A Weak Quarter From Banco Bradesco, and a Screen We Were Never Going to Cross.

The print

Revenue $32.13B. EPS $0.13 vs $0.13 expected.

What changed versus going in

Earnings came in at $0.13 a share against $0.13 expected, a match of 0% (+$0.00 a share).

Did the flow confirm the move?

Underlying money flow is neutral (21-day Chaikin Money Flow -0.00, five-day price change -2.6%, as of 2026-10-20, desk flow model): no strong accumulation or distribution signature.

Give the business its due

The business itself is genuinely strong: revenue growing about 7%, net margins near 26%, a unknown competitive moat, backed by a 14% return on equity.

Levels that matter

At $4.08 the shares sit 11% below the 52-week high of $4.58 and 37% above the low of $2.98 (69% of the way up the range). The 50-day average is $3.52, below the price. The 200-day average is $3.62, below the price.

The valuation lens

Our fair-value work puts the shares about 30% below what the business is worth: value on offer. Fair value lands near $5 against a $4.03 share price, a margin of safety of about 30%. The trailing multiple sits around 13 times earnings, which only makes sense if the growth holds.

The ethical lens, our differentiator

Fails the principled screen, Business activity exclusion: FAIL. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.

The compliant alternative

If the theme is what draws you, Saturna Sustainable Equity Fund ETF (AMAL) sits in the same industry (Banks – Regional) and clears our principled screen, the place to look instead of chasing a name that does not.

The verdict for a values-conscious investor

A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.