Is BMA or BSBR more undervalued in 2026?

CirclFi compares Banco Macro S.A. (BMA) and Banco Santander Brasil SA (BSBR) using 13 institutional-grade valuation models. BMA has a Quality of Company score of 8.7/10 while BSBR scores 6.1/10.

Which is a better buy — BMA or BSBR?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do BMA and BSBR valuations compare?

BMA at $90.78 and BSBR at $5.44 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

BMA vs BSBR Valuation Comparison 2026 — Intrinsic Value Analysis

BMA

Commercial Banks, NEC

Banco Macro S.A.

Quality

8.7

out of 10

Value Trap

SAFE

Price

$90.78

Last close

Models

12/13

Active

BSBR

Commercial Banks, NEC

Banco Santander Brasil SA

Quality

6.1

out of 10

Value Trap

SAFE

Price

$5.44

Last close

Models

10/13

Active

Model-by-Model Comparison

Model	Type	BMA Fair Value	BMA Upside	BSBR Fair Value	BSBR Upside
Bayesian DCF	Intrinsic	$77.53	-14.6%	$2.26	-58.5%
Earnings Power Value	Intrinsic	$350.84	+286.5%	$4.77	-12.3%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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BMA vs BSBR — Which Stock Is More Undervalued?

BMA scores higher with a 8.7/10 quality rating vs BSBR's 6.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Banco Macro S.A. (BMA) and Banco Santander Brasil SA (BSBR) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

BMA currently trades at $90.78 with a QOC of 8.7/10, while BSBR trades at $5.44 with a QOC of 6.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).