# Direcional Engenharia (DIRR3.SA)

Canonical: https://gigainvestors.com/s/DIRR3.SA

Analysis as of: 2026-10-16T07:43:23.653Z. 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 10.58 per share; close as of 2026-10-15.

Estimated value: low BRL 14.52 per share, central BRL 17.74 per share, high BRL 18.91 per share. Buy at or below the central value BRL 17.74 per share. Valuation as of 2026-10-16T07:43:23.653Z; scenarios are not confidence intervals.

Expected annual return: 30.0% at the stated quote. About 30.0% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.00×

- FY2017: -0.17×

- FY2018: 0.00×

- FY2019: 0.16×

- FY2020: 0.15×

- FY2021: 0.16×

- FY2022: 0.15×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.21×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.6%

- ROIC, second-lowest year: 0.1%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 34.1%

- Recent gross margin (lower of latest and 3-year median): 36.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.1%

- FY2017: -5.5%

- FY2018: 0.1%

- FY2019: 12.8%

- FY2020: 13.0%

- FY2021: 16.2%

- FY2022: 18.1%

- FY2023: 18.8%

- FY2024: 25.4%

- FY2025: 32.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 2.1B

- Net income, five-year total: BRL 2.1B

- Return on incremental invested capital: 42.8%

- Working capital / revenue, annual change: -11.3 pp

- Working capital / revenue, change between three-year averages: -79.4 pp

- Working capital / revenue, final three-year average: 80.9%

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

- FY2021: 1.19×

- FY2022: 0.97×

- FY2023: 1.15×

- FY2024: 0.97×

- FY2025: 1.00×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.1% vs 25.4%

- Per-share earnings: -0.03 to 1.20 (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: 1.8%

- Ordinary dilution, 5-year annual growth: 3.3%

- Market cap gain: BRL 6.8B

- Cumulative retained earnings: BRL -153M

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 3.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL 1.23

- Per-share value, starting three-year median: BRL -0.03

- Per-share value, ending three-year median: BRL 1.20

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 0.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 34M

- Cumulative net income, 10 years: BRL 2.1B

- ROIC, first three-year median: 0.1%

- ROIC, last three-year median: 25.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -0.03

- FY2017: BRL -0.33

- FY2018: BRL -0.18

- FY2019: BRL 0.23

- FY2020: BRL 0.25

- FY2021: BRL 0.33

- FY2022: BRL 0.42

- FY2023: BRL 0.64

- FY2024: BRL 1.20

- FY2025: BRL 1.50

### accounting: pass

- Sloan accruals: 3.7%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -4.4%

- FY2018: -7.4%

- FY2019: -3.0%

- FY2020: -3.4%

- FY2021: 0.8%

- FY2022: -0.5%

- FY2023: 8.1%

- FY2024: 5.6%

- FY2025: 3.7%

## Holders

## Price story

Down 43% since Nov 2025 · sales +29.7%

Story as of 2026-10-16T10:00:12.697Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.1% a year for ten years

