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home / news releases / BSBR - Banco Santander (Brasil): ROE Still Low And Competition Ahead

BSBR - Banco Santander (Brasil): ROE Still Low And Competition Ahead

Banco Santander Brasil SA American Depositary Shares each representing one unit

2024-05-06 01:41:33 ET

Summary

  • The bank gradually moves from a conservative strategy to a more daring one, characterized by increased competition and delinquency.
  • The company is taking steps to modernize, but I am skeptical about the bank's ability to compete in the new banking dynamics.
  • The bank has worse financial indicators than its peers, but its multiple includes a premium. The valuation doesn't make sense to me.

Investment Thesis

I recommend selling Banco Santander (Brasil) S.A. (BSBR) shares. In the last two years, Santander adopted a conservative strategy, focusing on safe segments after the rise in interest rates in Brazil, due to worsening macroeconomic conditions. The fact is that in recent quarters, the bank has been adjusting its route and starting to be bolder....

For further details see:

Banco Santander (Brasil): ROE Still Low And Competition Ahead
Stock Information
Company Name: Banco Santander Brasil SA American Depositary Shares each representing one unit
Stock Symbol: BSBR
Market: NYSE
Website: santander.com.br
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