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Earnings transcript
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BBD
Banco Bradesco S.A.
$2.62
0.07
(2.75%)
| Exchange: | NYSE |
| Market Cap: | 28.244B |
| Shares Outstanding: | 4.494B |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Banks – RegionalView industry performance | |||||
| CEO: | Marcelo de Araujo Noronha | |||||
| Full Time Employees: | 82095 | |||||
| Address: |
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| Website: | https://banco.bradesco |
Banco Bradesco S.A., along with its affiliated entities, functions as a prominent financial institution delivering a broad spectrum of banking and financial services. These offerings cater to individual clients, corporate organizations, and various businesses, operating both within Brazil and across international markets. Its operations are structured around two core divisions: Banking and Insurance. Within its Banking division, it facilitates a range of deposit accounts, including checking, savings, and specialized options. It also offers diverse lending solutions, such as real estate financing, vehicle loans, payroll-deductible credit, mortgages, micro-financing, leasing arrangements, and various personal and installment loans. Additionally, the company issues debit and business cards, provides financial and security advisory services, and manages consortium products. Through its Insurance arm, Bradesco underwrites a comprehensive portfolio of policies covering areas like auto, personal accident, dental, travel, and life. Beyond these, its offerings extend to investment and pension products, real estate and vehicle auction services, cash management solutions for businesses, foreign trade and exchange operations, capitalization bonds, and extensive internet banking capabilities. Established in 1943, Banco Bradesco S.A. maintains its headquarters in Osasco, Brazil.
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Revenue Segmentation
BBD full analysis
Welcome back to MarketSnap. I want to start with a contradiction that should bother you. Bradesco met its third-quarter profit estimates. Its loan book grew more than 11% year over year. And six senior executives — the CFO, the CTO, legal, HR, several of the top team — went into the open market in mid-October and bought roughly $10.6 million of stock at $17.98 a share. Their own money. Not options. Then Lula's surprise re-election landed, and the stock fell…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| BBD | Banco Bradesco S.A. | 28.2B | 5.2 | 5.5 | 1.0% |
 BBDO | Banco Bradesco S.A. | 27.4B | 5.2 | — | 1.0% |
 CFG | Citizens Financial Group, Inc. | 27.1B | 12.8 | 12.2 | 4.6% |
 CFG-PH | Citizens Financial Group, Inc. | 26.7B | 12.8 | 4.6 | 4.6% |
 SHG | Shinhan Financial Group Co., Ltd. | 30.2B | 7.7 | 7.0 | 1.3% |
 FCNCA | First Citizens BancShares, Inc. | 26.3B | 12.1 | 11.6 | 4.4% |
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 254,710,232 | 249,609,327 | 311,657,992 |
| Gross Profit | 68,157,188 | 78,693,397 | 89,136,382 |
| EBITDA | 16,728,467 | 23,634,994 | 28,087,851 |
| Operating Income | 10,208,351 | 16,900,514 | 21,024,584 |
| Net Income | 14,251,329 | 17,252,900 | 23,672,706 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 1,927,523,249 | 2,069,484,362 | 2,330,327,216 |
| Total Liabilities | 1,760,509,125 | 1,900,541,870 | 2,151,378,586 |
| Total Stockholders Equity | 166,330,965 | 168,409,653 | 178,415,153 |
| Total Debt | 359,485,413 | 256,029,311 | 360,975,208 |
| Cash and Cash Equivalents | 171,841,550 | 168,357,963 | 137,031,197 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | -177,628 | -91,326,289 | -310,778,327 |
| Capital Expenditure | -1,953,063 | -2,296,075 | -5,022,225 |
| Free Cash Flow | -9,318,258 | -93,622,364 | -315,800,552 |
| Net Income | 14,251,329 | 17,252,900 | 23,672,706 |
| Net Change in Cash | 60,605,159 | 21,233,221 | -14,506,967 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 593,853,158.757 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 689,449,385.093 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 653,013,691.579 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 41,196,018.291 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 48,379,394.816 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 45,641,519.303 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 30,418,934.710 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 36,980,696.608 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 34,479,743.587 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 105,863,526.409 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 122,905,034.872 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 116,409,807.987 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 3.260 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 3.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 2.880 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 4 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 1 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Deep valuation discount versus industry: BBD trades at a TTM P/E of ~7.4x against an industry average of ~12.4x, and forward P/E compresses further to 5.72x (FY2026E), 5.22x (FY2027E), and 4.66x (FY2028E) on consensus EPS of $0.51/$0.56/$0.62. The ~8.1% TTM dividend yield provides substantial income support at current price levels (~$2.93).
- Earnings recovery trajectory: FY2025 net income of BRL 23.67B rose ~37% year-over-year from BRL 17.25B in FY2024, with EPS up from 1.63 to 2.24 and ROE at 14.24% TTM. Q3 2026 results met consensus estimates, with the loan portfolio reaching BRL 1.15T (+11.1% YoY) and growth in net interest income, fee income, and the insurance division.
- Sustained insider conviction: Multiple senior executives (CEO-adjacent leadership, CFO, CTO, HR, Legal) purchased shares on 2026-10-12 at $17.98, totaling roughly $10.6M, with several transactions representing 20–127% of prior personal holdings—a strong alignment signal ahead of the Q3 print.
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates BBD intrinsic value between $1.75 – $3.77 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about BBD valuation
Is Banco Bradesco S.A. (BBD) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Banco Bradesco S.A. (BBD) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is BBD a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether BBD trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is BBD’s P/E ratio?
You can see BBD’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for BBD?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is BBD a good long-term investment?
Whether BBD fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
BBD
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Daily snapshot
2.75
Trading Metrics:
| Open: | 2.6 | Previous Close: | 2.55 | |
| Day Low: | 2.56 | Day High: | 2.65 | |
| Year Low: | 2.54 | Year High: | 4.58 | |
| Price Avg 50: | 3.57 | Price Avg 200: | 3.65 | |
| Volume: | 17.008M | Average Volume: | 39.381M |
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