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OUR PRO ANALYST’S LATEST TRADE 📊

Nubank (the crypto-integrated neo bank) just printed its best quarter ever, and the market barely flinched.

That mismatch caught the eye of our lead analyst, M0xt - and now he's buying.

Here's what dropped in Q1:

For a bank, 29% ROE is bonkers. Most U.S. banks sit around 10-12%.

And Q1 isn't a one-off - check out the 2025 backdrop:

Behind all that is a customer machine that keeps printing.

Nubank crossed 135M global customers as of March 2026, with 4M added in Q1 alone. 

In Brazil alone (where they’re based) they're sitting at 115M customers - making them the largest private financial institution in the country.

The part that actually makes the trade interesting? Mexico:

If Mexico works, country three works… and country four… (i.e. the playbook travels).

Which is important, given what happened in January…

OUR PRO ANALYST’S LATEST TRADE (P2) 📊

In January, the OCC (Office of the Comptroller of the Currency - the U.S.'s main banking regulator) granted Nubank conditional approval for a U.S. national bank charter.

A whole new growth leg on a company already growing 45% on a $15B base.

Which brings us to why M0xt is buying right now…

Nubank trades at roughly 22x trailing P/E (price-to-earnings - aka: what investors pay per dollar of profit), down from around 26.5x.

I.e. The business is accelerating, yet somehow the business just got cheaper? 

That gap closes in one of two ways:

1. The multiple re-rates higher. 

The market catches up to how good the business is, and the stock pops.

2. Earnings catch up to the price. 

The business keeps printing, and you end up owning it cheaper than the run rate implies.

(Either route path pays you.)

Stack it all up and you’ve got:

45%+ top-line growth, bank-level profitability with consumer-tech margins, a proven second-country playbook, U.S. optionality from the OCC nod, and a massive underbanked market across Latin America.

All while the multiple keeps getting cheaper as the business gets better.

That’s why M0xt is building a position.

He's already dropped his exact entry, his sizing, and where this slots into the broader portfolio inside Milk Road PRO.

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