NUBANK: VALE COMPRAR AGORA? INVESTIDORES ANALISAM PREÇO E RISCOS
Speakers
Francisco Utsch
— Gestor, Kiron Capital
Summary
The video analyzes Nubank's investment case, with speakers Francisco Utsch and Mauricio Rahmani bullish on NU at current multiples, citing growth in Brazil, Mexico profitability, and AI credit advantage. They also favor Itaú as a defensive bank. The discussion covers risks like default cycle and US expansion costs.
- Nubank is discussed as a long-term bet with low multiples and growth in Brazil and Mexico.
- Itaú is presented as a defensive, quality bank trading at 7.5x earnings.
- The speakers highlight Nubank's AI-based credit model as a competitive edge.
- Risks include potential default cycle and US expansion costs.
- Comparison to Revolut shows Nubank is more focused on credit.
- Local Brazilian investors are increasing interest in Nubank.
- Mauricio Rahmani emphasizes Nubank's AI capabilities from a recent CFO interview.
- Both speakers have a bias to increase positions in both NU and Itaú.
Trade Ideas
NU undervalued, high growth, AI edge.
Nubank is attractive at ~11x 2027 P/E and ~16x this year, with a 7% position in the portfolio. The stock has pulled back due to tech selloff and default cycle fears, but the company is executing well in Brazil with credit limit increases driving loan growth, Mexico is already profitable, and the US expansion is a long-term option. Their AI-driven credit analysis gives them a competitive edge. The multiple is at the low end of historical range, offering upside if the thesis plays out.
Itaú cheap defensive quality bank.
Itaú is a high-quality defensive bank, trading at 7.5x earnings, with a strong credit portfolio and lower risk profile. He is increasing his position alongside Nubank, viewing it as a core holding in the portfolio.
Up Next
This Market Makers video, published May 16, 2026, features Francisco Utsch discussing NU, ITUB4.SA. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Francisco Utsch · Tickers: NU, ITUB4.SA