 2022
- Itausa (ITSA4 BZ) – Historically Wide, and Potentially Understated, NAV Discount31 May 2022
- XP (XP US) – Less Demanding Valuations, but the Overhang Still Weighs13 May 2022
- Itausa (ITSA4 BZ) – Too Narrow a NAV Discount, and the Dividend Yield Is No Longer Compelling29 Apr 2022
- Brazil Banking Data to February in 12 Charts – Consumer NPLs Worsened Further Pushed by Higher Rates29 Apr 2022
- Brazil Banks: Our Picks on Asset Sensitivity and Credit Quality Are Itaú Unibanco & Banco Do Brasil04 Mar 2022
- XP (XP US) – Modal Acquisition Edges the Needle Higher on AuC, but It Is No Bargain15 Jan 2022
- XP (XP US): The IFA “arms Race” Is Turning Nasty29 May 2021
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