XP is a fascinating case study. It’s a company with excellent financial indicators, yet it still raises some doubts regarding its business model and long-term sustainability.
I was a shareholder and would love to remain one, as I believe the company has significant potential. However, for this potential to materialize, some changes are necessary. It seems to me that XP is getting closer to making these changes. When examining the company's revenue sources, we notice that income from investment advisor commissions has been nearly stagnant since 2020. This indicates that XP is focusing on solving its long-term issues and gradually moving away from this contentious commission system and any practices that may mislead clients.
Currently, I don’t intend to buy more shares, but I’m keeping an eye on their progress. If the company introduces changes, like implementing a sustainable dividend policy, I believe its valuation could increase substantially. When such an announcement is made, you can count on me to keep investing.
