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Nubank Overtakes Petrobras to Become Brazil’s Most Valuable Company
São Paulo, Brazil - Nubank, the digital bank, achieved a market capitalization of US$76.97 billion as of Tuesday, November 28th, surpassing Petrobras’ US$74.50 billion and claiming the title of Brazil’s most valuable company. The ascent marks a significant shift in the Brazilian financial landscape,with Nubank also exceeding Itaú (US$72.54 billion), Vale (US$49.60 billion) and BTG Pactual (US$49.60 billion) in market value.
Data from Companies Market Cap indicates Nubank currently ranks second in Latin America, behind Mercado Livre (US$116.10 billion), and 40th globally within the financial sector, ahead of established institutions like BNY Mellon (US$75.62 billion), Barclays (US$75.05 billion) and US Bancorp (US$73.55 billion).
nubank’s shares have increased by 53.7% this year, closing at US$15.93 on Tuesday, nearing its record high of US$16.30 set on September 22nd. A recent J.P. Morgan report suggests Nubank’s valuation could reach US$140 billion if valued at multiples comparable to U.S. competitors such as Chime, SoFi, and Affirm.
Analysts project Nubank will report a profit of US$723 million (approximately R$3.887 billion) for the third quarter, to be announced on november 13th, anticipating controlled default rates and improved financial margins alongside portfolio growth.
Key discussion points anticipated in the bank’s upcoming conference call include its expansion into the U.S. market, the timeline for achieving profitability in Mexico, and projections for asset quality through 2026.