### Sales · FY2024–2025

sales +29.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 1.4B 

- FY2017: BRL 752M 

- FY2018: BRL 1.2B 

- FY2019: BRL 1.5B 

- FY2020: BRL 1.5B 

- FY2021: BRL 1.8B 

- FY2022: BRL 2.2B 

- FY2023: BRL 2.4B 

- FY2024: BRL 3.3B 

- FY2025: BRL 4.3B 

### Gross margin · FY2025

gross margin 37.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.5% 

- FY2017: 5.0% 

- FY2018: 27.2% 

- FY2019: 33.7% 

- FY2020: 34.8% 

- FY2021: 35.5% 

- FY2022: 33.9% 

- FY2023: 34.2% 

- FY2024: 36.4% 

- FY2025: 37.8% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are BRL 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2025: revenue 4343008000; grossProfit 1641674000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.2% to 37.8% during 2023–25; it earns 14.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2023: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2024: grossProfit / revenue = 36.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2025: grossProfit / revenue = 37.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); 10-year return on capital observations [[2016,0.000994754568418178],[2017,-0.05526990206727795],[2018,0.0007455562835561554],[2019,0.12832398133036907],[2020,0.1295614225151599],[2021,0.16167524107585865],[2022,0.18065688885186634],[2023,0.1882276727341993],[2024,0.2542922431342011],[2025,0.32356682841012097]]; median 0.14561833179550926. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 34% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); Gross margin observations: [[2021,0.35469944493858296],[2022,0.339276598342008],[2023,0.34178872724539877]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 33.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2016: growth capex 0; upkeep 8345000; owner earnings 5362000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2019: growth capex 0; upkeep 21052000; owner earnings 106909400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2020: growth capex 0; upkeep 22319000; owner earnings 124285800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2021: growth capex 0; upkeep 16712000; owner earnings 174134600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2022: growth capex 3263000; upkeep 53425000; owner earnings 183791000. Growth capex / owner earnings = 0.017753861723370568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2023: growth capex 0; upkeep 7062000; owner earnings 380832200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2024: growth capex 7987000; upkeep 70067000; owner earnings 621641200. Growth capex / owner earnings = 0.012848247509978424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2025: growth capex 0; upkeep 64229000; owner earnings 788309731.725481. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); Dividend observations: [[2016,40046000],[2017,1000],[2018,90000000],[2019,129969000],[2020,120364000],[2021,100147000],[2022,69964000],[2023,104288000],[2024,358379000],[2025,1450771000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); FY2025: cash repurchases 33496000 BRL.

### Are managers owners

Insiders own 28.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIRR3.SA SharesStats.PercentInsiders = 28.12 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.1% yearly over ten years; actual growth was 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:23.653Z); Ten-year compound average after fade. Initial solved rate -0.07073810940694086. Price 10.58; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.331931456078283 → FY2025 1.4998259738673931. Closing-price date 2026-10-15.

