View ValuationXP 향후 성장Future 기준 점검 3/6XP (는) 각각 연간 11.8% 및 12.5% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 12.2% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 23.8% 로 예상됩니다.핵심 정보11.8%이익 성장률12.19%EPS 성장률Capital Markets 이익 성장7.3%매출 성장률12.5%향후 자기자본이익률23.84%애널리스트 커버리지Good마지막 업데이트21 May 2026최근 향후 성장 업데이트공시 • Feb 18XP Inc. Provides Earnings Guidance for the Full Year 2023XP Inc. provided earnings guidance for the full year 2023. For the year, the company estimates Net Income between BRL 3.8 billion and BRL 4.4 billion in 2023.모든 업데이트 보기Recent updates공시 • May 20XP Inc. Announces CFO ChangesXP Inc. announced, in a planned and mutually agreed succession, a transition in its Chief Financial Officer role as part of the Company’s continued evolution and next phase of growth. Mr. Gustavo Alejo Viviani has been appointed by the Board of Directors of the Company (the “Board”) to serve as the Company’s new Chief Financial Officer, effective August 3, 2026. The Company believes that Mr. Alejo brings the expertise, skillset and experience needed to support XP in its continued growth and the execution of its long-term strategy. Mr. Alejo began his career in January 1996 at Citibank Brasil. In January 2000, he joined Santander Brasil, where over 26 years he held various leadership positions in Wholesale and Retail Banking. In the Wholesale segment, he served as Managing Director of Corporate and Investment Banking and was responsible for the Wholesale Credit Recovery area. In the Retail segment, he was the Director responsible for Credit Collections and Recovery, and Consumer Lending, also accumulating the role of Retail CFO. In the last 3 years he held the positions of Chief Financial Officer, Investor Relations Officer, and Executive Vice-President responsible for the Consumer Finance Business, in addition to having served as a member of the Board of Directors of Zurich Santander Brasil. He is a CFA Charterholder, holds a degree in Economics and extension programs in Business Administration at the University of California-Berkeley, Advanced Corporate Finance at the London Business School, and Leadership at The University of Chicago Booth School of Business. The Company also announced that, as part of the planned transition process, Mr. Victor Andreu Mansur Farinassi will step down from his position as Chief Financial Officer effective May 31, 2026. The Board has appointed XP’ Chief Executive Officer, Thiago Maffra to serve as interim Chief Financial Officer, effective upon Mr. Mansur’s departure. Mr. Maffra will oversee the Company's financial operations until Mr. Alejo takes office and will assist with the transition to the incoming CFO, ensuring continuity across XP´s finance function. André Parize will continue in his role as Investor Relations Officer of the Company, ensuring full continuity in XP’s engagement with the investment community.Reported Earnings • May 20First quarter 2026 earnings released: EPS: R$2.53 (vs R$2.31 in 1Q 2025)First quarter 2026 results: EPS: R$2.53 (up from R$2.31 in 1Q 2025). Revenue: R$4.57b (up 9.7% from 1Q 2025). Net income: R$1.31b (up 6.0% from 1Q 2025). Profit margin: 29% (in line with 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.공시 • May 19XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on May 20, 2027.공시 • May 07+ 1 more updateXP Inc., Annual General Meeting, May 29, 2026XP Inc., Annual General Meeting, May 29, 2026. Location: av. chedid jafet, 75, torre sul, 30th floor, vila olimpia, sao paulo sp 04551-065, brazil, Brazil공시 • Feb 03XP Inc. to Report Q4, 2025 Results on Feb 12, 2026XP Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 12, 2026공시 • Nov 18+ 1 more updateXP Inc. Declares Cash Dividend on Class A Common Share, Payable on December 18, 2025The Board of XP Inc. declared a cash dividend of USD 0.18 per Class A common share, payable on December 18, 2025, to shareholders of record as of December 10, 2025. The distribution is expected to total approximately BRL 500 million at current exchange rates.공시 • Aug 01XP Inc. to Report Q2, 2025 Results on Aug 18, 2025XP Inc. announced that they will report Q2, 2025 results After-Market on Aug 18, 2025공시 • May 21XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2026.공시 • May 09XP Inc., Annual General Meeting, May 30, 2025XP Inc., Annual General Meeting, May 30, 2025. Location: av. chedid jafet, 75, torre sul, 30th floor, vila olimpia, sp 04551 065., sao paulo Brazil공시 • May 07XP Inc. to Report Q1, 2025 Results on May 20, 2025XP Inc. announced that they will report Q1, 2025 results After-Market on May 20, 2025공시 • Jan 27XP Inc. to Report Q4, 2024 Results on Feb 18, 2025XP Inc. announced that they will report Q4, 2024 results on Feb 18, 2025공시 • Nov 20+ 1 more updateXP Inc. Announces Cash Dividend, Payable on December 18, 2024XP Inc. announced that its Board of Directors has approved payment of a cash dividend of USD 0.65 per common share. The dividend will be payable on December 18, 2024, to shareholders of record as of December 10, 2024.공시 • Oct 18XP Inc. to Report Q3, 2024 Results on Nov 19, 2024XP Inc. announced that they will report Q3, 2024 results After-Market on Nov 19, 2024Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: R$2.04 (vs R$1.85 in 2Q 2023)Second quarter 2024 results: EPS: R$2.04 (up from R$1.85 in 2Q 2023). Revenue: R$4.02b (up 18% from 2Q 2023). Net income: R$1.12b (up 15% from 2Q 2023). Profit margin: 28% (in line with 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.공시 • Jul 16XP Inc. to Report Q2, 2024 Results on Aug 13, 2024XP Inc. announced that they will report Q2, 2024 results After-Market on Aug 13, 2024공시 • May 26XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2024.New Risk • May 23New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (353% cash payout ratio). Shareholders have been diluted in the past year (3.8% increase in shares outstanding).Buy Or Sell Opportunity • May 22Now 27% undervalued after recent price dropOver the last 90 days, the stock has fallen 25% to €17.00. The fair value is estimated to be €23.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 37% in the next 2 years.New Risk • May 16New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (3.8% increase in shares outstanding).공시 • May 05XP Inc. to Report Q1, 2024 Results on May 21, 2024XP Inc. announced that they will report Q1, 2024 results After-Market on May 21, 2024공시 • Apr 28XP Inc. Announces Chief Financial Officer ChangesXP Inc. announced that Victor Mansur has been appointed chief financial officer effective August 1, 2024, succeeding Bruno Constantino. Mr. Constantino will work closely with Mr. Mansur to ensure a smooth transition. Mr. Constantino will also continue to support XP in an advisory role for a 12-month period after the transition and will remain a member of XP’s Board of Directors. Mr. Mansur currently serves as XP’s Deputy Chief Financial Officer and has held a variety of senior roles at XP since joining the company in 2012. He has been a member of XP’s Finance team reporting directly to Mr. Constantino since 2022 after having previously served as Executive Director; Head of Treasury; and Head of Structuring, Trading, and Sales. Before coming to XP, he was at two separate broker-dealer firms.