B3 S.A. - Brasil, Bolsa, Balcão ADR (BOLSY)
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q1 2026 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q1 2026 Earnings Call Transcript
B3: The Brazilian Macro Tailwind May Not Be Fully Priced In
B3, Brazil's stock exchange quasi-monopoly, is highly cyclical and closely tied to domestic interest rates and macro conditions. Current bullish momentum in BOLSY reflects strong capital flows into Brazil, driven by discounted valuations, high interest rate differentials, and a weakening USD. Despite recent appreciation, BOLSY remains attractively valued, offering a 6.5% dividend yield, strong operating leverage, and meaningful upside if Brazil enters a rate-cutting cycle.
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q4 2025 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q4 2025 Earnings Call Transcript
B3'S Q3 Was Pressured By Derivatives, But The Name Remains Resilient
B3 S.A. (BOLSY) reported 3Q25 results showing continued cyclical declines in equities and derivatives, with fixed income and tech/platform revenues gaining importance. BOLSY's overall revenue growth lags inflation and money supply, while core expenses outpace inflation, pressuring margins despite still-high 65%+ operating margins. The stock trades at a 15x P/E, higher than most Brazilian financials, but remains attractive due to high capital distributions, business quality, and strong market position.
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q3 2025 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (OTCPK:BOLSY) Q3 2025 Earnings Call November 12, 2025 8:00 AM EST Company Participants Fernando Tavares de Campos Andre Milanez - Chief Financial, Administrative & Investor Relations Officer and Member of Statutory Board Conference Call Participants Kaio Penso Da Prato - UBS Investment Bank, Research Division Yuri Fernandes - JPMorgan Chase & Co, Research Division Renato Meloni - Bernstein Autonomous LLP Eduardo Nishio Pedro Leduc - Itaú Corretora de Valores S.A., Research Division Daniel Vaz - J.
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q2 2025 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (OTCPK:BOLSY) Q2 2025 Earnings Conference Call August 8, 2025 9:00 AM ET Company Participants Andre Veiga Milanez - Executive Director of Finance, Admin, & Investor Relations and Member of Statutory Board Fernando Tavares de Campos - Corporate Participant Conference Call Participants Antonio Eduardo Gregorin Ruette - BofA Securities, Research Division Arnon Orzes Shirazi - Citigroup Inc., Research Division Carlos Gomez-Lopez - HSBC Global Investment Research Daer Labarta - Goldman Sachs Group, Inc., Research Division Daniel Vaz - J. Safra Corretora de Valores e Cambio Ltda, Research Division Eric Ito - Banco Bradesco BBI S.A.
B3 Has A High Price But It's Justified By Its Infrastructural Position In Brazilian Markets
B3 is Brazil's dominant exchange, boasting high margins, diversified revenues, and strong capital efficiency, making it a core play on market recovery. The company's resilient business model, disciplined capital returns, and strategic management support a Buy rating despite a fair—not cheap—valuation. B3 offers a 7% earnings yield and potential 5% annual growth, setting up attractive double-digit total returns for long-term investors.
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q1 2025 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (OTCPK:BOLSY) Q1 2025 Earnings Call May 9, 2025 9:00 AM ET Company Participants Fernando Campos - Investor Relations Andre Milanez - Chief Financial Officer Conference Call Participants Arnon Shirazi - Citi Maria Guedes - Safra Lindsey Shema - Goldman Sachs Pedro Leduc - Itau Antonio Ruette - Bank of America Kaio Prato - UBS Fernandes Savio - JPMorgan Operator Good morning, ladies and gentlemen, and welcome to the B3 earnings results presentation for the first quarter of 2025, where Andre Milanez, B3's CFO, will discuss the results along Fernando Campos, Investor Relations Associate Director. [Operator Instructions] As a reminder, this conference is being broadcast live via webcast.
B3 S.A. - Brasil, Bolsa, Balcão (BOLSY) Q4 2024 Earnings Call Transcript
B3 S.A. - Brasil, Bolsa, Balcão (OTCPK:BOLSY) Q4 2024 Earnings Call February 21, 2025 8:00 AM ET Company Participants Andre Milanez - Chief Financial Officer Fernando Campos - Investor Relations Conference Call Participants William Barranjard - Itaú BBA Arnon Shirazi - Citi Lindsey Shema - Goldman Sachs Kaio Prato - UBS Antonio Ruette - Bank of America Yuri Fernandes - JPMorgan Carlos Gomez - HSBC Operator Good morning, ladies and gentlemen and welcome to the B3's Earnings Results Presentation for the Fourth Quarter of 2024, where Andre Milanez, B3's CFO, will discuss the results along with Fernando Campos, Investor Relations Associate Director. [Operator Instructions] As a reminder, this conference is being broadcast live via webcast.
B3 SA Brasil Bolsa Balcao (BOLSY) Q3 2024 Earnings Call Transcript
B3 SA Brasil Bolsa Balcao (OTCPK:BOLSY) Q3 2024 Earnings Conference Call November 14, 2024 8:00 AM ET Company Participants Andre Milanez - Executive Director, Finance, Administrative & IR Fernando Campos - IR Associate Director Conference Call Participants Arnon Shirazi - Citi Antonio Ruette - Bank of America Maria Guedes - Safra Pedro Leduc - Itaú BBA Guilherme Grespan - JPMorgan Operator Good morning, ladies and gentlemen and welcome to the B3's Earnings Results Presentation for the Third Quarter of 2024 where Andre Milanez, B3's CFO, will discuss the third quarter results; along Fernando Campos, Investor Relations Associate Director. We would like to inform you that all participants will be in a listen-only mode during the company's presentation.
