2025-06-12-花旗集团-巴西银行（BBAS）_拉丁美洲金融与金融科技_本周图表_巴西银行——可能远未触底_12页_328kb

Citi Research report on Banco do Brasil (BBAS) evaluates its valuation and risks for June 12, 2025. The analysis suggests the stock may trade far from its bottom, with a target price of R$27 per share based on a Discounted Dividend Model using a cost of equity of 17.5%, terminal growth rate of 6.0% (nominal BRL), and sustainable ROE of 15.5%. Valuation sensitivity shows ROE ranging from 13.0% to 17% with net income estimates of R$25bn to R$32.5bn; current P/E and PBV multiples indicate 75% and 40% premiums over long-term minima. Upside risks include faster credit portfolio repricing, better capital allocation, and new non-credit initiatives; downside risks involve increased competition, failure to adopt industry trends, and political interference. The report warns of potential value traps due to misleading multiples, emphasizing careful consideration of earnings scenarios.