Banco do Nordeste do Brasil S.A (BNBR3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Banco do Nordeste do Brasil S.A BRL 187, price BRL 110, upside +70.0%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R$50.41 – R$123.00 · fair‑value band R$136.63 – R$296.53 · the R$110.00 price screens below the R$187.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Banco do Nordeste do Brasil S.A (BNBR3) currently trades at R$110.00, while our model-based Fair Value estimate is R$187.00, implying the stock looks roughly 41.2% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of R$302.12 per share, and 3 of the 6 models we run sit above the R$110.00 price.
Bear case: the Dividend Discount group reads lowest at R$90.31, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: R$136.63 (bear) to R$296.53 (bull), the price of R$110.00 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap R$10.9B (≈ $2.1B) · P/E ratio 3.4 · P/S ratio 0.66 · EPS (TTM) R$32.72 · Dividend yield 6.2% · Net margin 19.5% · Return on equity 21.0% · Return on assets (EBIT) 5.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at 70%, BNBR3 screens cheaper than that median.
Fair Value models
Bear R$136.63Fair Value R$187.00Bull R$296.53
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$18.91 per share) are deliberately not added.Bear ⓘ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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+19.9%
Start year 2020 (pandemic). Over 10 years: +12.3% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.9%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. 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.
+19.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.0%
Dividend (yield on the price)6.2%
Pace: 5 vs 10 years ⓘ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.13% vs 15%, steady
Profit margin 2020 to 2025 ⓘ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.22% → 28%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about −11.9% a year for the price.
Compare Banco do Nordeste do Brasil S.A with another stock
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Peer Groupⓘ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.Banks - Regional · 1074 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+70% · 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)6.2% · Top 25%
Balance sheet
Debt / equity1.44× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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
Frequently asked questions
Is Banco do Nordeste do Brasil S.A (BNBR3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$187.00 versus a price of R$110.00, about +70% upside (undervalued).
What is the fair value of BNBR3?
Our model-based fair value for Banco do Nordeste do Brasil S.A is R$187.00 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$110.00.
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$187.00 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario R$136.63, optimistic scenario R$296.53. 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$187.00, about +70% upside versus a price of R$110.00 (undervalued). Cautious scenario R$136.63, optimistic scenario R$296.53. 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 Sep 24, 2026).
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 6.25% relative to its recent price (as of Sep 24, 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 -9.0 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.9 % per year. As of Sep 24, 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 0.08, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Banco do Nordeste do Brasil S.A that is -9.0 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Banco do Nordeste do Brasil S.A (BNBR3) delivered so far?
Over the past 5 years revenue at Banco do Nordeste do Brasil S.A grew +19.9 % a year. The price currently implies -9.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Banco do Nordeste do Brasil S.A (BNBR3) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Banco do Nordeste do Brasil S.A (-9.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Banco do Nordeste do Brasil S.A (BNBR3)?
The free-cash-flow yield on the price is 48.97 %: that much free cash flow Banco do Nordeste do Brasil S.A produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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$187.00 per share (as of Sep 24, 2026), against a price of R$110.00. 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 Sep 24, 2026, BNBR3 trades below its calculated fair value: price R$110.00, fair value R$187.00, a gap of about +70% (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$110.00); the fair value is what the company's own numbers justify (R$187.00). For Banco do Nordeste do Brasil S.A the two are R$77.00 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$10.9B (market capitalisation, as of Sep 24, 2026). Per share that is R$110.00; our models calculate a fair value of R$187.00 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$136.63, base R$187.00, optimistic R$296.53 per share (as of Sep 24, 2026, price R$110.00). 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 3.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$187.00 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 Sep 24, 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 Sep 24, 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$110.00, about 11% below its 52-week high of R$123.00 and 17% above the low of R$93.66 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$187.00 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 Sep 24, 2026: price R$110.00, calculated fair value R$187.00 (+70%), 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$187.00, 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 14.1 % above its aggregate fair value. Banco do Nordeste do Brasil S.A currently trades 70 % 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 is it worth investing now.
What is the share price of Banco do Nordeste do Brasil S.A (BNBR3)?
The closing price on Sep 23, 2026 was R$110.00. Our model-based fair value is R$187.00, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco do Nordeste do Brasil S.A right now?
The price is below even our cautious bear case (R$136.63). 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. A fairly wide model range (R$136.63 to R$296.53) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Banco do Nordeste do Brasil S.A
How large is the market capitalisation of Banco do Nordeste do Brasil S.A (BNBR3)?
The market capitalisation of Banco do Nordeste do Brasil S.A is R$10.9B (≈ $2.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banco do Nordeste do Brasil S.A (BNBR3)?
The price-to-sales ratio of Banco do Nordeste do Brasil S.A is 0.66 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banco do Nordeste do Brasil S.A (BNBR3)?
Earnings per share at Banco do Nordeste do Brasil S.A are R$32.72 (price ÷ EPS = P/E 3.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco do Nordeste do Brasil S.A (BNBR3)?
The dividend yield of Banco do Nordeste do Brasil S.A is 6.2% (payout 21.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banco do Nordeste do Brasil S.A (BNBR3)?
The net margin of Banco do Nordeste do Brasil S.A is 19.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banco do Nordeste do Brasil S.A (BNBR3)?
The return on equity (ROE) of Banco do Nordeste do Brasil S.A is 21.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banco do Nordeste do Brasil S.A (BNBR3)?
On an EBIT basis the return on assets of Banco do Nordeste do Brasil S.A is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banco do Nordeste do Brasil S.A (BNBR3)?
The operating margin of Banco do Nordeste do Brasil S.A is 49.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco do Nordeste do Brasil S.A (BNBR3)?
Revenue at Banco do Nordeste do Brasil S.A is growing +17.7% versus a year earlier (3y avg +5.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banco do Nordeste do Brasil S.A (BNBR3)?
Earnings per share at Banco do Nordeste do Brasil S.A are growing +42.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Banco do Nordeste do Brasil S.A (BNBR3) carry?
The net debt of Banco do Nordeste do Brasil S.A is R$13.1B (fiscal year 2025, ≈ 2.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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