# Minerva (BEEF3.SA)

Canonical: https://gigainvestors.com/s/BEEF3.SA

Analysis as of: 2026-10-16T07:44:48.652Z. Financial observations: FY2004–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 4.10 per share; close as of 2026-10-15.

Estimated value: low BRL 18.35 per share, central BRL 18.70 per share, high BRL 19.10 per share. Buy at or below the central value BRL 18.70 per share. Valuation as of 2026-10-16T07:44:48.652Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.04×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 23.9%

- ROIC, second-lowest year: 14.9%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 18.9%

- Recent gross margin (lower of latest and 3-year median): 16.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.2%

- FY2017: 14.9%

- FY2018: 10.6%

- FY2019: 22.3%

- FY2020: 30.4%

- FY2021: 33.2%

- FY2022: 39.2%

- FY2023: 25.4%

- FY2024: 21.6%

- FY2025: 46.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 686M

- Net income, five-year total: BRL 924M

- Return on incremental invested capital: 140.5%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -7.6 pp

- Working capital / revenue, final three-year average: 5.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.51×

- FY2024: 1.00×

- FY2025: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 25.4%

- Per-share earnings: -1.31 to 0.69 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 19.8%

- Ordinary dilution, 5-year annual growth: 12.1%

- Market cap gain: BRL 3.9B

- Cumulative retained earnings: BRL 463M

- Diluted shares, 10-year annual growth: 19.8%

- Diluted shares, 5-year annual growth: 12.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL 2.00

- Per-share value, starting three-year median: BRL -1.31

- Per-share value, ending three-year median: BRL 0.69

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 6.9B

- Cumulative net income, 10 years: BRL 287M

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.83

- FY2017: BRL -1.31

- FY2018: BRL -4.19

- FY2019: BRL 0.04

- FY2020: BRL 1.05

- FY2021: BRL 0.79

- FY2022: BRL 1.12

- FY2023: BRL 0.72

- FY2024: BRL -2.65

- FY2025: BRL 0.69

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 5.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -7.0%

- FY2018: -20.2%

- FY2019: -13.2%

- FY2020: -14.9%

- FY2021: -9.9%

- FY2022: -11.6%

- FY2023: -8.0%

- FY2024: -19.3%

- FY2025: -8.5%

## Holders

## Price story

Down 73% since Aug 2022 · sales +60.9%

Story as of 2026-10-16T10:00:13.188Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +60.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 9.6B 

- FY2017: BRL 12B 

- FY2018: BRL 16B 

- FY2019: BRL 17B 

- FY2020: BRL 19B 

- FY2021: BRL 27B 

- FY2022: BRL 31B 

- FY2023: BRL 27B 

- FY2024: BRL 34B 

- FY2025: BRL 55B 

### Gross margin · FY2025

gross margin 16.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.5% 

- FY2017: 18.5% 

- FY2018: 17.6% 

- FY2019: 19.2% 

- FY2020: 19.8% 

- FY2021: 17.2% 

- FY2022: 18.5% 

- FY2023: 20.5% 

- FY2024: 20.6% 

- FY2025: 16.7% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are BRL 54.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2025: revenue 54830072000; grossProfit 9142633000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEEF3.SA: Minerva S.A. produces and sells fresh beef, livestock, and by-products in South America and internationally. The company is also involved in slaughtering, deboning, and meat processing; selling chilled, frozen, and processed meat, as well as beef, pork, and poultry products; exporting and selling live cattle; and breeding and selling live cattle, lambs, pigs, and other live animals. In addition, it trades in electricity; trades in proteins and food products; sells third parties' brands primarily Swift products; and prepares products for animals, which include meat/bone meal, blood, and tallow. Minerva S.A. was founded in 1957 and is headquartered in Barretos, Brazil.

