# BB Seguridade Participacoes (BBSE3.SA)

Canonical: https://gigainvestors.com/s/BBSE3.SA

Analysis as of: 2026-10-16T07:35:04.231Z. Financial observations: FY2015–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 41.57 per share; close as of 2026-10-15.

Estimated value: low BRL 7.98 per share, central BRL 8.58 per share, high BRL 9.28 per share. Buy at or below the central value BRL 8.58 per share. Valuation as of 2026-10-16T07:35:04.231Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.33×

Chart: Net income; fiscal year observations.

- FY2016: BRL 4.0B

- FY2017: BRL 4.0B

- FY2018: BRL 3.5B

- FY2019: BRL 6.7B

- FY2020: BRL 3.9B

- FY2021: BRL 3.9B

- FY2022: BRL 6.0B

- FY2023: BRL 7.9B

- FY2024: BRL 8.7B

- FY2025: BRL 9.0B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 67.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 48.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 48.4%

- FY2017: 45.5%

- FY2018: 51.8%

- FY2019: >100%

- FY2020: 60.3%

- FY2021: 54.0%

- FY2022: 75.2%

- FY2023: 81.0%

- FY2024: 89.8%

- FY2025: 86.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 64.5%

- Book return interval: 10 years

- Starting book value per share: BRL 3.79

- Ending book value per share: BRL 5.35

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 53.7%

- FY2017: 47.0%

- FY2018: 15.9%

- FY2019: 62.6%

- FY2020: 127.7%

- FY2021: 45.1%

- FY2022: 64.3%

- FY2023: 109.1%

- FY2024: 54.8%

- FY2025: 93.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.6%

- Share growth excluding flagged crisis recapitalisations: -0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.14×

- Book value created per share: BRL 1.56

- Earnings retained per share after dividends and buybacks: BRL 1.36

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 98

- FY2025: 97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price is 7.8 times annual sales · net income +3.6%

Story as of 2026-10-16T10:00:03.513Z; price observation 2026-10-15.

The price is 7.8 times annual sales

### Net income · FY2025

net income +3.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 4.0B 

- FY2017: BRL 4.0B 

- FY2018: BRL 3.5B 

- FY2019: BRL 6.7B 

- FY2020: BRL 3.9B 

- FY2021: BRL 3.9B 

- FY2022: BRL 6.0B 

- FY2023: BRL 7.9B 

- FY2024: BRL 8.7B 

- FY2025: BRL 9.0B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are BRL 10.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.231Z); FY2025: revenue 10335463000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBSE3.SA: BB Seguridade Participações S.A., through its subsidiaries operates in the insurance, pension plans, and bonds, businesses in Brazil. The company operates through two segments, Insurance and Brokerage. The Insurance segment offers insurance products and services, including life, property and vehicle insurance, property insurance, rural, special risks and financial, transport, hulls, and housing people, as well as supplementary pension, dental, and capitalization plans. Its Brokerage segment engages in the brokerage and administration, implementation, promotion, and viability of insurance businesses in the basic, life, and capitalization sectors, as well as open pension plans and dental plans. The company was founded in 1981 and is headquartered in Brasília, Brazil. BB Seguridade Participações S.A. operates as a subsidiary of Banco do Brasil S.A.

### Why customers stay

It earns 67.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.231Z); 10-year return on tangible equity observations [[2016,0.4842345909942798],[2017,0.45504957593833545],[2018,0.5182069531951713],[2019,1.2686403287332575],[2020,0.6026618233834485],[2021,0.5401719940187458],[2022,0.7521182122579706],[2023,0.8095775044460938],[2024,0.897676645501005],[2025,0.8683539808248782]]; median 0.6773900178207095. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.231Z); Dividend observations: [[2016,3342078000],[2017,3285202000],[2018,3485559000],[2019,5860139000],[2020,5562658000],[2021,1990675000],[2022,3925751000],[2023,6960998000],[2024,5193343000],[2025,8273740000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 68.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BBSE3.SA SharesStats.PercentInsiders = 68.25 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.231Z); Closing price 41.57 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 5.324236620862036; price multiple 7.80769206182829. FY2025 cash earnings/share 1.9115754684232549. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2016-10: BRL 32.14 per share