공시 • Apr 27+ 1 more updateXP Inc. Appoints Andre Parize as Chief Investor Relations Officer, Effective August 1, 2024XP Inc. announced current Head of Investor Relations Andre Parize, who has been named chief investor relations officer, effective August 1, 2024, will report to Mr. Mansur.Reported Earnings • Feb 29Full year 2023 earnings released: EPS: R$7.11 (vs R$6.44 in FY 2022)Full year 2023 results: EPS: R$7.11 (up from R$6.44 in FY 2022). Revenue: R$14.2b (up 10.0% from FY 2022). Net income: R$3.90b (up 8.9% from FY 2022). Profit margin: 27% (in line with FY 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Feb 29Now 21% undervaluedOver the last 90 days, the stock has risen 1.9% to €21.60. The fair value is estimated to be €27.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.공시 • Feb 17XP Inc. to Report Q4, 2023 Results on Feb 27, 2024XP Inc. announced that they will report Q4, 2023 results After-Market on Feb 27, 2024Upcoming Dividend • Dec 05Upcoming dividend of US$0.73 per share at 6.3% yieldEligible shareholders must have bought the stock before 12 December 2023. Payment date: 22 December 2023. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 6.3%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.9%).공시 • Nov 24XP Inc. Appoints Andr Parize as New Head of Investor RelationsXP Inc. announced the appointment of Andr Parize to lead its Investor Relations team. Parize joins the company's IR team in S o Paulo and will report to Bruno Constantino, Chief Financial Officer of XP Inc. Andr Parize brings over twenty years of experience across various industries. He has served as the CFO of Getnet Brasil for over two years, playing a pivotal role in the company's initial public offering (IPO) by managing financial planning with a focus on growth, cost control, and profitability. Parize also held the position of Head of Investor Relations at Banco Santander Brasil for five years, leading an team. He has spent eight years in roles such as Head of Research at Votorantim Corretora and Private Equity at Banco Votorantim.공시 • Nov 16XP Inc. Approves Cash Dividend, Payable on December 22, 2023XP Inc. announced that its Board of Directors has approved payment of a cash dividend of USD 0.73 per common share. The dividend will be payable on December 22, 2023, to shareholders of record as of December 13, 2023.Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: R$1.99 (vs R$1.86 in 3Q 2022)Third quarter 2023 results: EPS: R$1.99 (up from R$1.86 in 3Q 2022). Revenue: R$4.00b (up 14% from 3Q 2022). Net income: R$1.09b (up 5.4% from 3Q 2022). Profit margin: 27% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.공시 • Oct 18XP Inc. to Report Q3, 2023 Results on Nov 13, 2023XP Inc. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023공시 • Sep 23XP Inc., Annual General Meeting, Oct 06, 2023XP Inc., Annual General Meeting, Oct 06, 2023, at 13:00 Coordinated Universal Time. Location: Av. Chedid Jafet, 75, Torre Sul, 30th Floor Vila Olímpia, São Paulo SP 04551-065 São Paulo São Paulo Brazil Agenda: To consider resolve, as an ordinary resolution, the Company’s financial statements and the auditor’s report for the fiscal year ended December 31, 2022 in the form presented at the AGM, be approved and ratified; to consider resolve, as an ordinary resolution, that Frederico Seabra de Carvalho be appointed as an independent director of the Company to serve in accordance with the memorandum and articles of association of the Company; to consider resolve, that each of Guilherme Dias Fernandes Benchimol, Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, Fabrício Cunha de Almeida, Martin Emiliano Escobari Lifchitz, Gabriel Klas da Rocha Leal, Luiz Felipe Amaral Calabró and Cristiana Pereira be re-appointed as directors; and to consider resolve, as a special resolution, that the Second Amended and Restated Memorandum and Articles of Association of the Company.공시 • Sep 03XP Inc. Approves Cash Dividend, Payable on September 25, 2023XP Inc. announced that its Board of Directors has approved payment of a cash dividend. The dividend will be payable on September 25, 2023, to shareholders of record as of September 12, 2023. The total dividend paid will be USD 320,000,000 or USD 0.58 per common share.Valuation Update With 7 Day Price Move • Aug 24Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €25.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.60 per share.Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: R$1.74 (vs R$1.63 in 2Q 2022)Second quarter 2023 results: EPS: R$1.74 (up from R$1.63 in 2Q 2022). Revenue: R$3.40b (up 1.3% from 2Q 2022). Net income: R$977.0m (up 7.2% from 2Q 2022). Profit margin: 29% (up from 27% in 2Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • Jul 22Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €23.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.20 per share.Valuation Update With 7 Day Price Move • May 09Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €13.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Capital Markets industry in Germany. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.78 per share.Valuation Update With 7 Day Price Move • Apr 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €11.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.00 per share.Valuation Update With 7 Day Price Move • Mar 15Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €9.97, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.02 per share.공시 • Feb 18XP Inc. Provides Earnings Guidance for the Full Year 2023XP Inc. provided earnings guidance for the full year 2023. For the year, the company estimates Net Income between BRL 3.8 billion and BRL 4.4 billion in 2023.Reported Earnings • Feb 18Full year 2022 earnings released: EPS: R$6.44 (vs R$6.42 in FY 2021)Full year 2022 results: EPS: R$6.44. Revenue: R$12.9b (up 8.4% from FY 2021). Net income: R$3.58b (flat on FY 2021). Profit margin: 28% (down from 30% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Capital Markets industry in Germany.공시 • Jan 31XP Inc. to Report Q4, 2022 Results on Feb 16, 2023XP Inc. announced that they will report Q4, 2022 results After-Market on Feb 16, 2023Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Board Member Cristiana Pereira was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 10Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: R$3.49b (up 12% from 3Q 2021). Net income: R$1.03b (up 10% from 3Q 2021). Profit margin: 30% (in line with 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Capital Markets industry in Germany.Valuation Update With 7 Day Price Move • Nov 02Investor sentiment improved over the past weekAfter last week's 17% share price gain to €19.56, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 32% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €14.65 per share.Valuation Update With 7 Day Price Move • Oct 15Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €17.96, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Capital Markets industry in Germany. