$NU Monness, Crespi, Hardt Initiation, Buy, PT $20 The firm told buyers they get to buy into a macro dislocation tied to the Lula/Bolsonaro runoff, and argued that regardless of who wins the Brazilian presidency, this is a roughly 30% ROE franchise trading at about 13x its FY27E EPS of $1.18, which sits 2% above the Street, with its FY28E estimate 5% above the Street. It said credit is seasoning better than the system, that Copom easing helps borrowers more than net interest income, that Mexico now lends as a bank, and that Monzo is off the table.