# Bradespar (BRAP3.SA)

Canonical: https://gigainvestors.com/s/BRAP3.SA

Analysis as of: 2026-10-16T07:42:41.708Z. Financial observations: FY2015–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

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

Share price: BRL 17.92 per share; close as of 2026-10-15.

Estimated value: low BRL 6.04 per share, central BRL 6.41 per share, high BRL 6.84 per share. Buy at or below the central value BRL 6.41 per share. Valuation as of 2026-10-16T07:42:41.708Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.89×

- FY2017: 0.90×

- FY2018: 0.42×

- FY2020: 0.97×

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: 0.97×

- FY2024: 0.90×

- FY2025: -0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.6%

- ROIC, second-lowest year: -1.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.9%

- FY2017: 26.3%

- FY2018: 12.3%

- FY2019: -3.3%

- FY2020: 13.0%

- FY2021: >100%

- FY2022: 52.7%

- FY2023: 28.0%

- FY2024: 10.9%

- FY2025: -1.0%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 8.0B

- Net income, five-year total: BRL 16B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 33.3 pp

- Working capital / revenue, change between three-year averages: 278.6 pp

- Working capital / revenue, final three-year average: 13.5%

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

- FY2021: 0.53×

- FY2022: 0.34×

- FY2023: 0.47×

- FY2024: 0.66×

- FY2025: 1.22×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.3% vs 10.9%

- Per-share earnings: 1.60 to 3.03 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: BRL 4.8B

- Cumulative retained earnings: BRL 2.6B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.3%

- Per-share value change: BRL 1.43

- Per-share value, starting three-year median: BRL 1.60

- Per-share value, ending three-year median: BRL 3.03

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 5.1M

- Cumulative net income, 10 years: BRL 21B

- ROIC, first three-year median: 12.3%

- ROIC, last three-year median: 10.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.60

- FY2017: BRL 5.92

- FY2018: BRL 3.03

- FY2019: BRL -1.03

- FY2020: BRL 3.73

- FY2021: BRL 20.55

- FY2022: BRL 9.48

- FY2023: BRL 5.40

- FY2024: BRL 3.03

- FY2025: BRL 1.39

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 6.60×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.5%

- FY2017: 21.1%

- FY2018: 18.6%

- FY2019: -5.2%

- FY2020: 4.3%

- FY2021: 50.7%

- FY2022: 30.6%

- FY2023: 14.4%

- FY2024: 4.7%

- FY2025: -1.5%

## Holders

## Price story

Down 40% since Mar 2022 · sales -48.7%

Story as of 2026-10-16T10:00:12.451Z; price observation 2026-10-15.

Price needs cash profits to grow 16.8% a year for ten years

### Sales · FY2024–2025

sales -48.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 877M 

- FY2017: BRL 2.8B 

- FY2018: BRL 2.9B 

- FY2019: BRL -346M 

- FY2020: BRL 1.5B 

- FY2021: BRL 8.1B 

- FY2022: BRL 3.8B 

- FY2023: BRL 2.2B 

- FY2024: BRL 1.3B 

- FY2025: BRL 647M 

### Gross margin · FY2025

gross margin 99.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 76.9% 

- FY2017: 94.1% 

- FY2018: 95.4% 

- FY2024: 100.0% 

- FY2025: 99.9% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are BRL 646.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2025: revenue 646879000; grossProfit 646349000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 99.9% to 100% during 2023–25; it earns 12.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2025: grossProfit / revenue = 99.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); 10-year return on capital observations [[2016,0.09875614406565766],[2017,0.2632062056921384],[2018,0.12260648777422287],[2019,-0.03322671155711716],[2020,0.12965647552561677],[2021,1.1208578447104465],[2022,0.527460872893869],[2023,0.2796059129742597],[2024,0.10933450477654853],[2025,-0.010282202638589758]]; median 0.12613148164991983. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2016: growth capex 0; upkeep 0; owner earnings 61083000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2019: growth capex 0; upkeep 117000; owner earnings 121074000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2020: growth capex 0; upkeep 202000; owner earnings 978344000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2021: growth capex 0; upkeep 202000; owner earnings 4252248000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2022: growth capex 0; upkeep 202000; owner earnings 1259240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2023: growth capex 0; upkeep 4000; owner earnings 989162000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2024: growth capex 0; upkeep 1099000; owner earnings 788942000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); FY2025: growth capex 0; upkeep 0; owner earnings 670015000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); Dividend observations: [[2016,0],[2017,191962000],[2018,719416000],[2019,379700000],[2020,887855000],[2021,4020304000],[2022,1145322000],[2023,1151658000],[2024,747196000],[2025,939563000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 77.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRAP3.SA SharesStats.PercentInsiders = 77.863 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.708Z); Ten-year compound average after fade. Initial solved rate 0.23108817547133687. Price 17.92; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -6.517804448695511 → FY2025 1.7044538161866574. Closing-price date 2026-10-15.

