The arrival of Bradsaúde represents a new player in the healthcare segment of the stock exchange. And BTG Pactual sees the company, which brings together Bradesco's assets in the healthcare sector, as an opportunity for investors to gain exposure to a rapidly growing sector through a vehicle that is born with scale and an attractive valuation.
For these reasons, analysts Samuel Alves and Maria Resende raised their recommendation for Odontoprev – which will undergo corporate restructuring to accommodate the assets, being renamed Bradsaúde – from neutral to buy.
They also raised the target price for the shares from R$13 to R$18, assessing that the company now has an upside potential of 35%, a value that does not include M&A opportunities and greenfield projects, two relevant upsides for the thesis.
"The creation of Bradsaúde establishes a scalable healthcare ecosystem, with capital flexibility, attractive valuation, and significant growth options," the report says.
BTG Pactual's model allocates R$11 per share (61% of the total) to health insurance; R$2 per share (14%) to the dental operation; R$1 per share (5%) to Bradesco's stake in Fleury ; R$3 per share (17%) to hospital investments under the Atlântica D'Or joint venture; and R$1 per share (3%) to other health insurance investments. Based on this, analysts calculate the company's book value at R$52 billion.
Starting with revenues of R$ 52 billion, profits of R$ 3.6 billion, and a return on equity of 24%, Bradsaúde would trade at a P/E ratio of 10 times in 2026, according to calculations by analysts at BTG Pactual. The average projection for the sector in the same period is around 9.6 times.
The multiple is considered attractive by analysts, who highlight that there is room for improvement as the initiative comes to be seen as a complete healthcare platform. This paves the way for the stock to trade above 12.5 times projected earnings for next year.
"Although the insurance segment accounts for approximately 85% of profits, we expect its contribution to fall to 70% as hospital assets mature, supporting a more diversified profit base," the report says.
Regarding Rede D'Or , the leading name in the sector on the B3 stock exchange and practically unanimously favored by those who follow the segment, Bradsaúde is trading at a discount of almost 70%. The expectation is that this difference will decrease with growth initiatives and improved liquidity of the shares.
Currently, BTG is leaning towards Rede D'Or, due to its liquidity and positive operational momentum, as well as the recent weak performance of the shares, which has created an entry opportunity – in 30 days, the shares fell 4.25% and rose 47.6% in 12 months.
Nevertheless, Bradsaúde's prospects lead analysts to recommend exposure to both companies, as investors realize the benefits and growth potential of Bradesco's initiative. The bank, in fact, is seen as a factor that should stimulate the growth of the new company.
"Bradesco's strong brand and distribution network, especially in the SME segment through its banking franchise, reinforce its competitive positioning in the insurance sector and provide a natural channel to support hospital expansion," the report says.
At around 11:35 AM, Odontoprev's shares were down 1.31%, at R$ 13.58. In 12 months, the shares have risen 21.25%, bringing the market value to R$ 7.5 billion.
