Banco do Nordeste do Brasil S.A (BNBR3) fair value: what the stock is really worth
We calculate from audited financials what Banco do Nordeste do Brasil S.A is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Below-average quality, trading 40% below our fair value of R$181.90.
As of Aug 27, 2026, the fair value of Banco do Nordeste do Brasil S.A is R$181.90 per share against a price of R$109.25, so the fair value sits 67% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +19.9 %/yr)
✓Highly profitable · 24.1% net margin
✓Moderate debt · generates free cash flow
·6.29% dividend yield
✓Ranks above peers (11/15)
✓Wide moat 78/100
!Weak on balance sheet: 28 out of 100
Evidence: HighRange R$136.43 to R$227.38
Fair value as of: Aug 27, 2026
From 6 valuation models · updated 15 days ago
Share price +2.1% over the past month.
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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$109.25 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.
Banco do Nordeste do Brasil S.A (BNBR3) currently trades at R$109.25, while our model-based Fair Value estimate is R$181.90, implying the stock looks roughly 39.9% 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 4 of the 6 models we run sit above the R$109.25 price. Bear case: the Dividend Discount group reads lowest at R$96.13, and 2 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
Scenario range: R$136.43 (bear) to R$227.38 (bull), the price of R$109.25 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 13% below its 52-week high and 37% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −13% fair-value upside, at 67%, BNBR3 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (R$17.99 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Gordon GGMR$54.83R$114.00R$180.8566
DDM Multi-StageR$54.83R$96.13R$119.6566
Residual IncomeR$229.77R$315.74R$1,60164
All 6 models by family
Dividend Discount
Gordon GGMR$54.83R$114.00R$180.8566
DDM Multi-StageR$54.83R$96.13R$119.6566
Multiples
P/E MultipleR$334.05R$445.40R$556.7563
P/B MultipleR$170.92R$227.89R$284.8655
Asset-Based
NCAV (Graham)R$81.39R$109.06R$162.7854
Economic Profit
Residual IncomeR$229.77R$315.74R$1,60164
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
P/E ratio3.3
P/S ratio0.65P/E × margin
EPS (TTM)R$32.71price ÷ EPS = P/E 3.3
Dividend yield6.3%payout 21.0%
Net margin19.5%FY2025
Return on equity21.0%TTM
More key figures
Profitability
Return on assets (EBIT)5.6%avg 5y
Operating margin49.3%TTM
Growth
Revenue (TTM)R$13.4BTTM
Revenue growth (YoY)+17.7%3y avg +5.8%
EPS growth (YoY)+42.8%
Balance sheet & cash flow
Free cash flowR$5.3BFY2025
Net debtR$13.1BFY2025 · ≈ 2.5 yrs of FCF
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality49/100
Of which business quality 46
· Market factors (momentum, volatility) 58
Profitability47
Margins and returns on capital today
Quality Growth45
Are margins and returns improving?
Cashflow93
Earnings quality: real cash, not paper profit
Fin. Strength13
Balance sheet, leverage, solvency risk
Investment58
Disciplined investing over empire-building
Low Volatility83
Calm price path (market factor)
Momentum43
Price trend over the last 3–12 months (market factor)
52W Momentum56
Distance to the 52-week high (market factor)
Net Issuance18
Buybacks instead of dilution
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.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$17.4B
Latest YoY
+5.9%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.9%
Avg. revenue growth/yr (23Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.9%
Value creation/yr (5Y, in BRL) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+19.3%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+13.0%
Dividend yield6.3%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 12.8% vs 10Y 15.0%, steady
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21.7% (2020) → 28.3% (2025) · rising
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Banco do Nordeste do Brasil S.A Fair Value". https://www.fairvalue-calculator.com/stock/BNBR3
Peer Group
Banks - Regional · 1073 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
Quality Score49 · Below median
Fair Value upside+67% · Top 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)24% · Below median
Operating margin (TTM)49% · Above median
Growth and dividend
Revenue growth18% · Above median
Dividend yield (TTM)6.3% · Top 25%
Balance sheet
Debt / equity1.44× · Highest 25%
Valuation Multiples vs Banks - Regional median · lower = cheaper
P/E (TTM)3.3× · Cheapest 25%
P/B0.69× · Cheapest 25%
P/S (TTM)0.83× · Cheapest 25%
P/FCF0.4× · Cheapest 25%
EV/EBITDA6.8× · Cheaper than median
PEG2.20× · Pricier than median
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Banco do Nordeste do Brasil S.A deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-6.9 % per year
Achieved revenue growth, 5 years+19.9 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price49.31 %
Discount rate (WACC) in the models11.2 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 33
FUTURE89· sector 44
PAST84· sector 41
HEALTH28· sector 85
DIVIDEND100· sector 51
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
Is Banco do Nordeste do Brasil S.A (BNBR3) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of R$181.90 versus a price of R$109.25, about +67% upside (undervalued).
