Stock BPAC11 BANCO BTG PACTUAL S.A.
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Financials Banco BTG Pactual S.A.

Equities

BPAC11

BRBPACUNT006

Investment Banking & Brokerage Services

Market Closed - Sao Paulo
Other stock markets
 04:07:38 2024-04-26 pm EDT 		5-day change 1st Jan Change
34.1 BRL +4.60% Intraday chart for Banco BTG Pactual S.A. +4.54% -9.33%
Mar. 15 Banco BTG Pactual S.A. completed the acquisition of Órama Distribuidora de Títulos e Valores Mobiliários S.A. from Órama Controle e Participações 1 S.A., Rede D'Or São Luiz S.A., Sul América S.A. and Globo Ventures. CI
Feb. 05 Transcript : Banco BTG Pactual S.A., Q4 2023 Earnings Call, Feb 05, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2024 2025 2026
Capitalization 1 41,069 51,352 99,903 114,085 178,278 - -
Enterprise Value (EV) 1 41,069 51,352 99,903 114,085 194,481 195,615 196,829
P/E ratio - - 12.7 x 11.7 x 10.8 x 9.45 x 8.38 x
Yield 0.59% 0.45% 0.62% - 3.02% 4.33% 5.08%
Capitalization / Revenue 4.93 x 5.52 x 7.19 x 6.61 x 7.03 x 6.16 x 5.33 x
EV / Revenue 4.93 x 5.52 x 7.19 x 6.61 x 7.67 x 6.76 x 5.89 x
EV / EBITDA 8.06 x 9.23 x 11.5 x 11 x 12.8 x 11.2 x 9.76 x
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 3.11 x 3.19 x 2.16 x - 2.28 x 1.98 x 1.77 x
Nbr of stocks (in thousands) 2,157,861 2,185,209 4,757,279 4,765,474 5,228,092 - -
Reference price 2 19.03 23.50 21.00 23.94 34.10 34.10 34.10
Announcement Date 2/14/20 2/9/21 2/16/22 2/13/23 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,333 9,304 13,901 17,247 - 25,360 28,954 33,427
EBITDA 1 5,096 5,566 8,699 10,330 - 15,222 17,454 20,161
EBIT 1 4,971 5,502 8,446 9,491 - 15,545 18,240 21,197
Operating Margin 59.65% 59.14% 60.76% 55.03% - 61.3% 63% 63.41%
Earnings before Tax (EBT) 1 - - 8,181 9,491 - 14,978 17,445 19,941
Net income 1 - - 6,342 7,842 9,925 11,992 14,084 15,870
Net margin - - 45.62% 45.47% - 47.29% 48.64% 47.48%
EPS 2 - - 1.651 2.049 - 3.153 3.608 4.070
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.1125 0.1050 0.1300 - - 1.029 1.477 1.733
Announcement Date 2/14/20 2/9/21 2/16/22 2/13/23 2/5/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 3,845 3,488 4,351 4,513 4,756 3,489 4,803 5,443 5,660 - 5,882 6,168 6,351 6,545 6,383
EBITDA - - - - - - - - - - - - - - -
EBIT 1 2,299 2,216 2,440 2,766 2,944 1,607 2,681 3,302 3,292 - 3,589 3,822 3,979 4,156 -
Operating Margin 59.79% 63.51% 56.08% 61.29% 61.9% 46.06% 55.81% 60.67% 58.16% - 61.01% 61.96% 62.64% 63.49% -
Earnings before Tax (EBT) 1 2,208 2,149 2,440 2,570 2,736 1,745 2,681 3,057 3,292 - 3,513 3,880 3,989 4,102 -
Net income 1 1,743 1,744 1,943 2,067 2,188 1,644 2,133 2,441 2,623 2,728 2,762 3,018 3,140 3,277 -
Net margin 45.33% 50% 44.65% 45.8% 46% 47.12% 44.41% 44.85% 46.34% - 46.96% 48.92% 49.44% 50.06% -
EPS 2 - - 0.5088 0.5417 0.5702 0.4278 0.5899 1.551 0.6882 - 0.7364 0.7754 0.8033 0.8338 0.8209
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/9/21 2/16/22 5/9/22 8/9/22 11/8/22 2/13/23 5/8/23 8/9/23 11/8/23 2/5/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 16,203 17,337 18,551
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 1.064 x 0.9933 x 0.9201 x
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 19.1% 16.9% 20.3% - - 23% 22.8% 22.2%
ROA (Net income/ Total Assets) - 1.98% 2.2% - - 2.38% 2.46% 2.6%
Assets 1 - - 288,666 - - 504,507 573,234 611,081
Book Value Per Share 2 6.130 7.380 9.700 - - 15.00 17.20 19.30
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/14/20 2/9/21 2/16/22 2/13/23 2/5/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Banco BTG Pactual S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
34.1 BRL
Average target price
42.56 BRL
Spread / Average Target
+24.81%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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