Bank Bradesco SA ADR

BBD: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$7.30	Swfth	Zpqwndywm

Banco Bradesco: Reducing Our Fair Value Estimate to $2.90 Per ADR Share

Michael Miller

Jun 25, 2024

We are lowering our fair value estimate for no-moat Banco Bradesco from $3.50 per ADR share to $2.90. Around $0.25 of the negative adjustment comes from foreign exchange movements since our last model update. Interest rates in Brazil are declining while interest-rate cut expectations in the US have fallen since the start of the year. This divergence in interest rate policy has placed pressure on the Brazilian real relative to the dollar.

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