# Hypera (HYPE3.SA)

Canonical: https://gigainvestors.com/s/HYPE3.SA

Analysis as of: 2026-10-16T07:38:37.850Z. Financial observations: FY2005–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 25.45 per share; close as of 2026-10-15.

Estimated value: low BRL 14.18 per share, central BRL 16.93 per share, high BRL 18.13 per share. Buy at or below the central value BRL 16.93 per share. Valuation as of 2026-10-16T07:38:37.850Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.33×

- FY2018: 0.33×

- FY2019: 0.33×

- FY2020: 0.31×

- FY2021: 0.34×

- FY2022: 0.33×

- FY2023: 0.32×

- FY2024: 0.24×

- FY2025: 0.23×

### moat: fail

- Recent gross margin fell 7.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 23.2%

- ROIC, second-lowest year: 14.5%

- Typical minus recent gross margin: 7.2 pp

- Typical gross margin (annual median): 63.7%

- Recent gross margin (lower of latest and 3-year median): 56.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.3%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.9%

- FY2017: 40.6%

- FY2018: 38.7%

- FY2019: 30.0%

- FY2020: 22.2%

- FY2021: 26.3%

- FY2022: 24.2%

- FY2023: 21.4%

- FY2024: 14.5%

- FY2025: 13.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 5.3B

- Net income, five-year total: BRL 7.2B

- Return on incremental invested capital: 10.8%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 4.0 pp

- Working capital / revenue, final three-year average: 48.6%

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

- FY2021: 0.92×

- FY2022: 0.54×

- FY2023: 0.74×

- FY2024: 0.63×

- FY2025: 0.92×

### management: fail

- 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: 38.7% vs 14.5%

- Per-share earnings: 1.53 to 2.07 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: BRL -1.2B

- Cumulative retained earnings: BRL -1.1B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.9%

- Per-share value change: BRL 0.54

- Per-share value, starting three-year median: BRL 1.53

- Per-share value, ending three-year median: BRL 2.07

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 0.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 7.3B

- Cumulative net income, 10 years: BRL 13B

- ROIC, first three-year median: 38.7%

- ROIC, last three-year median: 14.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.88

- FY2017: BRL 1.53

- FY2018: BRL 1.79

- FY2019: BRL 1.71

- FY2020: BRL 2.06

- FY2021: BRL 2.09

- FY2022: BRL 2.61

- FY2023: BRL 2.62

- FY2024: BRL 2.07

- FY2025: BRL 1.86

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.96×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.6%

- FY2017: 0.3%

- FY2018: 0.6%

- FY2019: 2.9%

- FY2020: 0.6%

- FY2021: -0.3%

- FY2022: -1.4%

- FY2023: -3.1%

- FY2024: -4.9%

- FY2025: -0.8%

## Holders

## Price story

Down 50% since Oct 2022 · sales +3.4%

Story as of 2026-10-16T10:00:10.088Z; price observation 2026-10-15.

