LATAM FIRST TO MARKET

Research evidence excerpt

LATAM FIRST TO MARKET

Latin America Equity Research

LatAm First to Market 30 July 2026

Top Stories

Bradsaúde (Joseph Giordano) (SAUD3 BZ, OW, PT R$19.00)

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

Following a period of restriction, we are moving to an Overweight rating and a December 2026 price target of R$19/sh (OW

rating and Dec-2026 price target of R$14 on OdontoPrev shares prior to restriction) from a Not Rated designation. Bradsaúde

is Bradesco’s listed healthcare platform, combining health and dental insurance, care delivery, technology, diagnostics and

strategic hospital exposure, with ~4mn health beneficiaries and over 9mn dental beneficiaries nationwide. We see SAUD3 as a

rare combination of defensive earnings, structural market-share optionality, high ROEs and visible dividend generation,

underpinned by Bradesco’s brand, distribution and corporate/SME relationships. Our R$19/sh Dec-26 PT is based on an SOTP

valuation, using DDMs for the regulated insurance/dental businesses, a DCF for Atlântica D’Or and market-based approaches

for other investments. At our fair value, SAUD3 would trade at 11.5x ’27E P/E, while the current share price implies ~9x ’27E P/

E (in line with LatAm Insurance). Our estimates point to ~7–8% dividend yields and a 9% EPS CAGR through ’30E. Despite

limited contributions, we see ~5% upside to consensus earnings with good results ahead.

| Santander Brasil (Yuri R Fernandes)

Downgrade to Neutral - Derisking Delays ROE Recovery

We downgrade Santander Brasil to Neutral from Overweight following a weak 2Q26 print and conference call that reinforced a

more gradual earnings recovery path. While valuation at 1.0x book is okay, we believe ROE may remain around or below CoE