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.07 per share.Valuation Update With 7 Day Price Move • Aug 18Investor sentiment improved over the past weekAfter last week's 15% share price gain to €20.67, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.96 per share.Reported Earnings • Aug 11Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: R$3.35b (up 12% from 2Q 2021). Net income: R$913.0m (down 1.9% from 2Q 2021). Profit margin: 27% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 25% compared to a 7.8% decline forecast for the industry in Germany.Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improved over the past weekAfter last week's 17% share price gain to €21.28, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.63 per share.Valuation Update With 7 Day Price Move • Jun 14Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €18.09, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.43 per share.Reported Earnings • May 06First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: R$3.07b (up 17% from 1Q 2021). Net income: R$854.0m (up 16% from 1Q 2021). Profit margin: 28% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 31% compared to a 7.6% decline forecast for the industry in Germany.Board Change • Apr 27Less than half of directors are independentThere are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Feb 10Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: R$6.43 (up from R$3.76 in FY 2020). Revenue: R$11.9b (up 47% from FY 2020). Net income: R$3.59b (up 73% from FY 2020). Profit margin: 30% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 33% compared to a 4.9% decline forecast for the industry in Germany.Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS R$1.67 (vs R$0.98 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$3.17b (up 51% from 3Q 2020). Net income: R$936.0m (up 73% from 3Q 2020). Profit margin: 30% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue.Valuation Update With 7 Day Price Move • Oct 15Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €29.76, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Capital Markets industry in Germany. Total loss to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.01 per share.공시 • Aug 09XP Inc. completed the acquisition of an unknown minority stake in Capitânia Investimentos.XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos on June 11, 2021. Under the transaction, Capitânia Investimentos' independence and corporate governance will remain unchanged and will maintain a team of 30 people. In addition to Ricardo Quintero, partner at Capitânia, Arturo Profili and Caio Conca are co-managers and Carlos Simonetti and Flávia Krauspenhar are responsible for Investor Relations, Products and Marketing. The completion of the transaction is subject to compliance with certain precedent conditions. XP Inc. completed the acquisition of an unknown minority stake in Capitânia Investimentos on August 7, 2021.Reported Earnings • Aug 05Second quarter 2021 earnings released: EPS R$1.67 (vs R$0.98 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$3.02b (up 57% from 2Q 2020). Net income: R$931.0m (up 73% from 2Q 2020). Profit margin: 31% (up from 28% in 2Q 2020). The increase in margin was driven by higher revenue.공시 • Jun 12XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos.XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos on June 11, 2021. Under the transaction, Capitânia Investimentos' independence and corporate governance will remain unchanged and will maintain a team of 30 people. In addition to Ricardo Quintero, partner at Capitânia, Arturo Profili and Caio Conca are co-managers and Carlos Simonetti and Flávia Krauspenhar are responsible for Investor Relations, Products and Marketing. The completion of the transaction is subject to compliance with certain precedent conditions.공시 • Jun 05XP Inc. (NasdaqGS:XP) signed an agreement to acquire a minority stake in Giant Steps.XP Inc. (NasdaqGS:XP) signed an agreement to acquire a minority stake in Giant Steps on June 4, 2021. The completion of the transaction is subject to compliance with certain precedent conditions.공시 • May 08XP Reportedly Approached Credit Suisse About Buying Its Brazil SubsidiaryXP Inc. (NasdaqGS:XP) has approached Credit Suisse Group AG (SWX:CSGN) in Switzerland expressing its interest in acquiring the bank's subsidiary in Brazil, financial blog Brazil Journal reported on May 7, 2021, citing people with knowledge of the matter. The blog said talks are preliminary and that Credit Suisse executives in Switzerland have told CS executives in Brazil about the approach. The blog added "chances of closing the deal are still small". XP and Credit Suisse did not immediately respond to Reuters requests for comment.Reported Earnings • May 08First quarter 2021 earnings released: EPS R$1.31 (vs R$0.72 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: R$2.63b (up 52% from 1Q 2020). Net income: R$734.0m (up 85% from 1Q 2020). Profit margin: 28% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue.공시 • Mar 17XP Inc. Promotes Thiago Maffra to CEOXP Inc. announced that its chief technology officer Thiago Maffra, who led its digital transformation, is being promoted to chief executive officer (CEO) to manage the company. Maffra joined the company in 2015 and has led the strategy and development of its technology-driven financial services platform and digital transformation over the past three years.공시 • Mar 14XP Inc. Announces Guilherme Benchimol Will Take on the New Role of Executive Chairman, Effective May 12, 2021XP Inc. announced that Guilherme Benchimol will take on the new role of Executive Chairman to focus his attention on developing new growth and expansion initiatives, starting on May 12th.Reported Earnings • Feb 25Full year 2020 earnings released: EPS R$3.76 (vs R$2.11 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$8.15b (up 59% from FY 2019). Net income: R$2.08b (up 92% from FY 2019). Profit margin: 26% (up from 21% in FY 2019). The increase in margin was driven by higher revenue.Analyst Estimate Surprise Post Earnings • Feb 25Revenue misses expectationsRevenue missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 35%, compared to a 8.5% growth forecast for the Capital Markets industry in Germany.