LATAM FIRST TO MARKET

研报英文原文证据摘录

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