- 2016-11: BRL 28.29 per share

- 2016-12: BRL 28.30 per share

- 2017-01: BRL 27.91 per share

- 2017-02: BRL 28.62 per share

- 2017-03: BRL 29.20 per share

- 2017-04: BRL 29.89 per share

- 2017-05: BRL 29.10 per share

- 2017-06: BRL 28.65 per share

- 2017-07: BRL 27.45 per share

- 2017-08: BRL 27.72 per share

- 2017-09: BRL 28.63 per share

- 2017-10: BRL 27.73 per share

- 2017-11: BRL 26.88 per share

- 2017-12: BRL 28.49 per share

- 2018-01: BRL 31.11 per share

- 2018-02: BRL 29.10 per share

- 2018-03: BRL 29.27 per share

- 2018-04: BRL 27.48 per share

- 2018-05: BRL 26.06 per share

- 2018-06: BRL 24.46 per share

- 2018-07: BRL 24.49 per share

- 2018-08: BRL 24.48 per share

- 2018-09: BRL 24.10 per share

- 2018-10: BRL 26.48 per share

- 2018-11: BRL 28.32 per share

- 2018-12: BRL 27.59 per share

- 2019-01: BRL 31.06 per share

- 2019-02: BRL 27.30 per share

- 2019-03: BRL 26.52 per share

- 2019-04: BRL 28.26 per share

- 2019-05: BRL 29.84 per share

- 2019-06: BRL 32.38 per share

- 2019-07: BRL 32.45 per share

- 2019-08: BRL 32.67 per share

- 2019-09: BRL 35.03 per share

- 2019-10: BRL 33.97 per share

- 2019-11: BRL 34.45 per share

- 2019-12: BRL 37.70 per share

- 2020-01: BRL 34.78 per share

- 2020-02: BRL 31.85 per share

- 2020-03: BRL 24.85 per share

- 2020-04: BRL 26.55 per share

- 2020-05: BRL 25.28 per share

- 2020-06: BRL 27.27 per share

- 2020-07: BRL 27.83 per share

- 2020-08: BRL 26.38 per share

- 2020-09: BRL 24.27 per share

- 2020-10: BRL 23.68 per share

- 2020-11: BRL 28.56 per share

- 2020-12: BRL 29.63 per share

- 2021-01: BRL 27.66 per share

- 2021-02: BRL 25.43 per share

- 2021-03: BRL 24.25 per share

- 2021-04: BRL 22.33 per share

- 2021-05: BRL 23.40 per share

- 2021-06: BRL 23.10 per share

- 2021-07: BRL 21.37 per share

- 2021-08: BRL 19.06 per share

- 2021-09: BRL 19.95 per share

- 2021-10: BRL 22.09 per share

- 2021-11: BRL 20.88 per share

- 2021-12: BRL 20.75 per share

- 2022-01: BRL 23.14 per share

- 2022-02: BRL 23.04 per share

- 2022-03: BRL 25.56 per share

- 2022-04: BRL 25.43 per share

- 2022-05: BRL 26.88 per share

- 2022-06: BRL 25.96 per share

- 2022-07: BRL 28.99 per share

- 2022-08: BRL 28.28 per share

- 2022-09: BRL 26.57 per share

- 2022-10: BRL 29.69 per share

- 2022-11: BRL 31.32 per share

- 2022-12: BRL 33.71 per share

- 2023-01: BRL 37.78 per share

- 2023-02: BRL 34.21 per share

- 2023-03: BRL 32.51 per share

- 2023-04: BRL 34.31 per share

- 2023-05: BRL 30.93 per share

- 2023-06: BRL 30.77 per share

- 2023-07: BRL 31.12 per share

- 2023-08: BRL 30.38 per share