공시 • Feb 06XP Inc. to Report Q4, 2020 Results on Feb 23, 2021XP Inc. announced that they will report Q4, 2020 results After-Market on Feb 23, 2021Is New 90 Day High Low • Jan 27New 90-day high: €37.00The company is up 6.0% from its price of €35.00 on 29 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.74 per share.공시 • Dec 25XP Inc. (NasdaqGS:XP) acquired Riza M&A.XP Inc. (NasdaqGS:XP) acquired Riza M&A on December 24, 2020. Marco Gonçalves, Chief Executive Officer of Riza M&A and André Quaresma, will join M&A team of XP Inc. Marco Gonçalves will be heading M&A team of XP Inc. XP Inc. (NasdaqGS:XP) completed the acquisition of Riza M&A on December 24, 2020.Valuation Update With 7 Day Price Move • Dec 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to R$33.40, the stock is trading at a trailing P/E ratio of 60.6x, up from the previous P/E ratio of 52.2x. This compares to an average P/E of 15x in the Capital Markets industry in Germany. Total return to shareholders over the past year is a loss of 6.0%.공시 • Dec 05XP Inc. has completed a Follow-on Equity Offering in the amount of $1.234541 billion.XP Inc. has completed a Follow-on Equity Offering in the amount of $1.234541 billion. Security Name: Class A Common Shares Security Type: Common Stock Securities Offered: 31,654,894 Price\Range: $39 Discount Per Security: $0.85Is New 90 Day High Low • Dec 04New 90-day low: €31.80The company is down 16% from its price of €38.00 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.90 per share.공시 • Nov 10XP Inc. (NasdaqGS:XP) agreed to acquire 49.9% stake in VPL Gestão Patrimonial e Participações S.A.XP Inc. (NasdaqGS:XP) agreed to acquire 49.9% stake in VPL Gestão Patrimonial e Participações S.A. for on September 8, 2020. The Contractual contingent considerations mostly associated to the investment acquisition of VPL Gestão Patrimonial e Participações S.A. The maturity of the total contingent consideration payment is up to 6 years and the contractual maximum amount payable is BRL 0.65.Is New 90 Day High Low • Oct 31New 90-day low: €33.60The company is down 14% from its price of €39.00 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.55 per share.공시 • Oct 29XP Inc. to Report Q3, 2020 Results on Nov 09, 2020XP Inc. announced that they will report Q3, 2020 results at 5:00 PM, E. South America Standard Time on Nov 09, 2020공시 • Sep 26A fund managed by XP Inc. (NasdaqGS:XP) acquired a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre for BRL 100 million.A private equity fund managed by XP Inc. (NasdaqGS:XP) acquired a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre for BRL 100 million on August 7, 2020. Rafael Estevez and Cristina Bohre, will continue as minority and executive shareholders. Botoclinic earned about BRL 110 million last year. A private equity fund managed by XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre on August 7, 2020.Is New 90 Day High Low • Sep 22New 90-day low: €35.40The company is down 11% from its price of €39.60 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.84 per share.공시 • Aug 19XP Inc. (NasdaqGS:XP) agreed to acquire a minority stake in Blue Macaw.XP Inc. (NasdaqGS:XP) agreed to acquire a minority stake in Blue Macaw on August 18, 2020.공시 • Aug 13XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper).XP Inc. (NasdaqGS:XP) entered into an agreement to acquire a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper) on June 5, 2020. Fliper’s founders, Felipe Bonani, Renan Georges and Walter Poladian, remain stakeholders in the company and maintain full independence to manage the business with the support of XP Inc.’s structure. The completion of the transaction is subject to approval by the Brazilian Central Bank. XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper) on July 13, 2020. The acquisition was consummated, through approval of Central Bank (BACEN).공시 • Jul 31XP Inc. to Report Q2, 2020 Results on Aug 11, 2020XP Inc. announced that they will report Q2, 2020 results at 5:00 PM, E. South America Standard Time on Aug 11, 2020공시 • Jul 02XP Inc. (NasdaqGS:XP) agreed to acquire a majority stake in Antecipa.XP Inc. (NasdaqGS:XP) agreed to acquire a majority stake in Antecipa on June 30, 2020. Antecipa's founders will maintain independence in managing the business, and leverage XP’s structure, financial strength and, mainly, XP Inc`s customer base to accelerate growth across the platform. The completion of the transaction is subject to compliance with certain condition precedents, including prior authorization from the Central Bank of Brazil, under the terms of the applicable regulations.이익 및 매출 성장 예측DB:XP9 - 애널리스트 향후 추정치 및 과거 재무 데이터 (BRL Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202826,3697,22610,6568,249712/31/202723,5556,50912,1467,1201012/31/202620,6375,64013,1136,00583/31/202618,1775,24418,71919,368N/A12/31/202517,7735,17011,55512,045N/A9/30/202517,2105,05417,82818,249N/A6/30/202516,8114,92110,25010,632N/A3/31/202516,5474,71911,54011,891N/A12/31/202416,2514,51310,85311,179N/A9/30/202415,8864,37511,29711,488N/A6/30/202415,7624,2765,3095,580N/A3/31/202415,1434,1341,1201,353N/A12/31/202314,2433,8997,9318,127N/A9/30/202313,3913,6395,1875,514N/A6/30/202312,8873,5846,3936,534N/A3/31/202312,8433,5204,0054,129N/A12/31/202212,9453,5791,6771,804N/A9/30/202213,1203,7861,1931,281N/A6/30/202212,7503,690-2,676-2,533N/A3/31/202212,3963,710-3,506-3,278N/A12/31/202111,9413,589-4,373-4,020N/A9/30/202111,1283,201-4,796-4,309N/A6/30/202110,0952,806-342119N/A3/31/20219,0022,4131,6222,011N/A12/31/20208,0992,0761,2191,511N/A9/30/20207,3801,864-3,223-3,026N/A6/30/20206,6221,581-3,418-3,230N/A3/31/20205,8411,268-4,062-3,879N/A12/31/20195,0431,080N/A-3,814N/A9/30/20194,246803N/A-522N/A12/31/20182,886461N/A-457N/A12/31/20171,846414N/A262N/A12/31/20161,252189N/A5N/A12/31/201566176N/A191N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: XP9 의 연간 예상 수익 증가율(11.8%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: XP9 의 연간 수익(11.8%)이 German 시장(17%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: XP9 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: XP9 의 수익(연간 12.5%)이 German 시장(연간 6.8%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: XP9 의 수익(연간 12.5%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: XP9의 자본 수익률은 3년 후 23.8%로 높을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YDiversified-financials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 19:36종가2026/05/21 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스XP Inc.는 15명의 분석가가 다루고 있습니다. 이 중 10명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Mario Lucio PierryBofA Global ResearchMarcelo MizrahiBradesco S.A. Corretora de Títulos e Valores MobiliáriosEric ItoBradesco S.A. Corretora de Títulos e Valores Mobiliários12명의 분석가 더 보기
공시 • Feb 18XP Inc. Provides Earnings Guidance for the Full Year 2023XP Inc. provided earnings guidance for the full year 2023. For the year, the company estimates Net Income between BRL 3.8 billion and BRL 4.4 billion in 2023.
