🥛 Our PRO analyst’s latest trade 📊

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Here’s what we’ve got for you today:

✍️ Our PRO analyst’s latest trade.
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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:

Revenue over $5B for the first time.
Net income jumped from $557M to $871M (up 56% year-over-year).
Diluted EPS (earnings-per-share) climbed from $0.11 to $0.18.
ROE (return on equity, basically how much profit a bank squeezes from every dollar of shareholder money) held at 29%.

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:

Full-year revenue: $15.8B (up 42%).
Net income: $2.87B.
Q4 ROE: 33%.
Total assets: $77.5B.
Deposits: $42.4B.

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.

Source: Investidores

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:

15M customers.
Third-largest financial institution in the country.
Hit break-even in Q1.
Customer base up 7x in four years.
ARPAC (average revenue per active customer) has nearly doubled since launch.

Source: Investidores

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

Which is important, given what happened in January…

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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.)

Source: Get Yarn

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.

Want to see the full trade (plus M0xt’s entire portfolio, every past trade, and live alerts the moment he buys or sells)?

Try Milk Road PRO for a buck, here.

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