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

- 2016-11: BRL 5.60 per share

- 2016-12: BRL 5.62 per share

- 2017-01: BRL 7.60 per share

- 2017-02: BRL 9.22 per share

- 2017-03: BRL 8.50 per share

- 2017-04: BRL 8.10 per share

- 2017-05: BRL 7.78 per share

- 2017-06: BRL 8.14 per share

- 2017-07: BRL 9.14 per share

- 2017-08: BRL 10.55 per share

- 2017-09: BRL 9.29 per share

- 2017-10: BRL 9.02 per share

- 2017-11: BRL 9.59 per share

- 2017-12: BRL 11.05 per share

- 2018-01: BRL 12.02 per share

- 2018-02: BRL 12.96 per share

- 2018-03: BRL 12.52 per share

- 2018-04: BRL 13.86 per share

- 2018-05: BRL 12.02 per share

- 2018-06: BRL 11.33 per share

- 2018-07: BRL 12.73 per share

- 2018-08: BRL 12.26 per share

- 2018-09: BRL 14.44 per share

- 2018-10: BRL 13.81 per share

- 2018-11: BRL 12.67 per share

- 2018-12: BRL 13.10 per share

- 2019-01: BRL 11.40 per share

- 2019-02: BRL 11.21 per share

- 2019-03: BRL 12.13 per share

- 2019-04: BRL 12.57 per share

- 2019-05: BRL 12.09 per share

- 2019-06: BRL 12.87 per share

- 2019-07: BRL 12.78 per share

- 2019-08: BRL 11.62 per share

- 2019-09: BRL 12.90 per share

- 2019-10: BRL 12.90 per share

- 2019-11: BRL 13.63 per share

- 2019-12: BRL 15.81 per share

- 2020-01: BRL 15.65 per share

- 2020-02: BRL 13.95 per share

- 2020-03: BRL 12.07 per share

- 2020-04: BRL 11.85 per share

- 2020-05: BRL 14.15 per share

- 2020-06: BRL 14.90 per share

- 2020-07: BRL 17.22 per share

- 2020-08: BRL 17.74 per share

- 2020-09: BRL 17.86 per share

- 2020-10: BRL 18.59 per share

- 2020-11: BRL 23.28 per share

- 2020-12: BRL 25.59 per share

- 2021-01: BRL 24.52 per share

- 2021-02: BRL 24.72 per share

- 2021-03: BRL 26.00 per share

- 2021-04: BRL 27.49 per share

- 2021-05: BRL 27.49 per share

- 2021-06: BRL 28.47 per share

- 2021-07: BRL 28.44 per share

- 2021-08: BRL 25.45 per share

- 2021-09: BRL 23.95 per share

- 2021-10: BRL 23.10 per share

- 2021-11: BRL 23.88 per share

- 2021-12: BRL 21.71 per share

- 2022-01: BRL 24.32 per share

- 2022-02: BRL 26.37 per share

- 2022-03: BRL 29.62 per share

- 2022-04: BRL 26.91 per share

- 2022-05: BRL 24.84 per share

- 2022-06: BRL 22.80 per share

- 2022-07: BRL 20.47 per share

- 2022-08: BRL 20.95 per share

- 2022-09: BRL 22.25 per share

- 2022-10: BRL 22.20 per share

- 2022-11: BRL 26.19 per share

- 2022-12: BRL 25.57 per share

- 2023-01: BRL 28.26 per share

- 2023-02: BRL 24.95 per share

- 2023-03: BRL 24.55 per share

- 2023-04: BRL 22.77 per share

- 2023-05: BRL 20.01 per share

- 2023-06: BRL 20.91 per share

- 2023-07: BRL 21.87 per share

- 2023-08: BRL 21.26 per share

- 2023-09: BRL 20.95 per share

- 2023-10: BRL 20.48 per share

- 2023-11: BRL 22.00 per share

- 2023-12: BRL 23.35 per share

- 2024-01: BRL 20.91 per share

- 2024-02: BRL 20.11 per share

- 2024-03: BRL 19.96 per share

- 2024-04: BRL 19.22 per share

- 2024-05: BRL 18.62 per share

- 2024-06: BRL 17.95 per share

- 2024-07: BRL 17.71 per share

- 2024-08: BRL 17.90 per share

- 2024-09: BRL 18.70 per share

- 2024-10: BRL 18.24 per share

- 2024-11: BRL 16.91 per share

- 2024-12: BRL 15.76 per share

- 2025-01: BRL 15.39 per share

- 2025-02: BRL 15.55 per share

- 2025-03: BRL 16.78 per share

- 2025-04: BRL 15.32 per share

- 2025-05: BRL 14.69 per share

- 2025-06: BRL 14.69 per share

- 2025-07: BRL 14.58 per share

- 2025-08: BRL 15.12 per share

- 2025-09: BRL 15.56 per share

- 2025-10: BRL 16.95 per share

- 2025-11: BRL 17.41 per share

- 2025-12: BRL 17.85 per share

- 2026-01: BRL 20.77 per share

- 2026-02: BRL 21.39 per share

- 2026-03: BRL 19.83 per share

- 2026-04: BRL 19.76 per share

- 2026-05: BRL 19.68 per share

- 2026-06: BRL 19.10 per share

- 2026-07: BRL 18.60 per share

- 2026-08: BRL 18.97 per share

- 2026-09: BRL 17.98 per share

- 2026-10: BRL 18.28 per share

## Annual estimated value (BRL per share)

- FY2024: low BRL 10.72 per share, central BRL 11.41 per share, high BRL 12.20 per share

- FY2025: low BRL 5.17 per share, central BRL 5.52 per share, high BRL 5.92 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

Prior published observations retained from 2026-10-15T06:48:19.408Z where newer inputs omit a numeric field or fiscal period.

## 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.