Buy NU by Oct 8, 2026.

I am studying NU, and I am still unsure wether it's undervalued or not. I understand that the market is pricing in South America risks, but this growth and those margins are very rare at those multiples. My take is that if you value it as a fintech, it's undervalued. If you value it as a bank (on P/B, ROTE, Deposit mix, and NLP trend), it's fairly valued. But this labelling is a bit silly because banks do not have …