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Bank Bradesco SA BBD

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Bradesco Reports Mixed First-Quarter Results; We Maintain Our $ 3.82 Fair Value Estimate

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

No-moat rated Bank Bradesco’s reported mixed first-quarter results with recurring net income of BRL 6.5 billion, down 4.2% sequentially and up 73.6% on a year-over-year basis. These results equate to an annualized return on average equity of 18.7%. The first-quarter results were marked by sequentially lower net interest income, lower provisioning, controlled costs, and manageable asset quality. As we incorporate these results, we do not expect to materially change our fair value estimate of $3.82 per ADR share.

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Company Profile

Business Description

Banco Bradesco is Brazil's fourth- largest bank, with about 15% of deposits, and the largest insurance provider in Brazil, with roughly 25% market share. The bank provides services through a network of more than 4,600 branches, the largest footprint of all privately controlled banks in Brazil. Banking provides roughly 70% of profits, while the insurance segment contributes the remaining 30%. In 2016, Bradesco acquired the Brazilian operations of HSBC.

Contact
Cidade de Deus S/N, Vila Yara
Osasco, SP, 06029‑900, Brazil
T +55 1136844011
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2008
Fiscal Year End Dec 31, 2020
Stock Type
Employees 89,575

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