Price needs cash profits to grow 11.4% a year for ten years

### Sales · FY2024–2025

sales +3.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 3.2B 

- FY2017: BRL 3.5B 

- FY2018: BRL 3.7B 

- FY2019: BRL 3.3B 

- FY2020: BRL 4.1B 

- FY2021: BRL 5.9B 

- FY2022: BRL 7.5B 

- FY2023: BRL 7.9B 

- FY2024: BRL 7.4B 

- FY2025: BRL 7.7B 

### Gross margin · FY2025

gross margin 56.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 74.2% 

- FY2017: 73.5% 

- FY2018: 71.6% 

- FY2019: 63.3% 

- FY2020: 64.3% 

- FY2021: 64.0% 

- FY2022: 63.1% 

- FY2023: 63.1% 

- FY2024: 58.9% 

- FY2025: 56.5% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are BRL 7.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2025: revenue 7699157000; grossProfit 4348569000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HYPE3.SA: Hypera S.A. operates as a pharmaceutical company in Brazil. The company provides sweeteners products under the Adocyl, finn, and Zero-cal brands; analgesics and anti-inflammatories products under the Doril, Atroveran, Calminex, Alivium, Buscopan, Buscofem, geloll, Torsilax, Neosaldina, and naprohax brands; cold and flu remedies and decongestants products under BENEGRIO, Rinosoro, Blu, Neosoro, Coristina, APRACUR, and Fluviral brands. It offers antihistamines products under Alektos, Histamin, Polaramine, PredSim, and Desrinite brands; antiseptics products under Merthiolate brand; Herbal medicine products under Maracugina, Eparema, Tamarine, and Naturetti brands; gastrointestinal products under Dramin, Estomazil, Engov, Lacto-purga, gastrol, Epocler, Bifilax, and Pepsamar brands. In addition, the company provides generics products under neo quimica brand; skicare products under episol, epidrat, simple organic, and bioage brands; supplements and vitamins products Addera, Biotonico Fontoura, Colflex, and Vitasay brands; and other products under Nebacetin, Cepacol, ESCABIN, Mirrorelax, Ammy, Nesina, and Diprospan brands. The company was formerly known as Hypermarcas S.A. and changed its name to Hypera S.A. in February 2018. Hypera S.A. was founded in 1999 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 56.5% to 63.1% during 2023–25; it earns 23.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2023: grossProfit / revenue = 63.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2024: grossProfit / revenue = 58.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2025: grossProfit / revenue = 56.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); 10-year return on capital observations [[2016,0.1990894787140375],[2017,0.40581857278428285],[2018,0.38748233476051414],[2019,0.2998343235532033],[2020,0.2222614932640749],[2021,0.26259099907308314],[2022,0.24157079658621902],[2023,0.2135819310253073],[2024,0.14465689833114065],[2025,0.13325554303831236]]; median 0.23191614492514695. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 63% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); Gross margin observations: [[2021,0.6404997631107225],[2022,0.6309700511041423],[2023,0.6311762302300364]]; range within 2 percentage points.

### Where the cash goes

Spends 10.5% of cash earnings on expansion; earns 10.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2016: growth capex 100854594.9151551; upkeep 113247405.0848449; owner earnings 1136664594.9151552. Growth capex / owner earnings = 0.08872854434485422.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2017: growth capex 95750294.39332494; upkeep 116113705.60667506; owner earnings 925740294.393325. Growth capex / owner earnings = 0.10343105401507231.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2018: growth capex 74632218.16769147; upkeep 146226781.83230853; owner earnings 1072305218.1676915. Growth capex / owner earnings = 0.06959979015603389.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2019: growth capex 0; upkeep 361626000; owner earnings 915214200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2021: growth capex 592799498.765448; upkeep 246082501.23455203; owner earnings 1217811498.765448. Growth capex / owner earnings = 0.4867744304979845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2022: growth capex 552634271.4572705; upkeep 956821728.5427295; owner earnings 908976271.4572705. Growth capex / owner earnings = 0.6079743650197682.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2023: growth capex 140457053.51013112; upkeep 672255946.4898689; owner earnings 1214016053.5101311. Growth capex / owner earnings = 0.11569620772643184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2024: growth capex 0; upkeep 772267000; owner earnings 849778000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2025: growth capex 115298300.21949977; upkeep 416971699.78050023; owner earnings 1095620300.2194998. Growth capex / owner earnings = 0.10523563701439319.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); Incremental return on capital 0.10816072454653657, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); Dividend observations: [[2016,316108000],[2017,409827000],[2018,632995000],[2019,623422000],[2020,682474000],[2021,745936000],[2022,806208000],[2023,759885000],[2024,787286000],[2025,627785000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); FY2025: cash repurchases 23088000 BRL.

### Are managers owners

Insiders own 56.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HYPE3.SA SharesStats.PercentInsiders = 56.571000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.4% yearly over ten years; actual growth was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:37.850Z); Ten-year compound average after fade. Initial solved rate 0.15172755173184094. Price 25.45; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7678224270088081 → FY2025 1.7042082247203294. Closing-price date 2026-10-15.