- 2023-09: BRL 31.21 per share

- 2023-10: BRL 30.76 per share

- 2023-11: BRL 31.30 per share

- 2023-12: BRL 33.65 per share

- 2024-01: BRL 34.25 per share

- 2024-02: BRL 33.34 per share

- 2024-03: BRL 32.52 per share

- 2024-04: BRL 32.20 per share

- 2024-05: BRL 32.30 per share

- 2024-06: BRL 32.93 per share

- 2024-07: BRL 35.17 per share

- 2024-08: BRL 36.73 per share

- 2024-09: BRL 35.50 per share

- 2024-10: BRL 34.27 per share

- 2024-11: BRL 33.53 per share

- 2024-12: BRL 36.18 per share

- 2025-01: BRL 38.54 per share

- 2025-02: BRL 37.84 per share

- 2025-03: BRL 40.30 per share

- 2025-04: BRL 42.77 per share

- 2025-05: BRL 37.51 per share

- 2025-06: BRL 35.80 per share

- 2025-07: BRL 33.70 per share

- 2025-08: BRL 32.82 per share

- 2025-09: BRL 33.26 per share

- 2025-10: BRL 32.85 per share

- 2025-11: BRL 34.11 per share

- 2025-12: BRL 36.15 per share

- 2026-01: BRL 37.31 per share

- 2026-02: BRL 34.68 per share

- 2026-03: BRL 34.81 per share

- 2026-04: BRL 33.88 per share

- 2026-05: BRL 35.40 per share

- 2026-06: BRL 39.17 per share

- 2026-07: BRL 40.86 per share

- 2026-08: BRL 40.40 per share

- 2026-09: BRL 39.18 per share

- 2026-10: BRL 41.18 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 5.78 per share, central BRL 6.12 per share, high BRL 6.50 per share

- FY2017: low BRL 7.08 per share, central BRL 7.73 per share, high BRL 8.51 per share

- FY2018: low BRL 5.43 per share, central BRL 5.93 per share, high BRL 6.53 per share

- FY2019: low BRL 4.18 per share, central BRL 4.56 per share, high BRL 5.01 per share

- FY2020: low BRL 4.92 per share, central BRL 5.33 per share, high BRL 5.81 per share

- FY2021: low BRL 5.61 per share, central BRL 6.07 per share, high BRL 6.62 per share

- FY2022: low BRL 6.19 per share, central BRL 6.70 per share, high BRL 7.31 per share

- FY2023: low BRL 7.49 per share, central BRL 8.09 per share, high BRL 8.80 per share

- FY2024: low BRL 7.55 per share, central BRL 8.16 per share, high BRL 8.87 per share

- FY2025: low BRL 7.98 per share, central BRL 8.58 per share, high BRL 9.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

BB Seguridade Participacoes

BBSE3 · SA

Ibovespa

A wonderful business at too high a price

Passes the quality tests.

Share price: BRL 41.57
Buy up to: BRL 8.58
Expected / yr: 6.4% at today's price (17.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: BRL 5.0B
Worst year: BRL 3.5B
Latest · 2025: BRL 9.0B

Earned a median 67.7% on equity (minimum 10%).

Return on common equity

10y median: 67.7%
Worst year: 45.5%
Latest · 2025: 86.8%

Book value plus dividends grew 64.5% a year (minimum 7%).

