Banco Pan S.A. (BPAN4.SA)

Banco Pan S.A. (BPAN4.SA) — VMCI valuation read

Headline read on BPAN4.SA: VMCI of 55/100 versus a Financial Services sector median of 50. The 5-point above-median position is what makes Banco Pan S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on BPAN4.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 BPAN4.SA: value (BPAN4.SA trades at 23.0x earnings, 28% 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 2.4x is the rate-sensitivity line to watch). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.

BPAN4.SA rose 3.7% over the trailing 7 days, with a +5.0% read on a 30-day basis.