At the lowest price / tangible book value in Brazil banking and with the most solid capital ratios, it keeps being the underperformer with a downsloping price action in a very bullish day and with a lower % gain than every other bank in Brazil that is listed on NYSE. Santander is a word that has a negative impact on a company reputation and attractiveness whatever the rest may be.
Fundamentals have no importance except for that insolvent companies go to 0 usually. Beyond this, BSBR is fundamentally very good but the share price likely to get much worse before it gets better. The only way to fix this would be to buy all the share capital and reorient it with a new name and no tie to anything in Europe at all.