BTG Pactual places Bradesco as main share for purchase among large banks

 BTG Pactual places Bradesco as main share for purchase among large banks

The choice of the financial organization to be the 'Top Pick' within the sector at the instant is thanks to the great numbers presented in the week



With better than expected numbers, Bradesco was placed as a 'Top Pick' (the most recommended) among the high capitalization banks in Brazil by the BTG Pactual analysis team. Itaú also features a purchase recommendation, although the preferences of analysts within the sector are still Stone, B3, Inter and Méliuz.


Bradesco presented better than expected leads to the fourth quarter of 2020, say BTG Pactual analysts. The bank's managerial net was R $ 6.8 billion (20% return on equity, ROE), up 35% within the quarter and a couple of years - and quite 20% above the bank's projection and therefore the market average.


Treasury gains were abnormally strong and increased by approximately R $ 1 billion within the quarter. "But even adjusting for that, the numbers would still be quite 10% of what we had in our model", they say.


The main positive factor was the operational costs indicator (OPEX), which plummeted, with the closure the fourth quarter with 400 fewer branches and a discount of quite 5,000 employees compared to the third quarter. "Bradesco is certainly cutting its own meat," they say.


The guidance for 2021 indicates a net income of around R $ 26 billion to R $ 27 billion, up 36% within the year and back to the amount (or above) of 2019 before expected.

"Given the better-than-expected results and therefore the positive guidance, we'll need to raise our estimate for 2021 to about R $ 26 billion to R $ 27 billion, 10% above our model," they say. “Adjusted for risk (balance sheet expanded but its peers in 2021), we believe that Bradesco had better revenue dynamics within the fourth quarter. And because of what was delivered within the last half of 2020, we also are very confident that it can deliver more on the value side than its peers this year ”.

(This report was originally published in Valor PRO, a real-time news and knowledge service from Valor Econômico)

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Plano de Saúde Bradesco no Nordeste

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