Goldman (NYSE:GS) recently put out a piece upgrading target prices of Brazilian banks, citing improving economic fundamentals of the local economy. But beyond the piece as it relates to financials in South America, I thought the global bank's peer comparison table was a pretty nice snapshot of the financials' valuations globally.
In particular, the vast discrepancy between book values in the US & Europe vs. Latin America & Asia (where they are much higher) is very interesting to note. For some banks, of course, book value is a rather opaque and uncertain value, with potential to disappear pretty quickly, which is clearly the reason US & European banks are trading so low. No one really believes their stated book values. Well I'll let you make further conclusions; you can find the full table here.