Skip to contentHome page Seeking Alpha - Power to InvestorsApr 30, 2026, 10:12 PM ETiShares MSCI Brazil ETF (EWZ), FLBR, EWZS, BRFBRAZMultiplo Invest3.09K FollowersCommentsSummaryBrazil’s current P/E of 12.5x versus emerging markets’ 16.2x suggests a potential 29% upside if re-rating occurs post-election.Risks include Lula’s political resilience, judicial influence, and historical underperformance at similar P/E levels, necessitating careful timing and monitoring.I reiterate my buy rating on Brazilian asset ETFs, notably EWZ and FLBR, citing a compelling 2026 opportunity.Key drivers include anticipated opposition victory in Brazil's 2026 election, hard asset leverage (oil, iron ore, rare earths), and attractive valuations.Drs Producoes/E+ via Getty ImagesInvestment ThesisI reiterate my buy rating on ETFs tracking Brazilian assets. This is not my first article about Brazil! My recommended portfolio for 2026 has a mix of US stocks and Brazilian stocks, and I have articles on iSharesThis article was written byMultiplo Invest3.09K FollowersMore than 7 years of experience in equity analysis in LatAm. We provide our clients with in-depth research and insights to help them make informed investment decisions.Analyst’s Disclosure: I/we have a beneficial long position in the shares of EWZ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.CommentsTo ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.Is this happening to you frequently? Please report it on our feedback forum.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.