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

- 2016-10: BRL 26.76 per share

- 2016-11: BRL 25.97 per share

- 2016-12: BRL 26.13 per share

- 2017-01: BRL 27.95 per share

- 2017-02: BRL 27.09 per share

- 2017-03: BRL 29.00 per share

- 2017-04: BRL 30.06 per share

- 2017-05: BRL 29.50 per share

- 2017-06: BRL 27.80 per share

- 2017-07: BRL 27.99 per share

- 2017-08: BRL 29.51 per share

- 2017-09: BRL 32.20 per share

- 2017-10: BRL 34.20 per share

- 2017-11: BRL 32.85 per share

- 2017-12: BRL 36.00 per share

- 2018-01: BRL 36.34 per share

- 2018-02: BRL 34.52 per share

- 2018-03: BRL 36.16 per share

- 2018-04: BRL 31.50 per share

- 2018-05: BRL 28.20 per share

- 2018-06: BRL 27.61 per share

- 2018-07: BRL 27.75 per share

- 2018-08: BRL 27.40 per share

- 2018-09: BRL 28.52 per share

- 2018-10: BRL 29.78 per share

- 2018-11: BRL 32.10 per share

- 2018-12: BRL 30.20 per share

- 2019-01: BRL 31.85 per share

- 2019-02: BRL 26.90 per share

- 2019-03: BRL 25.90 per share

- 2019-04: BRL 28.08 per share

- 2019-05: BRL 30.22 per share

- 2019-06: BRL 29.99 per share

- 2019-07: BRL 30.18 per share

- 2019-08: BRL 32.17 per share

- 2019-09: BRL 33.53 per share

- 2019-10: BRL 34.32 per share

- 2019-11: BRL 33.30 per share

- 2019-12: BRL 35.69 per share

- 2020-01: BRL 35.57 per share

- 2020-02: BRL 34.30 per share

- 2020-03: BRL 28.59 per share

- 2020-04: BRL 29.08 per share

- 2020-05: BRL 32.22 per share

- 2020-06: BRL 33.30 per share

- 2020-07: BRL 36.12 per share

- 2020-08: BRL 31.65 per share

- 2020-09: BRL 29.82 per share

- 2020-10: BRL 27.90 per share

- 2020-11: BRL 32.11 per share

- 2020-12: BRL 34.25 per share

- 2021-01: BRL 32.29 per share

- 2021-02: BRL 32.78 per share

- 2021-03: BRL 32.03 per share

- 2021-04: BRL 34.66 per share

- 2021-05: BRL 36.40 per share

- 2021-06: BRL 34.47 per share

- 2021-07: BRL 35.65 per share

- 2021-08: BRL 35.57 per share

- 2021-09: BRL 32.14 per share

- 2021-10: BRL 28.06 per share

- 2021-11: BRL 27.12 per share

- 2021-12: BRL 28.27 per share

- 2022-01: BRL 31.11 per share

- 2022-02: BRL 33.50 per share

- 2022-03: BRL 38.71 per share

- 2022-04: BRL 37.42 per share

- 2022-05: BRL 38.79 per share

- 2022-06: BRL 38.04 per share

- 2022-07: BRL 42.59 per share

- 2022-08: BRL 43.07 per share

- 2022-09: BRL 44.25 per share

- 2022-10: BRL 50.81 per share

- 2022-11: BRL 44.44 per share

- 2022-12: BRL 45.20 per share

- 2023-01: BRL 46.40 per share

- 2023-02: BRL 41.65 per share

- 2023-03: BRL 37.70 per share

- 2023-04: BRL 37.25 per share

- 2023-05: BRL 40.82 per share

- 2023-06: BRL 46.01 per share

- 2023-07: BRL 43.26 per share

- 2023-08: BRL 38.99 per share

- 2023-09: BRL 37.14 per share

- 2023-10: BRL 30.29 per share

- 2023-11: BRL 33.78 per share

- 2023-12: BRL 35.75 per share

- 2024-01: BRL 31.73 per share

- 2024-02: BRL 32.88 per share

- 2024-03: BRL 32.93 per share

- 2024-04: BRL 29.52 per share

- 2024-05: BRL 27.15 per share

- 2024-06: BRL 28.70 per share

- 2024-07: BRL 28.80 per share

- 2024-08: BRL 28.54 per share

- 2024-09: BRL 26.23 per share

- 2024-10: BRL 22.10 per share

- 2024-11: BRL 19.52 per share

- 2024-12: BRL 18.09 per share

- 2025-01: BRL 18.28 per share

- 2025-02: BRL 19.05 per share

- 2025-03: BRL 19.37 per share

- 2025-04: BRL 24.12 per share

- 2025-05: BRL 25.40 per share

- 2025-06: BRL 27.19 per share

- 2025-07: BRL 25.71 per share

- 2025-08: BRL 24.40 per share

- 2025-09: BRL 22.73 per share

- 2025-10: BRL 25.84 per share

- 2025-11: BRL 26.80 per share

- 2025-12: BRL 23.56 per share

- 2026-01: BRL 25.21 per share

- 2026-02: BRL 23.08 per share

- 2026-03: BRL 23.28 per share

- 2026-04: BRL 22.53 per share

- 2026-05: BRL 21.91 per share

- 2026-06: BRL 20.81 per share

- 2026-07: BRL 21.27 per share

- 2026-08: BRL 21.70 per share

- 2026-09: BRL 24.48 per share

- 2026-10: BRL 26.00 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 5.50 per share, central BRL 5.74 per share, high BRL 6.01 per share

- FY2017: low BRL 8.05 per share, central BRL 8.83 per share, high BRL 9.33 per share

- FY2018: low BRL 12.67 per share, central BRL 14.38 per share, high BRL 15.31 per share

- FY2019: low BRL 11.57 per share, central BRL 12.46 per share, high BRL 13.16 per share

- FY2020: low BRL 18.79 per share, central BRL 20.23 per share, high BRL 21.21 per share

- FY2021: low BRL 19.65 per share, central BRL 22.51 per share, high BRL 24.00 per share

- FY2022: low BRL 19.71 per share, central BRL 22.32 per share, high BRL 23.74 per share

- FY2023: low BRL 16.48 per share, central BRL 18.64 per share, high BRL 19.79 per share

- FY2024: low BRL 11.97 per share, central BRL 14.18 per share, high BRL 15.12 per share

- FY2025: low BRL 13.97 per share, central BRL 16.60 per share, high BRL 17.75 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 2026-10-15T06:44:17.043Z 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.

