Banco Inter S.A. (BIDI3.SA)

Banco Inter S.A. (BIDI3.SA) — VMCI valuation read

Headline read on BIDI3.SA: VMCI of 31/100 versus a Financial Services sector median of 50. The 19-point below-median position is what makes Banco Inter S.A. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on BIDI3.SA: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on BIDI3.SA: value (BIDI3.SA trades at 27.0x earnings, 50% above the Financial Services median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of 1.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.

BIDI3.SA fell 3.4% over the trailing 7 days, with a -1.4% read on a 30-day basis.