Itau Unibanco Believes Brazil's Economy Is Improving, but We Remain Skeptical
Despite a stable quarter, there was not enough in narrow-moat-rated Itau Unibanco’s third quarter that would cause us to revise our fair value estimate of $8 per share. In the third quarter, the Brazilian lender posted recurring net income of BRL 5.595 billion, a sequential increase of 0.4%, but a year-over-year decline of 8.9%. Total nonperforming loans as a percentage of loans increased to 3.9%. However, there were bright spots within credit quality that may suggest the Brazilian economy is st...
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