BBDC
Banco Bradesco
Bank / BV
★ Quality 31/100Price today
$3.69
what the market pays
Worth
$4.15
calculated TBV value
Price is 11% below its value
charlieapp.co
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Why Discounted?
The model estimates an intrinsic value of $4.15 per share. Today's price of $3.69 is 13% below value — a moderate discount, a good spot to enter gradually.
The price is 11% off the calculated value. Close, but without the ideal discount.
It's fine to buy in pieces. Monthly DCA works well here.
For a bigger safety margin, wait for $3.32 or less.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$3.32
-20% off Value
🟡 Discounted
≤$3.94
-5% off Value
🟡 Today
$3.69
+13% Valor
Discounted
The price is close to value. There's no big discount, but it's reasonable to invest in pieces.
“The market is a device for transferring money from the impatient to the patient.”
— Warren Buffett
Model updated · July 2026
The business
A heavyweight in Brazil's banking oligopoly fighting for second place.
Brazil's second-largest private bank. Earns credit spread, banking fees, insurance (Bradesco Seguros is ~30% of profit) and asset management. Network of ~2,800 branches plus digital banking.
Domestic scale and a cheap-deposit franchise in a five-bank Brazilian oligopoly. The moat is real but not premium: Itaú executes better and delivers 21.6% ROAE versus Bradesco's 15.2%.
Revenue history
From $17.8B to $19.6B in 4 years. The business grows steadily.
Catalysts and risks
3-year strategic plan: ROAE target approaching 18% by 2026.
Selic rate-cut cycle: eases delinquency in the SME and consumer loan book.
P/BV re-rating from 1.27x toward 1.5-1.6x if the restructuring delivers.
Turnaround plan still in execution; one weak quarter and the market punishes it.
Itaú and Nubank keep eating share in digital banking and retail credit.
Brazilian real and macro cycle: the USD investor takes on FX that can wipe out returns.
Charlie's note
“You pay 1.6x for an oligopoly bank growing 12% but yielding 15.2% while Itaú pulls 21.6%: a modest multiple for a real franchise that executes worse than its neighbor. Reasonable, not a giveaway; here patience matters more than haste.”
Analysis · May 2026
So when would be a good price for Banco Bradesco?
Today it trades below what we calculate. If you want us to tell you when that changes —or when the value itself moves because the company reported— we will email you.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.