### Why customers stay

Margins ranged from 16.7% to 20.6% during 2023–25; it earns 23.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2023: grossProfit / revenue = 20.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2024: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2025: grossProfit / revenue = 16.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); 10-year return on capital observations [[2016,0.21150458446163609],[2017,0.14865782495688995],[2018,0.10576768228749298],[2019,0.22266198175746169],[2020,0.3040030187433525],[2021,0.33165557138629953],[2022,0.3921139185161764],[2023,0.25449251500346926],[2024,0.21623127257426644],[2025,0.46583010338204695]]; median 0.23857724838046546. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 18.2% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2016: growth capex 30214728.81455654; upkeep 149386271.18544346; owner earnings 125850728.81455654. Growth capex / owner earnings = 0.24008386045247718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2019: growth capex 0; upkeep 247063000; owner earnings 23798600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2020: growth capex 46062000; upkeep 308662000; owner earnings 687713800. Growth capex / owner earnings = 0.06697844364908774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2021: growth capex 157399000; upkeep 346786000; owner earnings 590937600. Growth capex / owner earnings = 0.2663546878722897.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2022: growth capex 398738000; upkeep 414525000; owner earnings 644889646.5124018. Growth capex / owner earnings = 0.6183042357035762.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2023: growth capex 0; upkeep 714902000; owner earnings 212983600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2025: growth capex 146031000; upkeep 974417000; owner earnings 803084053.6722231. Growth capex / owner earnings = 0.18183775326163085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); Incremental return on capital 1.4047467781482499, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); Dividend observations: [[2016,48728000],[2017,11433000],[2018,138454000],[2019,138454000],[2020,138454000],[2021,583441000],[2022,328078000],[2023,295314000],[2024,0],[2025,162122000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); FY2025: cash repurchases 21374000 BRL.

### Are managers owners

Insiders own 53.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEEF3.SA SharesStats.PercentInsiders = 53.234 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:48.652Z); Closing price 4.1 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 46.75664829546957; price multiple 0.08768806468100206. FY2025 cash earnings/share 0.6848343852120445. Closing-price date 2026-10-15.