공시 • May 20XP Inc. Announces CFO ChangesXP Inc. announced, in a planned and mutually agreed succession, a transition in its Chief Financial Officer role as part of the Company’s continued evolution and next phase of growth. Mr. Gustavo Alejo Viviani has been appointed by the Board of Directors of the Company (the “Board”) to serve as the Company’s new Chief Financial Officer, effective August 3, 2026. The Company believes that Mr. Alejo brings the expertise, skillset and experience needed to support XP in its continued growth and the execution of its long-term strategy. Mr. Alejo began his career in January 1996 at Citibank Brasil. In January 2000, he joined Santander Brasil, where over 26 years he held various leadership positions in Wholesale and Retail Banking. In the Wholesale segment, he served as Managing Director of Corporate and Investment Banking and was responsible for the Wholesale Credit Recovery area. In the Retail segment, he was the Director responsible for Credit Collections and Recovery, and Consumer Lending, also accumulating the role of Retail CFO. In the last 3 years he held the positions of Chief Financial Officer, Investor Relations Officer, and Executive Vice-President responsible for the Consumer Finance Business, in addition to having served as a member of the Board of Directors of Zurich Santander Brasil. He is a CFA Charterholder, holds a degree in Economics and extension programs in Business Administration at the University of California-Berkeley, Advanced Corporate Finance at the London Business School, and Leadership at The University of Chicago Booth School of Business. The Company also announced that, as part of the planned transition process, Mr. Victor Andreu Mansur Farinassi will step down from his position as Chief Financial Officer effective May 31, 2026. The Board has appointed XP’ Chief Executive Officer, Thiago Maffra to serve as interim Chief Financial Officer, effective upon Mr. Mansur’s departure. Mr. Maffra will oversee the Company's financial operations until Mr. Alejo takes office and will assist with the transition to the incoming CFO, ensuring continuity across XP´s finance function. André Parize will continue in his role as Investor Relations Officer of the Company, ensuring full continuity in XP’s engagement with the investment community.
Reported Earnings • May 20First quarter 2026 earnings released: EPS: R$2.53 (vs R$2.31 in 1Q 2025)First quarter 2026 results: EPS: R$2.53 (up from R$2.31 in 1Q 2025). Revenue: R$4.57b (up 9.7% from 1Q 2025). Net income: R$1.31b (up 6.0% from 1Q 2025). Profit margin: 29% (in line with 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
공시 • May 19XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on May 20, 2027.
공시 • May 07+ 1 more updateXP Inc., Annual General Meeting, May 29, 2026XP Inc., Annual General Meeting, May 29, 2026. Location: av. chedid jafet, 75, torre sul, 30th floor, vila olimpia, sao paulo sp 04551-065, brazil, Brazil
공시 • Feb 03XP Inc. to Report Q4, 2025 Results on Feb 12, 2026XP Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 12, 2026
공시 • Nov 18+ 1 more updateXP Inc. Declares Cash Dividend on Class A Common Share, Payable on December 18, 2025The Board of XP Inc. declared a cash dividend of USD 0.18 per Class A common share, payable on December 18, 2025, to shareholders of record as of December 10, 2025. The distribution is expected to total approximately BRL 500 million at current exchange rates.
공시 • Aug 01XP Inc. to Report Q2, 2025 Results on Aug 18, 2025XP Inc. announced that they will report Q2, 2025 results After-Market on Aug 18, 2025
공시 • May 21XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2026.
공시 • May 09XP Inc., Annual General Meeting, May 30, 2025XP Inc., Annual General Meeting, May 30, 2025. Location: av. chedid jafet, 75, torre sul, 30th floor, vila olimpia, sp 04551 065., sao paulo Brazil
공시 • May 07XP Inc. to Report Q1, 2025 Results on May 20, 2025XP Inc. announced that they will report Q1, 2025 results After-Market on May 20, 2025
공시 • Jan 27XP Inc. to Report Q4, 2024 Results on Feb 18, 2025XP Inc. announced that they will report Q4, 2024 results on Feb 18, 2025
공시 • Nov 20+ 1 more updateXP Inc. Announces Cash Dividend, Payable on December 18, 2024XP Inc. announced that its Board of Directors has approved payment of a cash dividend of USD 0.65 per common share. The dividend will be payable on December 18, 2024, to shareholders of record as of December 10, 2024.
공시 • Oct 18XP Inc. to Report Q3, 2024 Results on Nov 19, 2024XP Inc. announced that they will report Q3, 2024 results After-Market on Nov 19, 2024
Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: R$2.04 (vs R$1.85 in 2Q 2023)Second quarter 2024 results: EPS: R$2.04 (up from R$1.85 in 2Q 2023). Revenue: R$4.02b (up 18% from 2Q 2023). Net income: R$1.12b (up 15% from 2Q 2023). Profit margin: 28% (in line with 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.
공시 • Jul 16XP Inc. to Report Q2, 2024 Results on Aug 13, 2024XP Inc. announced that they will report Q2, 2024 results After-Market on Aug 13, 2024
공시 • May 26XP Inc. (NasdaqGS:XP) announces an Equity Buyback for BRL 1,000 million worth of its shares.XP Inc. (NasdaqGS:XP) announces a share repurchase program. Under the program, the company will repurchase up to BRL 1,000 million worth of its Class A common stock. The company expects to utilize its existing cash to fund repurchases made under the repurchase program. The program will expire on December 31, 2024.
