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BDORY - Itau Unibanco Multiples At New Floor With Potential For Expansion
Banco Do Brasil S.A. ADR
Itau Unibanco (ITUB) is the leading bank in Brazil in terms of profits and market capitalization. It has the highest ROE (1Q ROE of 23.6%) amongst its large retail bank peers in the country and is one of the largest components for the Ibovespa index. Multiples are relatively high compared to long term historical averages, but we see potential upside if medium term growth prospects strengthen on the back of the passage of structural reforms. Even if reforms are delayed, the bank should continue to deliver solid earnings going forward - and paying