Banco do Nordeste do Brasil S.A (BNBR3) Fair Value & Analysis
Financial Services · BR · Market cap R$11.2B (≈ $2.2B) · ISIN BRBNBRACNOR8
What is Banco do Nordeste do Brasil S.A really worth?
Below-average quality, trading 41% below our fair value of R$181.90.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 6 valuation models · updated 9 days ago
Share price −6.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (R$136.43). The market is more pessimistic than our downside scenario.
- Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range R$50.41 – R$123.00 · fair‑value band R$136.43 – R$227.38 · the R$107.00 price screens below the R$181.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Banco do Nordeste do Brasil S.A (BNBR3) currently trades at R$107.00, while our model-based Fair Value estimate is R$181.90, implying the stock looks roughly 41.2% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of R$315.74 per share, and 5 of the 6 models we run sit above the R$107.00 price. Bear case: the Dividend Discount group reads lowest at R$96.13, and 1 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Banco do Nordeste do Brasil S.A generated revenue of R$13.4B at a net margin of 24.1%. Revenue grew 17.7% year over year. It earns a return on equity of 21.0%. Net debt stands at R$13.1B. Fundamentals as of Aug 27, 2026
Our scenario range runs from R$136.43 (bear case) to R$227.38 (bull case); at R$107.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 34% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 70%, BNBR3 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly R$17.56 per share, which is 9.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (R$315.74) versus Dividend Discount (R$96.13). Highest evidence: Gordon GGM (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 58
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Banco do Nordeste do Brasil S.A. operates as a regional development bank in Latin America. It operates through Own Portfolio and FNE segments. The company offers savings accounts, demand and time deposits, and custody of securities; specialized credit; credit for infrastructure, and urban and rural microfinance; and collection services and credit cards.
Full company description
Banco do Nordeste do Brasil S.A. operates as a regional development bank in Latin America. It operates through Own Portfolio and FNE segments. The company offers savings accounts, demand and time deposits, and custody of securities; specialized credit; credit for infrastructure, and urban and rural microfinance; and collection services and credit cards. It is also involved in structuring and distribution of securities, such as debentures, notes, promissory notes, real estate receivables certificates, investment funds; third-party asset management, consisting of the management of investment funds; foreign exchange operations; portfolio management and credit analysis; and electronic transfers. It serves corporate, large, medium, small, and micro-enterprises; agribusinesses, rural producers, and family farming; urban and rural microfinance sectors; representative entities; individuals; and direct and indirect public administration institutions. The company operates through physical service points, including agencies and microcredit units. Banco do Nordeste do Brasil S.A. was founded in 1952 and is headquartered in Fortaleza, Brazil.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Banco do Nordeste do Brasil S.A reported revenue of R$17.4B in FY2025 versus R$10.2B in FY2021, a compound +14.3%/yr. Reported net income was R$3.4B in FY2025, compounding +20.2%/yr from FY2021.
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Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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