What is the fair value of BNBR3?
Our model-based fair value for Banco do Nordeste do Brasil S.A is R$181.90 (as of Aug 27, 2026), built from audited fundamentals. The current price: R$109.25.
What is the quality score of BNBR3?
Banco do Nordeste do Brasil S.A has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banco do Nordeste do Brasil S.A (BNBR3)?
Our model-based price target is the fair value of R$181.90 (as of Aug 27, 2026) from 6 valuation models. Cautious scenario R$136.43, optimistic scenario R$227.38. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco do Nordeste do Brasil S.A stock forecast for 2026?
Our models put fair value at R$181.90, about +67% upside versus a price of R$109.25 (undervalued). Cautious scenario R$136.43, optimistic scenario R$227.38. The calculation is refreshed regularly with new filings.
What is the revenue of Banco do Nordeste do Brasil S.A (BNBR3)?
Banco do Nordeste do Brasil S.A reported trailing-twelve-month revenue of about R$13.4B (latest available figure, as of Aug 27, 2026).
What is the net profit margin of BNBR3?
The net profit margin of Banco do Nordeste do Brasil S.A is about 24.1%, meaning it keeps roughly 24.1% of revenue as net income. Based on the latest reported figures.
Does Banco do Nordeste do Brasil S.A pay a dividend?
Banco do Nordeste do Brasil S.A currently shows a dividend yield of about 6.29% relative to its recent price (as of Aug 27, 2026).
What growth is priced into Banco do Nordeste do Brasil S.A (BNBR3)?
For today's price to be fair in a discounted-cash-flow model, Banco do Nordeste do Brasil S.A would have to grow free cash flow by -6.9 % per year for ten years (discount rate 11.2 %, then 2 % perpetual growth). Over the last 5 years revenue grew +19.9 % per year. As of Aug 27, 2026.
What discount rate (WACC) does the fair value of BNBR3 use?
Our models discount Banco do Nordeste do Brasil S.A at 11.2 %: a base by market capitalisation (mid), damped by beta 0.09, country premium for Brazil. The same rate applies in all 26 models.
What is the intrinsic value of Banco do Nordeste do Brasil S.A (BNBR3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco do Nordeste do Brasil S.A it is R$181.90 per share (as of Aug 27, 2026), against a price of R$109.25. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Banco do Nordeste do Brasil S.A stock overvalued or undervalued in 2026?
As of Aug 27, 2026, BNBR3 trades below its calculated fair value: price R$109.25, fair value R$181.90, a gap of about +67% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BNBR3?
No. The price is what the market pays today (R$109.25); the fair value is what the company's own numbers justify (R$181.90). For Banco do Nordeste do Brasil S.A the two are R$72.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco do Nordeste do Brasil S.A worth?
The market values Banco do Nordeste do Brasil S.A at about R$10.8B (market capitalisation, as of Aug 27, 2026). Per share that is R$109.25; our models calculate a fair value of R$181.90 per share.
What do the bullish and bearish scenarios say about BNBR3?
Our models span a range for Banco do Nordeste do Brasil S.A: cautious scenario R$136.43, base R$181.90, optimistic R$227.38 per share (as of Aug 27, 2026, price R$109.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BNBR3?
Banco do Nordeste do Brasil S.A trades at a price-to-earnings ratio of 3.3 (as of Aug 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$181.90 is built from several models across several years. Other multiples: PEG 2.2, P/B 0.7, P/S 0.8, EV/EBITDA 6.8.
What is the PEG ratio of BNBR3?
The PEG ratio of Banco do Nordeste do Brasil S.A is 2.20 (P/E divided by earnings growth, as of Aug 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Banco do Nordeste do Brasil S.A (BNBR3)?
Balance-sheet figures for Banco do Nordeste do Brasil S.A (as of Aug 27, 2026): return on equity 21.0%, debt of 1.44 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is BNBR3 from its 52-week high?
Banco do Nordeste do Brasil S.A trades at R$109.25, about 13% below its 52-week high of R$125.27 and 37% above the low of R$80.02 (as of Aug 27, 2026). Distance from the high says nothing about value: that is what the fair value of R$181.90 is for.
Which stocks are comparable to Banco do Nordeste do Brasil S.A?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banco do Nordeste do Brasil S.A stock attractive at the current price?
The data as of Aug 27, 2026: price R$109.25, calculated fair value R$181.90 (+67%), Quality Score 49/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BNBR3 calculated?
We run Banco do Nordeste do Brasil S.A through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$181.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Banco do Nordeste do Brasil S.A currently trades 67 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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