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

- 2016-10: BRL 1.83 per share

- 2016-11: BRL 1.54 per share

- 2016-12: BRL 1.51 per share

- 2017-01: BRL 1.96 per share

- 2017-02: BRL 1.87 per share

- 2017-03: BRL 1.86 per share

- 2017-04: BRL 2.03 per share

- 2017-05: BRL 1.70 per share

- 2017-06: BRL 1.71 per share

- 2017-07: BRL 1.88 per share

- 2017-08: BRL 1.74 per share

- 2017-09: BRL 1.94 per share

- 2017-10: BRL 1.94 per share

- 2017-11: BRL 1.86 per share

- 2017-12: BRL 1.88 per share

- 2018-01: BRL 2.17 per share

- 2018-02: BRL 1.98 per share

- 2018-03: BRL 2.02 per share

- 2018-04: BRL 2.02 per share

- 2018-05: BRL 2.10 per share

- 2018-06: BRL 1.98 per share

- 2018-07: BRL 2.30 per share

- 2018-08: BRL 2.24 per share

- 2018-09: BRL 2.27 per share

- 2018-10: BRL 2.37 per share

- 2018-11: BRL 2.54 per share

- 2018-12: BRL 2.49 per share

- 2019-01: BRL 3.05 per share

- 2019-02: BRL 2.89 per share

- 2019-03: BRL 2.88 per share

- 2019-04: BRL 2.74 per share

- 2019-05: BRL 3.30 per share

- 2019-06: BRL 3.72 per share

- 2019-07: BRL 4.18 per share

- 2019-08: BRL 4.31 per share

- 2019-09: BRL 4.10 per share

- 2019-10: BRL 3.97 per share

- 2019-11: BRL 4.03 per share

- 2019-12: BRL 4.98 per share

- 2020-01: BRL 5.42 per share

- 2020-02: BRL 4.98 per share

- 2020-03: BRL 2.78 per share

- 2020-04: BRL 2.92 per share

- 2020-05: BRL 3.18 per share

- 2020-06: BRL 5.22 per share

- 2020-07: BRL 5.37 per share

- 2020-08: BRL 4.95 per share

- 2020-09: BRL 4.49 per share

- 2020-10: BRL 3.74 per share

- 2020-11: BRL 4.16 per share

- 2020-12: BRL 4.35 per share

- 2021-01: BRL 4.62 per share

- 2021-02: BRL 4.26 per share

- 2021-03: BRL 4.12 per share

- 2021-04: BRL 4.25 per share

- 2021-05: BRL 4.53 per share

- 2021-06: BRL 4.65 per share

- 2021-07: BRL 4.22 per share

- 2021-08: BRL 4.22 per share

- 2021-09: BRL 3.79 per share

- 2021-10: BRL 3.17 per share

- 2021-11: BRL 3.38 per share

- 2021-12: BRL 4.22 per share

- 2022-01: BRL 4.56 per share

- 2022-02: BRL 4.04 per share

- 2022-03: BRL 4.04 per share

- 2022-04: BRL 3.82 per share

- 2022-05: BRL 3.65 per share

- 2022-06: BRL 3.42 per share

- 2022-07: BRL 3.93 per share

- 2022-08: BRL 4.30 per share

- 2022-09: BRL 5.59 per share

- 2022-10: BRL 5.68 per share

- 2022-11: BRL 4.91 per share

- 2022-12: BRL 5.19 per share

- 2023-01: BRL 5.30 per share

- 2023-02: BRL 5.11 per share

- 2023-03: BRL 5.30 per share

- 2023-04: BRL 5.21 per share

- 2023-05: BRL 5.80 per share

- 2023-06: BRL 6.55 per share

- 2023-07: BRL 7.03 per share

- 2023-08: BRL 6.75 per share

- 2023-09: BRL 6.39 per share

- 2023-10: BRL 5.79 per share

- 2023-11: BRL 6.65 per share

- 2023-12: BRL 7.46 per share

- 2024-01: BRL 7.26 per share

- 2024-02: BRL 7.89 per share

- 2024-03: BRL 8.54 per share

- 2024-04: BRL 7.77 per share

- 2024-05: BRL 8.23 per share

- 2024-06: BRL 8.86 per share

- 2024-07: BRL 9.27 per share

- 2024-08: BRL 9.64 per share

- 2024-09: BRL 10.08 per share

- 2024-10: BRL 10.43 per share

- 2024-11: BRL 9.65 per share

- 2024-12: BRL 8.87 per share

- 2025-01: BRL 9.59 per share

- 2025-02: BRL 9.78 per share

- 2025-03: BRL 10.48 per share

- 2025-04: BRL 12.12 per share

- 2025-05: BRL 13.55 per share

- 2025-06: BRL 13.61 per share

- 2025-07: BRL 13.00 per share

- 2025-08: BRL 15.45 per share

- 2025-09: BRL 16.17 per share

- 2025-10: BRL 16.98 per share

- 2025-11: BRL 18.51 per share

- 2025-12: BRL 14.12 per share

- 2026-01: BRL 13.95 per share

- 2026-02: BRL 16.32 per share

- 2026-03: BRL 13.30 per share

- 2026-04: BRL 12.85 per share

- 2026-05: BRL 13.40 per share

- 2026-06: BRL 13.92 per share

- 2026-07: BRL 11.35 per share

- 2026-08: BRL 11.12 per share

- 2026-09: BRL 10.11 per share

- 2026-10: BRL 11.93 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 3.26 per share, central BRL 3.40 per share, high BRL 3.56 per share

- FY2017: low BRL 2.02 per share, central BRL 2.09 per share, high BRL 2.16 per share

- FY2018: low BRL 1.96 per share, central BRL 1.96 per share, high BRL 1.97 per share

- FY2019: low BRL 1.65 per share, central BRL 1.66 per share, high BRL 1.66 per share

- FY2020: low BRL 2.09 per share, central BRL 2.09 per share, high BRL 2.10 per share

- FY2021: low BRL 4.11 per share, central BRL 4.26 per share, high BRL 4.40 per share

- FY2022: low BRL 4.66 per share, central BRL 4.82 per share, high BRL 5.01 per share

- FY2023: low BRL 4.78 per share, central BRL 4.93 per share, high BRL 5.12 per share

- FY2024: low BRL 7.06 per share, central BRL 7.87 per share, high BRL 8.26 per share

- FY2025: low BRL 12.86 per share, central BRL 15.72 per share, high BRL 16.76 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 2026-10-15T06:49:04.570Z 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.

Direcional Engenharia

DIRR3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 10.58
Buy up to: BRL 17.74
Expected / yr: 30.0% at today's price (17.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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), and margins varied 112.9% around their average (limit 35%).

