Bradsaúde Banking on Premium Care — Moving to an OW Rating and a R$19 Price Target from Not Rated

Research evidence excerpt

Bradsaúde Banking on Premium Care — Moving to an OW Rating and a R$19 Price Target from Not Rated

J P M O R G A N Latin America Equity Research

30 July 2026

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Bradsaúde Overweight

SAUD3.SA, SAUD3 BZ

Banking on Premium Care — Moving to an OW Rating Price (29 Jul 26):R$15.01

and a R$19 Price Target from Not Rated Price Target (Dec-26):R$19.00

Following a period of restriction, we are moving to an Overweight rating and a LatAm Retail & Healthcare

ACDecember 2026 price target of R$19/sh (OW rating and Dec-2026 price target of R$14 Joseph Giordano

on OdontoPrev shares prior to restriction) from a Not Rated designation. Bradsaúde (55-11) 4950-3020

is Bradesco’s listed healthcare platform, combining health and dental insurance, care joseph.giordano@jpmorgan.com

delivery, technology, diagnostics and strategic hospital exposure, with ~4mn health Banco J.P. Morgan S.A.

beneficiaries and over 9mn dental beneficiaries nationwide. We see SAUD3 as a rare Guilherme A. Vilela, CFA

combination of defensive earnings, structural market-share optionality, high ROEs (55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

and visible dividend generation, underpinned by Bradesco’s brand, distribution and Banco J.P. Morgan S.A.

corporate/SME relationships. Our R$19/sh Dec-26 PT is based on an SOTP valuation,

Giovanni Vescovi

using DDMs for the regulated insurance/dental businesses, a DCF for Atlântica D’Or (55-11) 4950-2901

and market-based approaches for other investments.