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

- 2016-10: BRL 9.94 per share

- 2016-11: BRL 12.05 per share

- 2016-12: BRL 11.95 per share

- 2017-01: BRL 11.81 per share

- 2017-02: BRL 10.62 per share

- 2017-03: BRL 9.60 per share

- 2017-04: BRL 9.93 per share

- 2017-05: BRL 10.74 per share

- 2017-06: BRL 12.10 per share

- 2017-07: BRL 12.19 per share

- 2017-08: BRL 11.39 per share

- 2017-09: BRL 11.01 per share

- 2017-10: BRL 11.31 per share

- 2017-11: BRL 10.67 per share

- 2017-12: BRL 10.47 per share

- 2018-01: BRL 9.47 per share

- 2018-02: BRL 8.93 per share

- 2018-03: BRL 7.44 per share

- 2018-04: BRL 8.06 per share

- 2018-05: BRL 6.96 per share

- 2018-06: BRL 6.17 per share

- 2018-07: BRL 7.41 per share

- 2018-08: BRL 5.72 per share

- 2018-09: BRL 4.93 per share

- 2018-10: BRL 5.40 per share

- 2018-11: BRL 5.42 per share

- 2018-12: BRL 4.91 per share

- 2019-01: BRL 6.00 per share

- 2019-02: BRL 6.27 per share

- 2019-03: BRL 6.91 per share

- 2019-04: BRL 8.26 per share

- 2019-05: BRL 8.06 per share

- 2019-06: BRL 7.82 per share

- 2019-07: BRL 8.48 per share

- 2019-08: BRL 8.35 per share

- 2019-09: BRL 9.63 per share

- 2019-10: BRL 10.17 per share

- 2019-11: BRL 14.45 per share

- 2019-12: BRL 12.63 per share

- 2020-01: BRL 11.93 per share

- 2020-02: BRL 11.62 per share

- 2020-03: BRL 7.95 per share

- 2020-04: BRL 12.26 per share

- 2020-05: BRL 13.39 per share

- 2020-06: BRL 13.15 per share

- 2020-07: BRL 13.58 per share

- 2020-08: BRL 13.09 per share

- 2020-09: BRL 11.74 per share

- 2020-10: BRL 9.97 per share

- 2020-11: BRL 10.03 per share

- 2020-12: BRL 10.18 per share

- 2021-01: BRL 9.28 per share

- 2021-02: BRL 9.70 per share

- 2021-03: BRL 10.20 per share

- 2021-04: BRL 9.68 per share

- 2021-05: BRL 9.91 per share

- 2021-06: BRL 9.37 per share

- 2021-07: BRL 8.97 per share

- 2021-08: BRL 8.36 per share

- 2021-09: BRL 10.45 per share

- 2021-10: BRL 9.74 per share

- 2021-11: BRL 8.58 per share

- 2021-12: BRL 10.60 per share

- 2022-01: BRL 9.54 per share

- 2022-02: BRL 10.81 per share

- 2022-03: BRL 12.66 per share

- 2022-04: BRL 13.13 per share

- 2022-05: BRL 14.22 per share

- 2022-06: BRL 13.27 per share

- 2022-07: BRL 13.10 per share

- 2022-08: BRL 15.45 per share

- 2022-09: BRL 12.54 per share

- 2022-10: BRL 13.68 per share

- 2022-11: BRL 12.50 per share

- 2022-12: BRL 12.96 per share

- 2023-01: BRL 13.99 per share

- 2023-02: BRL 11.33 per share

- 2023-03: BRL 10.54 per share

- 2023-04: BRL 8.55 per share

- 2023-05: BRL 10.22 per share

- 2023-06: BRL 10.63 per share

- 2023-07: BRL 10.09 per share

- 2023-08: BRL 8.40 per share

- 2023-09: BRL 8.09 per share

- 2023-10: BRL 7.57 per share

- 2023-11: BRL 7.26 per share

- 2023-12: BRL 7.47 per share

- 2024-01: BRL 6.85 per share

- 2024-02: BRL 6.81 per share

- 2024-03: BRL 6.75 per share

- 2024-04: BRL 6.12 per share

- 2024-05: BRL 6.20 per share

- 2024-06: BRL 6.68 per share

- 2024-07: BRL 6.29 per share

- 2024-08: BRL 7.49 per share

- 2024-09: BRL 6.34 per share

- 2024-10: BRL 5.80 per share

- 2024-11: BRL 5.85 per share

- 2024-12: BRL 5.09 per share

- 2025-01: BRL 4.84 per share

- 2025-02: BRL 4.42 per share

- 2025-03: BRL 6.32 per share

- 2025-04: BRL 5.91 per share

- 2025-05: BRL 5.04 per share

- 2025-06: BRL 4.90 per share

- 2025-07: BRL 4.94 per share

- 2025-08: BRL 6.03 per share

- 2025-09: BRL 6.75 per share

- 2025-10: BRL 7.18 per share

- 2025-11: BRL 6.23 per share

- 2025-12: BRL 5.76 per share

- 2026-01: BRL 6.19 per share

- 2026-02: BRL 5.22 per share

- 2026-03: BRL 4.25 per share

- 2026-04: BRL 3.80 per share

- 2026-05: BRL 3.69 per share

- 2026-06: BRL 3.71 per share

- 2026-07: BRL 3.66 per share

- 2026-08: BRL 3.82 per share

- 2026-09: BRL 3.94 per share

- 2026-10: BRL 4.36 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 9.31 per share, central BRL 9.34 per share, high BRL 9.36 per share

- FY2021: low BRL 9.27 per share, central BRL 9.30 per share, high BRL 9.33 per share

- FY2022: low BRL 18.57 per share, central BRL 20.31 per share, high BRL 21.06 per share

- FY2023: low BRL 11.54 per share, central BRL 12.37 per share, high BRL 12.90 per share

- FY2024: low BRL 31.84 per share, central BRL 33.97 per share, high BRL 34.83 per share

- FY2025: low BRL 15.46 per share, central BRL 15.74 per share, high BRL 16.06 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.

Minerva

BEEF3 · SA

Ibovespa

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: BRL 4.10
Buy up to: BRL 18.70
Expected / yr: Excess cash covers price · no finite IRR

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

3 loss years were recorded (limit 2).

Operating margin

10y median: 7.7%
Worst year: 4.3%
Latest · 2025: 6.8%

Capital return excluding acquisitions: median 23.9% (minimum 15%), and the second-worst year 14.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 23.9%
Worst year: 10.6%
Latest · 2025: 46.6%

Each $1 of profit left $0.74 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.74×
Annual median: 0.99×
Latest · 2025: 0.99×

Share growth was 19.8% over ten years and 12.1% over five (either must be at most 1% a year).

Earnings per share

10y median: BRL 0.70
Worst year: BRL -4.19
Latest · 2025: BRL 0.69

Profits were backed by cash: accruals were -8.5% of assets (limit 10%).