New Risk • May 23New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (353% cash payout ratio). Shareholders have been diluted in the past year (3.8% increase in shares outstanding).
Buy Or Sell Opportunity • May 22Now 27% undervalued after recent price dropOver the last 90 days, the stock has fallen 25% to €17.00. The fair value is estimated to be €23.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 37% in the next 2 years.
New Risk • May 16New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (3.8% increase in shares outstanding).
공시 • May 05XP Inc. to Report Q1, 2024 Results on May 21, 2024XP Inc. announced that they will report Q1, 2024 results After-Market on May 21, 2024
공시 • Apr 28XP Inc. Announces Chief Financial Officer ChangesXP Inc. announced that Victor Mansur has been appointed chief financial officer effective August 1, 2024, succeeding Bruno Constantino. Mr. Constantino will work closely with Mr. Mansur to ensure a smooth transition. Mr. Constantino will also continue to support XP in an advisory role for a 12-month period after the transition and will remain a member of XP’s Board of Directors. Mr. Mansur currently serves as XP’s Deputy Chief Financial Officer and has held a variety of senior roles at XP since joining the company in 2012. He has been a member of XP’s Finance team reporting directly to Mr. Constantino since 2022 after having previously served as Executive Director; Head of Treasury; and Head of Structuring, Trading, and Sales. Before coming to XP, he was at two separate broker-dealer firms.
공시 • Apr 27+ 1 more updateXP Inc. Appoints Andre Parize as Chief Investor Relations Officer, Effective August 1, 2024XP Inc. announced current Head of Investor Relations Andre Parize, who has been named chief investor relations officer, effective August 1, 2024, will report to Mr. Mansur.
Reported Earnings • Feb 29Full year 2023 earnings released: EPS: R$7.11 (vs R$6.44 in FY 2022)Full year 2023 results: EPS: R$7.11 (up from R$6.44 in FY 2022). Revenue: R$14.2b (up 10.0% from FY 2022). Net income: R$3.90b (up 8.9% from FY 2022). Profit margin: 27% (in line with FY 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Feb 29Now 21% undervaluedOver the last 90 days, the stock has risen 1.9% to €21.60. The fair value is estimated to be €27.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.
공시 • Feb 17XP Inc. to Report Q4, 2023 Results on Feb 27, 2024XP Inc. announced that they will report Q4, 2023 results After-Market on Feb 27, 2024
Upcoming Dividend • Dec 05Upcoming dividend of US$0.73 per share at 6.3% yieldEligible shareholders must have bought the stock before 12 December 2023. Payment date: 22 December 2023. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 6.3%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.9%).
공시 • Nov 24XP Inc. Appoints Andr Parize as New Head of Investor RelationsXP Inc. announced the appointment of Andr Parize to lead its Investor Relations team. Parize joins the company's IR team in S o Paulo and will report to Bruno Constantino, Chief Financial Officer of XP Inc. Andr Parize brings over twenty years of experience across various industries. He has served as the CFO of Getnet Brasil for over two years, playing a pivotal role in the company's initial public offering (IPO) by managing financial planning with a focus on growth, cost control, and profitability. Parize also held the position of Head of Investor Relations at Banco Santander Brasil for five years, leading an team. He has spent eight years in roles such as Head of Research at Votorantim Corretora and Private Equity at Banco Votorantim.
공시 • Nov 16XP Inc. Approves Cash Dividend, Payable on December 22, 2023XP Inc. announced that its Board of Directors has approved payment of a cash dividend of USD 0.73 per common share. The dividend will be payable on December 22, 2023, to shareholders of record as of December 13, 2023.
Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: R$1.99 (vs R$1.86 in 3Q 2022)Third quarter 2023 results: EPS: R$1.99 (up from R$1.86 in 3Q 2022). Revenue: R$4.00b (up 14% from 3Q 2022). Net income: R$1.09b (up 5.4% from 3Q 2022). Profit margin: 27% (down from 30% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
공시 • Oct 18XP Inc. to Report Q3, 2023 Results on Nov 13, 2023XP Inc. announced that they will report Q3, 2023 results After-Market on Nov 13, 2023
공시 • Sep 23XP Inc., Annual General Meeting, Oct 06, 2023XP Inc., Annual General Meeting, Oct 06, 2023, at 13:00 Coordinated Universal Time. Location: Av. Chedid Jafet, 75, Torre Sul, 30th Floor Vila Olímpia, São Paulo SP 04551-065 São Paulo São Paulo Brazil Agenda: To consider resolve, as an ordinary resolution, the Company’s financial statements and the auditor’s report for the fiscal year ended December 31, 2022 in the form presented at the AGM, be approved and ratified; to consider resolve, as an ordinary resolution, that Frederico Seabra de Carvalho be appointed as an independent director of the Company to serve in accordance with the memorandum and articles of association of the Company; to consider resolve, that each of Guilherme Dias Fernandes Benchimol, Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, Fabrício Cunha de Almeida, Martin Emiliano Escobari Lifchitz, Gabriel Klas da Rocha Leal, Luiz Felipe Amaral Calabró and Cristiana Pereira be re-appointed as directors; and to consider resolve, as a special resolution, that the Second Amended and Restated Memorandum and Articles of Association of the Company.
공시 • Sep 03XP Inc. Approves Cash Dividend, Payable on September 25, 2023XP Inc. announced that its Board of Directors has approved payment of a cash dividend. The dividend will be payable on September 25, 2023, to shareholders of record as of September 12, 2023. The total dividend paid will be USD 320,000,000 or USD 0.58 per common share.
Valuation Update With 7 Day Price Move • Aug 24Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €25.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.60 per share.
Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: R$1.74 (vs R$1.63 in 2Q 2022)Second quarter 2023 results: EPS: R$1.74 (up from R$1.63 in 2Q 2022). Revenue: R$3.40b (up 1.3% from 2Q 2022). Net income: R$977.0m (up 7.2% from 2Q 2022). Profit margin: 29% (up from 27% in 2Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • Jul 22Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €23.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.20 per share.