Operating margin

10y median: 15.4%
Worst year: -17.4%
Latest · 2025: 21.2%

Capital return excluding acquisitions: median 14.6% (minimum 15%), and the second-worst year 0.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 14.6%
Worst year: -5.5%
Latest · 2025: 32.4%

Each $1 of profit left $1.03 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 1.00×
Latest · 2025: 1.00×

Share growth was 1.8% over ten years and 3.3% over five (either must be at most 1% a year).

Earnings per share

10y median: BRL 0.29
Worst year: BRL -0.33
Latest · 2025: BRL 1.50

Profits were backed by cash: accruals were 3.7% of assets (limit 10%).

Sloan accruals

10y median: -1.7%
Worst year: 8.1%
Latest · 2025: 3.7%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 10.1%, three-year average owner earnings per share 1.14 BRL. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 1.83 · Value 3.40 · Buy at or below 3.40; 2016-11 · Price BRL 1.54 · Value 3.40 · Buy at or below 3.40; 2016-12 · Price BRL 1.51 · Value 3.40 · Buy at or below 3.40; 2017-01 · Price BRL 1.96 · Value 3.40 · Buy at or below 3.40; 2017-02 · Price BRL 1.87 · Value 2.09 · Buy at or below 2.09; 2017-03 · Price BRL 1.86 · Value 2.09 · Buy at or below 2.09; 2017-04 · Price BRL 2.02 · Value 2.09 · Buy at or below 2.09; 2017-05 · Price BRL 1.70 · Value 2.09 · Buy at or below 2.09; 2017-06 · Price BRL 1.71 · Value 2.09 · Buy at or below 2.09; 2017-07 · Price BRL 1.88 · Value 2.09 · Buy at or below 2.09; 2017-08 · Price BRL 1.74 · Value 2.09 · Buy at or below 2.09; 2017-09 · Price BRL 1.94 · Value 2.09 · Buy at or below 2.09; 2017-10 · Price BRL 1.94 · Value 2.09 · Buy at or below 2.09; 2017-11 · Price BRL 1.86 · Value 2.09 · Buy at or below 2.09; 2017-12 · Price BRL 1.88 · Value 2.09 · Buy at or below 2.09; 2018-01 · Price BRL 2.17 · Value 2.09 · Buy at or below 2.09; 2018-02 · Price BRL 1.98 · Value 1.96 · Buy at or below 1.96; 2018-03 · Price BRL 2.02 · Value 1.96 · Buy at or below 1.96; 2018-04 · Price BRL 2.02 · Value 1.96 · Buy at or below 1.96; 2018-05 · Price BRL 2.10 · Value 1.96 · Buy at or below 1.96; 2018-06 · Price BRL 1.98 · Value 1.96 · Buy at or below 1.96; 2018-07 · Price BRL 2.30 · Value 1.96 · Buy at or below 1.96; 2018-08 · Price BRL 2.24 · Value 1.96 · Buy at or below 1.96; 2018-09 · Price BRL 2.27 · Value 1.96 · Buy at or below 1.96; 2018-10 · Price BRL 2.37 · Value 1.96 · Buy at or below 1.96; 2018-11 · Price BRL 2.54 · Value 1.96 · Buy at or below 1.96; 2018-12 · Price BRL 2.49 · Value 1.96 · Buy at or below 1.96; 2019-01 · Price BRL 3.05 · Value 1.96 · Buy at or below 1.96; 2019-02 · Price BRL 2.89 · Value 1.66 · Buy at or below 1.66; 2019-03 · Price BRL 2.88 · Value 1.66 · Buy at or below 1.66; 2019-04 · Price BRL 2.74 · Value 1.66 · Buy at or below 1.66; 2019-05 · Price BRL 3.30 · Value 1.66 · Buy at or below 1.66; 2019-06 · Price BRL 3.72 · Value 1.66 · Buy at or below 1.66; 2019-07 · Price BRL 4.18 · Value 1.66 · Buy at or below 1.66; 2019-08 · Price BRL 4.31 · Value 1.66 · Buy at or below 