Banco BTG Pactual S.A. (BPAC3.SA)

Banco BTG Pactual S.A. (BPAC3.SA) — VMCI valuation read

Headline read on BPAC3.SA: VMCI of 49/100 versus a Financial Services sector median of 50. The 1-point below-median position is what makes Banco BTG Pactual S.A. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on BPAC3.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 BPAC3.SA: value (BPAC3.SA trades at 25.0x earnings, 39% above the Financial Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of -0.2x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.

BPAC3.SA fell 0.8% over the trailing 7 days, with a -10.4% read on a 30-day basis.