Valuation Update With 7 Day Price Move • May 09Investor sentiment improves as stock rises 16%After last week's 16% share price gain to €13.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Capital Markets industry in Germany. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.78 per share.
Valuation Update With 7 Day Price Move • Apr 13Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €11.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.00 per share.
Valuation Update With 7 Day Price Move • Mar 15Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €9.97, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.02 per share.
공시 • Feb 18XP Inc. Provides Earnings Guidance for the Full Year 2023XP Inc. provided earnings guidance for the full year 2023. For the year, the company estimates Net Income between BRL 3.8 billion and BRL 4.4 billion in 2023.
Reported Earnings • Feb 18Full year 2022 earnings released: EPS: R$6.44 (vs R$6.42 in FY 2021)Full year 2022 results: EPS: R$6.44. Revenue: R$12.9b (up 8.4% from FY 2021). Net income: R$3.58b (flat on FY 2021). Profit margin: 28% (down from 30% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Capital Markets industry in Germany.
공시 • Jan 31XP Inc. to Report Q4, 2022 Results on Feb 16, 2023XP Inc. announced that they will report Q4, 2022 results After-Market on Feb 16, 2023
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Board Member Cristiana Pereira was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 10Third quarter 2022 earnings releasedThird quarter 2022 results: Revenue: R$3.49b (up 12% from 3Q 2021). Net income: R$1.03b (up 10% from 3Q 2021). Profit margin: 30% (in line with 3Q 2021). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Capital Markets industry in Germany.
Valuation Update With 7 Day Price Move • Nov 02Investor sentiment improved over the past weekAfter last week's 17% share price gain to €19.56, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Capital Markets industry in Germany. Total loss to shareholders of 32% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €14.65 per share.
Valuation Update With 7 Day Price Move • Oct 15Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €17.96, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Capital Markets industry in Germany. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.07 per share.
Valuation Update With 7 Day Price Move • Aug 18Investor sentiment improved over the past weekAfter last week's 15% share price gain to €20.67, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.96 per share.
Reported Earnings • Aug 11Second quarter 2022 earnings releasedSecond quarter 2022 results: Revenue: R$3.35b (up 12% from 2Q 2021). Net income: R$913.0m (down 1.9% from 2Q 2021). Profit margin: 27% (down from 31% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 25% compared to a 7.8% decline forecast for the industry in Germany.
Valuation Update With 7 Day Price Move • Aug 02Investor sentiment improved over the past weekAfter last week's 17% share price gain to €21.28, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Capital Markets industry in Germany. Total loss to shareholders of 40% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.63 per share.
Valuation Update With 7 Day Price Move • Jun 14Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €18.09, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Capital Markets industry in Germany. Total loss to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.43 per share.
Reported Earnings • May 06First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: R$3.07b (up 17% from 1Q 2021). Net income: R$854.0m (up 16% from 1Q 2021). Profit margin: 28% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 31% compared to a 7.6% decline forecast for the industry in Germany.
Board Change • Apr 27Less than half of directors are independentThere are 11 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. 3 independent directors (8 non-independent directors). Founder & Executive Chairman Guilherme Dias Benchimol is the most experienced director on the board, commencing their role in 2019. Independent Director Luciana Dias was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Feb 10Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: R$6.43 (up from R$3.76 in FY 2020). Revenue: R$11.9b (up 47% from FY 2020). Net income: R$3.59b (up 73% from FY 2020). Profit margin: 30% (up from 26% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 33% compared to a 4.9% decline forecast for the industry in Germany.
Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS R$1.67 (vs R$0.98 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$3.17b (up 51% from 3Q 2020). Net income: R$936.0m (up 73% from 3Q 2020). Profit margin: 30% (up from 26% in 3Q 2020). The increase in margin was driven by higher revenue.
Valuation Update With 7 Day Price Move • Oct 15Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to €29.76, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Capital Markets industry in Germany. Total loss to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €18.01 per share.
공시 • Aug 09XP Inc. completed the acquisition of an unknown minority stake in Capitânia Investimentos.XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos on June 11, 2021. Under the transaction, Capitânia Investimentos' independence and corporate governance will remain unchanged and will maintain a team of 30 people. In addition to Ricardo Quintero, partner at Capitânia, Arturo Profili and Caio Conca are co-managers and Carlos Simonetti and Flávia Krauspenhar are responsible for Investor Relations, Products and Marketing. The completion of the transaction is subject to compliance with certain precedent conditions. XP Inc. completed the acquisition of an unknown minority stake in Capitânia Investimentos on August 7, 2021.
Reported Earnings • Aug 05Second quarter 2021 earnings released: EPS R$1.67 (vs R$0.98 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$3.02b (up 57% from 2Q 2020). Net income: R$931.0m (up 73% from 2Q 2020). Profit margin: 31% (up from 28% in 2Q 2020). The increase in margin was driven by higher revenue.
공시 • Jun 12XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos.XP Inc. (NasdaqGS:XP) agreed to acquire an unknown minority stake in Capitânia Investimentos on June 11, 2021. Under the transaction, Capitânia Investimentos' independence and corporate governance will remain unchanged and will maintain a team of 30 people. In addition to Ricardo Quintero, partner at Capitânia, Arturo Profili and Caio Conca are co-managers and Carlos Simonetti and Flávia Krauspenhar are responsible for Investor Relations, Products and Marketing. The completion of the transaction is subject to compliance with certain precedent conditions.
공시 • Jun 05XP Inc. (NasdaqGS:XP) signed an agreement to acquire a minority stake in Giant Steps.XP Inc. (NasdaqGS:XP) signed an agreement to acquire a minority stake in Giant Steps on June 4, 2021. The completion of the transaction is subject to compliance with certain precedent conditions.
공시 • May 08XP Reportedly Approached Credit Suisse About Buying Its Brazil SubsidiaryXP Inc. (NasdaqGS:XP) has approached Credit Suisse Group AG (SWX:CSGN) in Switzerland expressing its interest in acquiring the bank's subsidiary in Brazil, financial blog Brazil Journal reported on May 7, 2021, citing people with knowledge of the matter. The blog said talks are preliminary and that Credit Suisse executives in Switzerland have told CS executives in Brazil about the approach. The blog added "chances of closing the deal are still small". XP and Credit Suisse did not immediately respond to Reuters requests for comment.