Annual book + dividend return

10y median: 58.7%
Worst year: 15.9%
Latest · 2025: 93.7%

Ordinary share growth was -0.3% over the full period and -0.6% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 97

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 4.36 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 32.14 · Value 6.12 · Buy at or below 6.12; 2016-11 · Price BRL 28.29 · Value 6.12 · Buy at or below 6.12; 2016-12 · Price BRL 28.30 · Value 6.12 · Buy at or below 6.12; 2017-01 · Price BRL 27.91 · Value 6.12 · Buy at or below 6.12; 2017-02 · Price BRL 28.62 · Value 7.73 · Buy at or below 7.73; 2017-03 · Price BRL 29.20 · Value 7.73 · Buy at or below 7.73; 2017-04 · Price BRL 29.89 · Value 7.73 · Buy at or below 7.73; 2017-05 · Price BRL 29.10 · Value 7.73 · Buy at or below 7.73; 2017-06 · Price BRL 28.65 · Value 7.73 · Buy at or below 7.73; 2017-07 · Price BRL 27.45 · Value 7.73 · Buy at or below 7.73; 2017-08 · Price BRL 27.72 · Value 7.73 · Buy at or below 7.73; 2017-09 · Price BRL 28.63 · Value 7.73 · Buy at or below 7.73; 2017-10 · Price BRL 27.73 · Value 7.73 · Buy at or below 7.73; 2017-11 · Price BRL 26.88 · Value 7.73 · Buy at or below 7.73; 2017-12 · Price BRL 28.49 · Value 7.73 · Buy at or below 7.73; 2018-01 · Price BRL 31.11 · Value 7.73 · Buy at or below 7.73; 2018-02 · Price BRL 29.10 · Value 5.93 · Buy at or below 5.93; 2018-03 · Price BRL 29.27 · Value 5.93 · Buy at or below 5.93; 2018-04 · Price BRL 27.48 · Value 5.93 · Buy at or below 5.93; 2018-05 · Price BRL 26.06 · Value 5.93 · Buy at or below 5.93; 2018-06 · Price BRL 24.46 · Value 5.93 · Buy at or below 5.93; 2018-07 · Price BRL 24.49 · Value 5.93 · Buy at or below 5.93; 2018-08 · Price BRL 24.48 · Value 5.93 · Buy at or below 5.93; 2018-09 · Price BRL 24.10 · Value 5.93 · Buy at or below 5.93; 2018-10 · Price BRL 26.48 · Value 5.93 · Buy at or below 5.93; 2018-11 · Price BRL 28.32 · Value 5.93 · Buy at or below 5.93; 2018-12 · Price BRL 27.59 · Value 5.93 · Buy at or below 5.93; 2019-01 · Price BRL 31.06 · Value 5.93 · Buy at or below 5.93; 2019-02 · Price BRL 27.30 · Value 4.56 · Buy at or below 4.56; 2019-03 · Price BRL 26.52 · Value 4.56 · Buy at or below 4.56; 2019-04 · Price BRL 28.26 · Value 4.56 · Buy at or below 4.56; 2019-05 · Price BRL 29.84 · Value 4.56 · Buy at or below 4.56; 2019-06 · Price BRL 32.38 · Value 4.56 · Buy at or below 4.56; 2019-07 · Price BRL 32.45 · Value 4.56 · Buy at or below 4.56; 2019-08 · Price BRL 32.67 · Value 4.56 · Buy at or below 4.56; 2019-09 · Price BRL 35.03 · Value 4.56 · Buy at or below 4.56; 2019-10 · Price BRL 33.97 · Value 4.56 · Buy at or below 4.56; 2019-11 · Price BRL 34.45 · Value 4.56 · Buy at or below 4.56; 2019-12 · Price BRL 37.70 · Value 4.56 · Buy at or below 4.56; 2020-01 · Price BRL 34.78 · Value 4.56 · Buy at or below 4.56; 2020-02 · Price BRL 31.85 · Value 5.33 · Buy at or below 5.33; 