1.66; 2019-09 · Price BRL 4.10 · Value 1.66 · Buy at or below 1.66; 2019-10 · Price BRL 3.97 · Value 1.66 · Buy at or below 1.66; 2019-11 · Price BRL 4.03 · Value 1.66 · Buy at or below 1.66; 2019-12 · Price BRL 4.98 · Value 1.66 · Buy at or below 1.66; 2020-01 · Price BRL 5.42 · Value 1.66 · Buy at or below 1.66; 2020-02 · Price BRL 4.98 · Value 2.09 · Buy at or below 2.09; 2020-03 · Price BRL 2.78 · Value 2.09 · Buy at or below 2.09; 2020-04 · Price BRL 2.92 · Value 2.09 · Buy at or below 2.09; 2020-05 · Price BRL 3.18 · Value 2.09 · Buy at or below 2.09; 2020-06 · Price BRL 5.22 · Value 2.09 · Buy at or below 2.09; 2020-07 · Price BRL 5.37 · Value 2.09 · Buy at or below 2.09; 2020-08 · Price BRL 4.95 · Value 2.09 · Buy at or below 2.09; 2020-09 · Price BRL 4.49 · Value 2.09 · Buy at or below 2.09; 2020-10 · Price BRL 3.74 · Value 2.09 · Buy at or below 2.09; 2020-11 · Price BRL 4.16 · Value 2.09 · Buy at or below 2.09; 2020-12 · Price BRL 4.35 · Value 2.09 · Buy at or below 2.09; 2021-01 · Price BRL 4.62 · Value 2.09 · Buy at or below 2.09; 2021-02 · Price BRL 4.26 · Value 4.26 · Buy at or below 4.26; 2021-03 · Price BRL 4.12 · Value 4.26 · Buy at or below 4.26; 2021-04 · Price BRL 4.25 · Value 4.26 · Buy at or below 4.26; 2021-05 · Price BRL 4.53 · Value 4.26 · Buy at or below 4.26; 2021-06 · Price BRL 4.65 · Value 4.26 · Buy at or below 4.26; 2021-07 · Price BRL 4.22 · Value 4.26 · Buy at or below 4.26; 2021-08 · Price BRL 4.22 · Value 4.26 · Buy at or below 4.26; 2021-09 · Price BRL 3.79 · Value 4.26 · Buy at or below 4.26; 2021-10 · Price BRL 3.17 · Value 4.26 · Buy at or below 4.26; 2021-11 · Price BRL 3.38 · Value 4.26 · Buy at or below 4.26; 2021-12 · Price BRL 4.22 · Value 4.26 · Buy at or below 4.26; 2022-01 · Price BRL 4.56 · Value 4.26 · Buy at or below 4.26; 2022-02 · Price BRL 4.04 · Value 4.82 · Buy at or below 4.82; 2022-03 · Price BRL 4.04 · Value 4.82 · Buy at or below 4.82; 2022-04 · Price BRL 3.82 · Value 4.82 · Buy at or below 4.82; 2022-05 · Price BRL 3.65 · Value 4.82 · Buy at or below 4.82; 2022-06 · Price BRL 3.42 · Value 4.82 · Buy at or below 4.82; 2022-07 · Price BRL 3.93 · Value 4.82 · Buy at or below 4.82; 2022-08 · Price BRL 4.30 · Value 4.82 · Buy at or below 4.82; 2022-09 · Price BRL 5.59 · Value 4.82 · Buy at or below 4.82; 2022-10 · Price BRL 5.68 · Value 4.82 · Buy at or below 4.82; 2022-11 · Price BRL 4.91 · Value 4.82 · Buy at or below 4.82; 2022-12 · Price BRL 5.19 · Value 4.82 · Buy at or below 4.82; 2023-01 · Price BRL 5.30 · Value 4.82 · Buy at or below 4.82; 2023-02 · Price BRL 5.11 · Value 4.93 · Buy at or below 4.93; 2023-03 · Price BRL 5.30 · Value 4.93 · Buy at or below 4.93; 2023-04 · Price BRL 5.21 · Value 4.93 · Buy at or below 4.93; 2023-05 · Price BRL 5.80 · Value 4.93 · Buy at or below 4.93; 2023-06 · Price BRL 6.55 · Value 4.93 · Buy at or below 4.93; 2023-07 · Price BRL 7.03 · Value 4.93 · Buy at or below 4.93; 2023-08 · Price BRL 6.75 · Value 4.93 · Buy at or below 4.93; 2023-09 · Price BRL 6.39 · Value 4.93 · Buy