Reported Earnings • May 08First quarter 2021 earnings released: EPS R$1.31 (vs R$0.72 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: R$2.63b (up 52% from 1Q 2020). Net income: R$734.0m (up 85% from 1Q 2020). Profit margin: 28% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue.
공시 • Mar 17XP Inc. Promotes Thiago Maffra to CEOXP Inc. announced that its chief technology officer Thiago Maffra, who led its digital transformation, is being promoted to chief executive officer (CEO) to manage the company. Maffra joined the company in 2015 and has led the strategy and development of its technology-driven financial services platform and digital transformation over the past three years.
공시 • Mar 14XP Inc. Announces Guilherme Benchimol Will Take on the New Role of Executive Chairman, Effective May 12, 2021XP Inc. announced that Guilherme Benchimol will take on the new role of Executive Chairman to focus his attention on developing new growth and expansion initiatives, starting on May 12th.
Reported Earnings • Feb 25Full year 2020 earnings released: EPS R$3.76 (vs R$2.11 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$8.15b (up 59% from FY 2019). Net income: R$2.08b (up 92% from FY 2019). Profit margin: 26% (up from 21% in FY 2019). The increase in margin was driven by higher revenue.
Analyst Estimate Surprise Post Earnings • Feb 25Revenue misses expectationsRevenue missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 35%, compared to a 8.5% growth forecast for the Capital Markets industry in Germany.
공시 • Feb 06XP Inc. to Report Q4, 2020 Results on Feb 23, 2021XP Inc. announced that they will report Q4, 2020 results After-Market on Feb 23, 2021
Is New 90 Day High Low • Jan 27New 90-day high: €37.00The company is up 6.0% from its price of €35.00 on 29 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.74 per share.
공시 • Dec 25XP Inc. (NasdaqGS:XP) acquired Riza M&A.XP Inc. (NasdaqGS:XP) acquired Riza M&A on December 24, 2020. Marco Gonçalves, Chief Executive Officer of Riza M&A and André Quaresma, will join M&A team of XP Inc. Marco Gonçalves will be heading M&A team of XP Inc. XP Inc. (NasdaqGS:XP) completed the acquisition of Riza M&A on December 24, 2020.
Valuation Update With 7 Day Price Move • Dec 18Investor sentiment improved over the past weekAfter last week's 16% share price gain to R$33.40, the stock is trading at a trailing P/E ratio of 60.6x, up from the previous P/E ratio of 52.2x. This compares to an average P/E of 15x in the Capital Markets industry in Germany. Total return to shareholders over the past year is a loss of 6.0%.
공시 • Dec 05XP Inc. has completed a Follow-on Equity Offering in the amount of $1.234541 billion.XP Inc. has completed a Follow-on Equity Offering in the amount of $1.234541 billion. Security Name: Class A Common Shares Security Type: Common Stock Securities Offered: 31,654,894 Price\Range: $39 Discount Per Security: $0.85
Is New 90 Day High Low • Dec 04New 90-day low: €31.80The company is down 16% from its price of €38.00 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.90 per share.
공시 • Nov 10XP Inc. (NasdaqGS:XP) agreed to acquire 49.9% stake in VPL Gestão Patrimonial e Participações S.A.XP Inc. (NasdaqGS:XP) agreed to acquire 49.9% stake in VPL Gestão Patrimonial e Participações S.A. for on September 8, 2020. The Contractual contingent considerations mostly associated to the investment acquisition of VPL Gestão Patrimonial e Participações S.A. The maturity of the total contingent consideration payment is up to 6 years and the contractual maximum amount payable is BRL 0.65.
Is New 90 Day High Low • Oct 31New 90-day low: €33.60The company is down 14% from its price of €39.00 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.55 per share.
공시 • Oct 29XP Inc. to Report Q3, 2020 Results on Nov 09, 2020XP Inc. announced that they will report Q3, 2020 results at 5:00 PM, E. South America Standard Time on Nov 09, 2020
공시 • Sep 26A fund managed by XP Inc. (NasdaqGS:XP) acquired a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre for BRL 100 million.A private equity fund managed by XP Inc. (NasdaqGS:XP) acquired a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre for BRL 100 million on August 7, 2020. Rafael Estevez and Cristina Bohre, will continue as minority and executive shareholders. Botoclinic earned about BRL 110 million last year. A private equity fund managed by XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Botoclinic from couple Rafael Estevez and Cristina Bohre on August 7, 2020.
Is New 90 Day High Low • Sep 22New 90-day low: €35.40The company is down 11% from its price of €39.60 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.84 per share.
공시 • Aug 19XP Inc. (NasdaqGS:XP) agreed to acquire a minority stake in Blue Macaw.XP Inc. (NasdaqGS:XP) agreed to acquire a minority stake in Blue Macaw on August 18, 2020.
공시 • Aug 13XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper).XP Inc. (NasdaqGS:XP) entered into an agreement to acquire a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper) on June 5, 2020. Fliper’s founders, Felipe Bonani, Renan Georges and Walter Poladian, remain stakeholders in the company and maintain full independence to manage the business with the support of XP Inc.’s structure. The completion of the transaction is subject to approval by the Brazilian Central Bank. XP Inc. (NasdaqGS:XP) completed the acquisition of a majority stake in Carteira Online Controle de Investimentos, Ltda (Fliper) on July 13, 2020. The acquisition was consummated, through approval of Central Bank (BACEN).
공시 • Jul 31XP Inc. to Report Q2, 2020 Results on Aug 11, 2020XP Inc. announced that they will report Q2, 2020 results at 5:00 PM, E. South America Standard Time on Aug 11, 2020
공시 • Jul 02XP Inc. (NasdaqGS:XP) agreed to acquire a majority stake in Antecipa.XP Inc. (NasdaqGS:XP) agreed to acquire a majority stake in Antecipa on June 30, 2020. Antecipa's founders will maintain independence in managing the business, and leverage XP’s structure, financial strength and, mainly, XP Inc`s customer base to accelerate growth across the platform. The completion of the transaction is subject to compliance with certain condition precedents, including prior authorization from the Central Bank of Brazil, under the terms of the applicable regulations.