Sloan accruals

10y median: -10.8%
Worst year: -4.4%
Latest · 2025: -8.5%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 7.7%, three-year average owner earnings per share -0.54 BRL. 3 loss years in the last 10; at most 2 allowed. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 9.94; 2016-11 · Price BRL 12.05; 2016-12 · Price BRL 11.95; 2017-01 · Price BRL 11.81; 2017-02 · Price BRL 10.62; 2017-03 · Price BRL 9.60; 2017-04 · Price BRL 9.93; 2017-05 · Price BRL 10.74; 2017-06 · Price BRL 12.10; 2017-07 · Price BRL 12.19; 2017-08 · Price BRL 11.39; 2017-09 · Price BRL 11.01; 2017-10 · Price BRL 11.31; 2017-11 · Price BRL 10.67; 2017-12 · Price BRL 10.47; 2018-01 · Price BRL 9.47; 2018-02 · Price BRL 8.93; 2018-03 · Price BRL 7.44; 2018-04 · Price BRL 8.06; 2018-05 · Price BRL 6.96; 2018-06 · Price BRL 6.17; 2018-07 · Price BRL 7.41; 2018-08 · Price BRL 5.72; 2018-09 · Price BRL 4.93; 2018-10 · Price BRL 5.40; 2018-11 · Price BRL 5.42; 2018-12 · Price BRL 4.91; 2019-01 · Price BRL 6.00; 2019-02 · Price BRL 6.27; 2019-03 · Price BRL 6.91; 2019-04 · Price BRL 8.26; 2019-05 · Price BRL 8.06; 2019-06 · Price BRL 7.82; 2019-07 · Price BRL 8.48; 2019-08 · Price BRL 8.35; 2019-09 · Price BRL 9.63; 2019-10 · Price BRL 10.17; 2019-11 · Price BRL 14.45; 2019-12 · Price BRL 12.63; 2020-01 · Price BRL 11.93 · Value 9.34 · Buy at or below 9.34; 2020-02 · Price BRL 11.62 · Value 9.34 · Buy at or below 9.34; 2020-03 · Price BRL 7.95 · Value 9.34 · Buy at or below 9.34; 2020-04 · Price BRL 12.26 · Value 9.34 · Buy at or below 9.34; 2020-05 · Price BRL 13.39 · Value 9.34 · Buy at or below 9.34; 2020-06 · Price BRL 13.15 · Value 9.34 · Buy at or below 9.34; 2020-07 · Price BRL 13.58 · Value 9.34 · Buy at or below 9.34; 2020-08 · Price BRL 13.09 · Value 9.34 · Buy at or below 9.34; 2020-09 · Price BRL 11.74 · Value 9.34 · Buy at or below 9.34; 2020-10 · Price BRL 9.97 · Value 9.34 · Buy at or below 9.34; 2020-11 · Price BRL 10.03 · Value 9.34 · Buy at or below 9.34; 2020-12 · Price BRL 10.18 · Value 9.34 · Buy at or below 9.34; 2021-01 · Price BRL 9.28 · Value 9.34 · Buy at or below 9.34; 2021-02 · Price BRL 9.70 · Value 9.30 · Buy at or below 9.30; 2021-03 · Price BRL 10.20 · Value 9.30 · Buy at or below 9.30; 2021-04 · Price BRL 9.68 · Value 9.30 · Buy at or below 9.30; 2021-05 · Price BRL 9.91 · Value 9.30 · Buy at or below 9.30; 2021-06 · Price BRL 9.37 · Value 9.30 · Buy at or below 9.30; 2021-07 · Price BRL 8.97 · Value 9.30 · Buy at or below 9.30; 2021-08 · Price BRL 8.36 · Value 9.30 · Buy at or below 9.30; 2021-09 · Price BRL 10.45 · Value 9.30 · Buy at or below 9.30; 2021-10 · Price BRL 9.74 · Value 9.30 · Buy at or below 9.30; 2021-11 · Price BRL 8.58 · Value 9.30 · Buy at or below 9.30; 2021-12 · Price BRL 10.60 · Value 9.30 · Buy at or below 9.30; 2022-01 · Price BRL 9.54 · Value 9.30 · Buy at or below 9.30; 2022-02 · Price BRL 10.81 · Value 20.31 · Buy at or below 20.31; 2022-03 · Price BRL 12.66 · Value 20.31 · Buy at or below 20.31; 2022-04 · Price BRL 13.13 · Value 20.31 · Buy at or below 20.31; 2022-05 · Price BRL 14.22 · Value 20.31 · Buy at or below 20.31; 2022-06 · Price BRL 13.27 · Value 20.31 · Buy at or below 20.31; 2022-07 · Price BRL 13.10 · Value 20.31 · Buy at or below 20.31; 2022-08 · Price BRL 15.45 · Value 20.31 · Buy at or below 20.31; 2022-09 · Price BRL 12.54 · Value 20.31 · Buy at or below 20.31; 2022-10 · Price BRL 13.68 · Value 20.31 · Buy at or below 20.31; 2022-11 · Price BRL 12.50 · Value 20.31 · Buy at or below 20.31; 2022-12 · Price BRL 12.96 · Value 20.31 · Buy at or below 20.31; 2023-01 · Price BRL 