Banco Santander (Brasil) S.A. - ADR
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+ FollowMarket Cap$35.75B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Profitability vs. targets (weak near-term, improving fundamentals): Recurring net income was ~BRL 2.9bn with ROE 11.9%—still below the bank’s aimed profitability levels due to a challenging macro backdrop (high rates, higher household debt → pressure on revenues and cost of risk) and wholesale “one-off” provisioning cases (~BRL 500m). Management expects profitability to recover gradually as the portfolio rebalancing and efficiency initiatives take hold, but not immediately (short-term headwinds remain).
Client strategy & engagement: scale is up, value proposition is working: Santander Brazil ended Q3 2026 with 76.9m clients (+6% YoY). The bank emphasized client primacy and deeper engagement (not only base growth): Santander Rewards reached ~700k clients, with >10% spending growth among participants vs peers—management sees this as evidence the proposition drives stickier, higher-quality relationships.
Portfolio rebalancing (good quality, but NII margin pressure): Credit mix improved: mortgages +10.3% YoY, SMEs +8.5%, and consumer finance +9.1% (noting the consumer finance portfolio sale during the period; management says much of profitability is recognized at origination). The bank increased hybrid/electric vehicle share in financed vehicles from ~5% to ~20% over 12 months. However, client NII declined in the quarter due to (i) lower average CDI, (ii) correspondent expense deferrals, (iii) revenue loss from consumer finance portfolio sale, and (iv) selective loan origination. Net: de-risking and “lower-spread” customer mix reduced NII in the short term, but management argues it improves resilience for the medium/long run.
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$2.47
48.3% downside
Current Fair Value
48.3% downsideOvervalued by 48.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $35.75 Billion |
|---|---|
| Enterprise Value | $-31,394,908,925.00 |
| Annual dividend | $0.19 |
| Dividend yield | 9.07% |
| Earnings per Share | $0.83 |
| Beta | 0.18 |
| Outstanding Shares | 7,487,693,000 |
Return
| Return on Equity | 10.05% |
|---|---|
| Return on Assets | 0.99% |
| Return on Invested Capital | 3.65% |
Valuation & Multiples
| P/E Ratio | 29.2 |
|---|---|
| PEG | 22.66 |
| Price to Sales | 0.23 |
| Price to Book Ratio | 0.28 |
| Enterprise Value to Revenue | 0.39 |
| Enterprise Value to EBIT | 3.71 |
| Enterprise Value to Net Income | -3 |
| Total Debt to Enterprise | 2.5 |
| Debt to Equity | 1.21 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.17
Consensus analyst estimateRevenue Estimate
$3.98 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$0.19
Consensus analyst estimateRevenue Estimate
$4.18 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.00000% |
|---|---|
| Total Calls | - |
| Total Puts | - |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.00%▼ 7.41% |
|---|---|
| Total Invested | $344,113▼ 99.99% |
| Investors Holding | 6▼ 84.00% |
About Banco Santander (Brasil) S.A.
47,327 employees
CEO: Sergio Agapito Lires Rial
Headquartered in São Paulo, Brazil, and incorporated in 1985, Banco Santander (Brasil) S.A. operates as a comprehensive financial institution. It delivers a wide array of banking products and services to a diverse clientele, encompassing...