Banco Santander (Brasil): Valuation Needs Optimism Around Credit Cycle, Exchange Rates

The results were in line with the trends we had covered in August 2025 , i.e., a more moderate expansion of the loan book (with callouts for SMEs andLong-only investment, evaluating companies from an operational, buy-and-hold perspective.Quipus Capital does not focus on market-driven dynamics and future price action. Instead, our articles focus on operational aspects, understanding the long-term earnings power of companies, the competitive dynamics of the industries where they participate, and buying compan ...