13.99 · Value 20.31 · Buy at or below 20.31; 2023-02 · Price BRL 11.33 · Value 12.37 · Buy at or below 12.37; 2023-03 · Price BRL 10.54 · Value 12.37 · Buy at or below 12.37; 2023-04 · Price BRL 8.55 · Value 12.37 · Buy at or below 12.37; 2023-05 · Price BRL 10.22 · Value 12.37 · Buy at or below 12.37; 2023-06 · Price BRL 10.63 · Value 12.37 · Buy at or below 12.37; 2023-07 · Price BRL 10.09 · Value 12.37 · Buy at or below 12.37; 2023-08 · Price BRL 8.40 · Value 12.37 · Buy at or below 12.37; 2023-09 · Price BRL 8.09 · Value 12.37 · Buy at or below 12.37; 2023-10 · Price BRL 7.57 · Value 12.37 · Buy at or below 12.37; 2023-11 · Price BRL 7.26 · Value 12.37 · Buy at or below 12.37; 2023-12 · Price BRL 7.47 · Value 12.37 · Buy at or below 12.37; 2024-01 · Price BRL 6.85 · Value 12.37 · Buy at or below 12.37; 2024-02 · Price BRL 6.81 · Value 33.97 · Buy at or below 33.97; 2024-03 · Price BRL 6.75 · Value 33.97 · Buy at or below 33.97; 2024-04 · Price BRL 6.12 · Value 33.97 · Buy at or below 33.97; 2024-05 · Price BRL 6.20 · Value 33.97 · Buy at or below 33.97; 2024-06 · Price BRL 6.68 · Value 33.97 · Buy at or below 33.97; 2024-07 · Price BRL 6.29 · Value 33.97 · Buy at or below 33.97; 2024-08 · Price BRL 7.49 · Value 33.97 · Buy at or below 33.97; 2024-09 · Price BRL 6.34 · Value 33.97 · Buy at or below 33.97; 2024-10 · Price BRL 5.80 · Value 33.97 · Buy at or below 33.97; 2024-11 · Price BRL 5.85 · Value 33.97 · Buy at or below 33.97; 2024-12 · Price BRL 5.09 · Value 33.97 · Buy at or below 33.97; 2025-01 · Price BRL 4.84 · Value 33.97 · Buy at or below 33.97; 2025-02 · Price BRL 4.42 · Value 15.74 · Buy at or below 15.74; 2025-03 · Price BRL 6.32 · Value 15.74 · Buy at or below 15.74; 2025-04 · Price BRL 5.91 · Value 15.74 · Buy at or below 15.74; 2025-05 · Price BRL 5.04 · Value 15.74 · Buy at or below 15.74; 2025-06 · Price BRL 4.90 · Value 15.74 · Buy at or below 15.74; 2025-07 · Price BRL 4.94 · Value 15.74 · Buy at or below 15.74; 2025-08 · Price BRL 6.03 · Value 15.74 · Buy at or below 15.74; 2025-09 · Price BRL 6.75 · Value 15.74 · Buy at or below 15.74; 2025-10 · Price BRL 7.18 · Value 15.74 · Buy at or below 15.74; 2025-11 · Price BRL 6.23 · Value 15.74 · Buy at or below 15.74; 2025-12 · Price BRL 5.76 · Value 15.74 · Buy at or below 15.74; 2026-01 · Price BRL 6.19 · Value 15.74 · Buy at or below 15.74; 2026-02 · Price BRL 5.22 · Value 18.70 · Buy at or below 18.70; 2026-03 · Price BRL 4.25 · Value 18.70 · Buy at or below 18.70; 2026-04 · Price BRL 3.80 · Value 18.70 · Buy at or below 18.70; 2026-05 · Price BRL 3.69 · Value 18.70 · Buy at or below 18.70; 2026-06 · Price BRL 3.71 · Value 18.70 · Buy at or below 18.70; 2026-07 · Price BRL 3.66 · Value 18.70 · Buy at or below 18.70; 2026-08 · Price BRL 3.82 · Value 18.70 · Buy at or below 18.70; 2026-09 · Price BRL 3.94 · Value 18.70 · Buy at or below 18.70; 2026-10 · Price BRL 4.36 · Value 18.70 · Buy at or below 18.70; 2026-10 · Price BRL 4.10 · Value 18.70 · Buy at or below 18.70

BRL per share · annual estimates

Price & return math
Value range	BRL 18.35 – BRL 19.10
Buy at or below	Central value BRL 18.70
Discount to value	1 − 4.10 / 18.70 = 78.1%
Return / year	Modelled excess cash covers today’s price; no finite annual IRR.
Cash-flow inputs	Owner cash BRL 0.85/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash BRL 13.29/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 55B

Revenue

Owner earningsBRL 803M

Owner earnings

Operating margin6.8%

Operating margin

Net cash / debtBRL -13B

Net cash / debt

Diluted shares1.2B

Diluted shares

Prices 15 Oct 2026 · FY2025