2020-03 · Price BRL 24.85 · Value 5.33 · Buy at or below 5.33; 2020-04 · Price BRL 26.55 · Value 5.33 · Buy at or below 5.33; 2020-05 · Price BRL 25.28 · Value 5.33 · Buy at or below 5.33; 2020-06 · Price BRL 27.27 · Value 5.33 · Buy at or below 5.33; 2020-07 · Price BRL 27.83 · Value 5.33 · Buy at or below 5.33; 2020-08 · Price BRL 26.38 · Value 5.33 · Buy at or below 5.33; 2020-09 · Price BRL 24.27 · Value 5.33 · Buy at or below 5.33; 2020-10 · Price BRL 23.68 · Value 5.33 · Buy at or below 5.33; 2020-11 · Price BRL 28.56 · Value 5.33 · Buy at or below 5.33; 2020-12 · Price BRL 29.63 · Value 5.33 · Buy at or below 5.33; 2021-01 · Price BRL 27.66 · Value 5.33 · Buy at or below 5.33; 2021-02 · Price BRL 25.43 · Value 6.07 · Buy at or below 6.07; 2021-03 · Price BRL 24.25 · Value 6.07 · Buy at or below 6.07; 2021-04 · Price BRL 22.33 · Value 6.07 · Buy at or below 6.07; 2021-05 · Price BRL 23.40 · Value 6.07 · Buy at or below 6.07; 2021-06 · Price BRL 23.10 · Value 6.07 · Buy at or below 6.07; 2021-07 · Price BRL 21.37 · Value 6.07 · Buy at or below 6.07; 2021-08 · Price BRL 19.06 · Value 6.07 · Buy at or below 6.07; 2021-09 · Price BRL 19.95 · Value 6.07 · Buy at or below 6.07; 2021-10 · Price BRL 22.09 · Value 6.07 · Buy at or below 6.07; 2021-11 · Price BRL 20.88 · Value 6.07 · Buy at or below 6.07; 2021-12 · Price BRL 20.75 · Value 6.07 · Buy at or below 6.07; 2022-01 · Price BRL 23.14 · Value 6.07 · Buy at or below 6.07; 2022-02 · Price BRL 23.04 · Value 6.70 · Buy at or below 6.70; 2022-03 · Price BRL 25.56 · Value 6.70 · Buy at or below 6.70; 2022-04 · Price BRL 25.43 · Value 6.70 · Buy at or below 6.70; 2022-05 · Price BRL 26.88 · Value 6.70 · Buy at or below 6.70; 2022-06 · Price BRL 25.96 · Value 6.70 · Buy at or below 6.70; 2022-07 · Price BRL 28.99 · Value 6.70 · Buy at or below 6.70; 2022-08 · Price BRL 28.28 · Value 6.70 · Buy at or below 6.70; 2022-09 · Price BRL 26.57 · Value 6.70 · Buy at or below 6.70; 2022-10 · Price BRL 29.69 · Value 6.70 · Buy at or below 6.70; 2022-11 · Price BRL 31.32 · Value 6.70 · Buy at or below 6.70; 2022-12 · Price BRL 33.71 · Value 6.70 · Buy at or below 6.70; 2023-01 · Price BRL 37.78 · Value 6.70 · Buy at or below 6.70; 2023-02 · Price BRL 34.21 · Value 8.09 · Buy at or below 8.09; 2023-03 · Price BRL 32.51 · Value 8.09 · Buy at or below 8.09; 2023-04 · Price BRL 34.31 · Value 8.09 · Buy at or below 8.09; 2023-05 · Price BRL 30.93 · Value 8.09 · Buy at or below 8.09; 2023-06 · Price BRL 30.77 · Value 8.09 · Buy at or below 8.09; 2023-07 · Price BRL 31.12 · Value 8.09 · Buy at or below 8.09; 2023-08 · Price BRL 30.38 · Value 8.09 · Buy at or below 8.09; 2023-09 · Price BRL 31.21 · Value 8.09 · Buy at or below 8.09; 2023-10 · Price BRL 30.76 · Value 8.09 · Buy at or below 8.09; 2023-11 · Price BRL 31.30 · Value 8.09 · Buy at or below 8.09; 2023-12 · Price BRL 33.65 · Value 8.09 · Buy at or