It hasn’t been the best quarter for Banco BTG Pactual S.A. (BVMF:BPAC11) shareholders, since the share price has fallen 28% in that time. But that doesn’t change the fact that shareholders have received really good returns over the last five years. It’s fair to say most would be happy with 292% the gain in that time. To some, the recent pullback wouldn’t be surprising after such a fast rise. Of course, that doesn’t necessarily mean it’s cheap now.

With that in mind, it’s worth seeing if the company’s underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

See our latest analysis for Banco BTG Pactual

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a…