at or below 4.93; 2023-10 · Price BRL 5.79 · Value 4.93 · Buy at or below 4.93; 2023-11 · Price BRL 6.65 · Value 4.93 · Buy at or below 4.93; 2023-12 · Price BRL 7.46 · Value 4.93 · Buy at or below 4.93; 2024-01 · Price BRL 7.26 · Value 4.93 · Buy at or below 4.93; 2024-02 · Price BRL 7.89 · Value 7.87 · Buy at or below 7.87; 2024-03 · Price BRL 8.54 · Value 7.87 · Buy at or below 7.87; 2024-04 · Price BRL 7.77 · Value 7.87 · Buy at or below 7.87; 2024-05 · Price BRL 8.23 · Value 7.87 · Buy at or below 7.87; 2024-06 · Price BRL 8.86 · Value 7.87 · Buy at or below 7.87; 2024-07 · Price BRL 9.27 · Value 7.87 · Buy at or below 7.87; 2024-08 · Price BRL 9.64 · Value 7.87 · Buy at or below 7.87; 2024-09 · Price BRL 10.08 · Value 7.87 · Buy at or below 7.87; 2024-10 · Price BRL 10.43 · Value 7.87 · Buy at or below 7.87; 2024-11 · Price BRL 9.65 · Value 7.87 · Buy at or below 7.87; 2024-12 · Price BRL 8.87 · Value 7.87 · Buy at or below 7.87; 2025-01 · Price BRL 9.59 · Value 7.87 · Buy at or below 7.87; 2025-02 · Price BRL 9.78 · Value 15.72 · Buy at or below 15.72; 2025-03 · Price BRL 10.48 · Value 15.72 · Buy at or below 15.72; 2025-04 · Price BRL 12.12 · Value 15.72 · Buy at or below 15.72; 2025-05 · Price BRL 13.55 · Value 15.72 · Buy at or below 15.72; 2025-06 · Price BRL 13.61 · Value 15.72 · Buy at or below 15.72; 2025-07 · Price BRL 13.00 · Value 15.72 · Buy at or below 15.72; 2025-08 · Price BRL 15.45 · Value 15.72 · Buy at or below 15.72; 2025-09 · Price BRL 16.17 · Value 15.72 · Buy at or below 15.72; 2025-10 · Price BRL 16.98 · Value 15.72 · Buy at or below 15.72; 2025-11 · Price BRL 18.51 · Value 15.72 · Buy at or below 15.72; 2025-12 · Price BRL 14.12 · Value 15.72 · Buy at or below 15.72; 2026-01 · Price BRL 13.95 · Value 15.72 · Buy at or below 15.72; 2026-02 · Price BRL 16.32 · Value 17.74 · Buy at or below 17.74; 2026-03 · Price BRL 13.30 · Value 17.74 · Buy at or below 17.74; 2026-04 · Price BRL 12.85 · Value 17.74 · Buy at or below 17.74; 2026-05 · Price BRL 13.40 · Value 17.74 · Buy at or below 17.74; 2026-06 · Price BRL 13.92 · Value 17.74 · Buy at or below 17.74; 2026-07 · Price BRL 11.35 · Value 17.74 · Buy at or below 17.74; 2026-08 · Price BRL 11.12 · Value 17.74 · Buy at or below 17.74; 2026-09 · Price BRL 10.11 · Value 17.74 · Buy at or below 17.74; 2026-10 · Price BRL 11.93 · Value 17.74 · Buy at or below 17.74; 2026-10 · Price BRL 10.58 · Value 17.74 · Buy at or below 17.74

BRL per share · annual estimates

Price & return math
Value range	BRL 14.52 – BRL 18.91
Buy at or below	Central value BRL 17.74
Discount to value	1 − 10.58 / 17.74 = 40.4%
Return / year	About 30.0% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 1.50/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash BRL 3.66/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 4.3B

Revenue

Owner earningsBRL 788M

Owner earnings

Operating margin21.2%

Operating margin

Net cash / debtBRL -665M

Net cash / debt

Diluted shares526M

Diluted shares

Prices 15 Oct 2026 · FY2025