below 8.09; 2024-01 · Price BRL 34.25 · Value 8.09 · Buy at or below 8.09; 2024-02 · Price BRL 33.34 · Value 8.16 · Buy at or below 8.16; 2024-03 · Price BRL 32.52 · Value 8.16 · Buy at or below 8.16; 2024-04 · Price BRL 32.20 · Value 8.16 · Buy at or below 8.16; 2024-05 · Price BRL 32.30 · Value 8.16 · Buy at or below 8.16; 2024-06 · Price BRL 32.93 · Value 8.16 · Buy at or below 8.16; 2024-07 · Price BRL 35.17 · Value 8.16 · Buy at or below 8.16; 2024-08 · Price BRL 36.73 · Value 8.16 · Buy at or below 8.16; 2024-09 · Price BRL 35.50 · Value 8.16 · Buy at or below 8.16; 2024-10 · Price BRL 34.27 · Value 8.16 · Buy at or below 8.16; 2024-11 · Price BRL 33.53 · Value 8.16 · Buy at or below 8.16; 2024-12 · Price BRL 36.18 · Value 8.16 · Buy at or below 8.16; 2025-01 · Price BRL 38.54 · Value 8.16 · Buy at or below 8.16; 2025-02 · Price BRL 37.84 · Value 8.58 · Buy at or below 8.58; 2025-03 · Price BRL 40.30 · Value 8.58 · Buy at or below 8.58; 2025-04 · Price BRL 42.77 · Value 8.58 · Buy at or below 8.58; 2025-05 · Price BRL 37.51 · Value 8.58 · Buy at or below 8.58; 2025-06 · Price BRL 35.80 · Value 8.58 · Buy at or below 8.58; 2025-07 · Price BRL 33.70 · Value 8.58 · Buy at or below 8.58; 2025-08 · Price BRL 32.82 · Value 8.58 · Buy at or below 8.58; 2025-09 · Price BRL 33.26 · Value 8.58 · Buy at or below 8.58; 2025-10 · Price BRL 32.85 · Value 8.58 · Buy at or below 8.58; 2025-11 · Price BRL 34.11 · Value 8.58 · Buy at or below 8.58; 2025-12 · Price BRL 36.15 · Value 8.58 · Buy at or below 8.58; 2026-01 · Price BRL 37.31 · Value 8.58 · Buy at or below 8.58; 2026-02 · Price BRL 34.68 · Value 8.58 · Buy at or below 8.58; 2026-03 · Price BRL 34.81 · Value 8.58 · Buy at or below 8.58; 2026-04 · Price BRL 33.88 · Value 8.58 · Buy at or below 8.58; 2026-05 · Price BRL 35.40 · Value 8.58 · Buy at or below 8.58; 2026-06 · Price BRL 39.17 · Value 8.58 · Buy at or below 8.58; 2026-07 · Price BRL 40.86 · Value 8.58 · Buy at or below 8.58; 2026-08 · Price BRL 40.40 · Value 8.58 · Buy at or below 8.58; 2026-09 · Price BRL 39.18 · Value 8.58 · Buy at or below 8.58; 2026-10 · Price BRL 41.18 · Value 8.58 · Buy at or below 8.58; 2026-10 · Price BRL 41.57 · Value 8.58 · Buy at or below 8.58

BRL per share · annual estimates

Price & return math
Value range	BRL 7.98 – BRL 9.28
Buy at or below	Central value BRL 8.58
Discount to value	1 − 41.57 / 8.58 = -384.3%
Return / year	About 6.4% a year at today's price (required return 17.0%)
Cash-flow inputs	Book BRL 5.35/share; ROE 25.0%; first payout BRL 1.14/share, growing 3.6% perpetually (4× book payout cap applied).
Required return	17.0% / year, earned by construction at the central value

Net incomeBRL 9.0B

Net income

Book / shareBRL 5.35

Book / share

Dividend / shareBRL 4.26

Dividend / share

Return on equity86.8%

Return on equity

Diluted shares1.9B

Diluted shares

Prices 15 Oct 2026 · FY2025