6/3/26 - $NU - More than spotNu Holdings Ltd. Class ANYSE:NUVROCKSTAR6/3/26 :: VROCKSTAR :: NU More than spot - 13x PE for >30% CAGR over next 3-5Y, no debate buy - brazil credit cycle + CFO departure + new Visa hire + US push - and bad timing after 1Q release stock on back - moving from spot to Jan 2028... 70 delta calls to increase cash balance and turn up the gas - fundamentally see this as a $20 stock today. $0.88x on 25x, but sure give it 20x and you're at high teens - can/ will it go to single digits? idk. - gap in low $11s (from may 2025) that looks like unfinished business - brazilians and those who play in the brazilian sandbox (not that one) are emotional animals - see thru the noise - these guys have no branches, operate 10x cheaper than any other bank of their size - they are the interface to the next 10Y of the digital-first and AI-working-on-your-money economy - effectively have this at 25% of book rn on 2.5x leverage V