Hypera

HYPE3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 25.45
Buy up to: BRL 16.93
Expected / yr: 12.0% 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

Margins varied 12.4% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 32.2%
Worst year: 22.5%
Latest · 2025: 22.5%

Gross margin fell 7.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 23.2%
Worst year: 13.3%
Latest · 2025: 13.3%

Each $1 of profit left $0.73 for owners over five years (minimum $0.80), and new investment earned 10.8% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.73×
Annual median: 0.74×
Latest · 2025: 0.92×

Acquisitions used 56.7% of profits (limit 50%) while returns fell to 14.5% (minimum 15% and two-thirds of their starting level).

Earnings per share

10y median: BRL 1.97
Worst year: BRL 1.53
Latest · 2025: BRL 1.86

Profits were backed by cash: accruals were -0.8% of assets (limit 10%).

Sloan accruals

10y median: -0.0%
Worst year: 2.9%
Latest · 2025: -0.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 30.8%, three-year average owner earnings per share 1.65 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 26.76 · Value 5.74 · Buy at or below 5.74; 2016-11 · Price BRL 25.97 · Value 5.74 · Buy at or below 5.74; 2016-12 · Price BRL 26.13 · Value 5.74 · Buy at or below 5.74; 2017-01 · Price BRL 27.95 · Value 5.74 · Buy at or below 5.74; 2017-02 · Price BRL 27.09 · Value 8.83 · Buy at or below 8.83; 2017-03 · Price BRL 29.00 · Value 8.83 · Buy at or below 8.83; 2017-04 · Price BRL 30.06 · Value 8.83 · Buy at or below 8.83; 2017-05 · Price BRL 29.50 · Value 8.83 · Buy at or below 8.83; 2017-06 · Price BRL 27.80 · Value 8.83 · Buy at or below 8.83; 2017-07 · Price BRL 27.99 · Value 8.83 · Buy at or below 8.83; 2017-08 · Price BRL 29.51 · Value 8.83 · Buy at or below 8.83; 2017-09 · Price BRL 32.20 · Value 8.83 · Buy at or below 8.83; 2017-10 · Price BRL 34.20 · Value 8.83 · Buy at or below 8.83; 2017-11 · Price BRL 32.85 · Value 8.83 · Buy at or below 8.83; 2017-12 · Price BRL 36.00 · Value 8.83 · Buy at or below 8.83; 2018-01 · Price BRL 36.34 · Value 8.83 · Buy at or below 8.83; 2018-02 · Price BRL 34.52 · Value 14.38 · Buy at or below 14.38; 2018-03 · Price BRL 36.16 · Value 14.38 · Buy at or below 14.38; 2018-04 · Price BRL 31.50 · Value 14.38 · Buy at or below 14.38; 2018-05 · Price BRL 28.20 · Value 14.38 · Buy at or below 14.38; 2018-06 · Price BRL 27.61 · Value 14.38 · Buy at or below 14.38; 2018-07 · Price BRL 27.75 · Value 14.38 · Buy at or below 14.38; 2018-08 · Price BRL 27.40 · Value 14.38 · Buy at or below 14.38; 2018-09 · Price BRL 28.52 · Value 14.38 · Buy at or below 14.38; 2018-10 · Price BRL 29.78 · Value 14.38 · Buy at or below 14.38; 2018-11 · Price BRL 32.10 · Value 14.38 · Buy at or below 14.38; 2018-12 · Price BRL 30.20 · Value 14.38 · Buy at or below 14.38; 2019-01 · Price BRL 31.85 · Value 14.38 · Buy at or below 14.38; 2019-02 · Price BRL 26.90 · Value 12.46 · Buy at or below 12.46; 2019-03 · Price BRL 25.90 · Value 12.46 · Buy at or below 12.46; 2019-04 · Price BRL 28.08 · Value 12.46 · Buy at or below 12.46; 2019-05 · Price BRL 30.22 · Value 12.46 · Buy at or below 12.46; 2019-06 · Price BRL 29.99 · Value 12.46 · Buy at or below 12.46; 2019-07 · Price BRL 30.18 · Value 12.46 · Buy at or below 12.46; 2019-08 · Price BRL 32.17 · Value 12.46 · Buy at or below 12.46; 2019-09 · Price BRL 33.53 · Value 12.46 · Buy at or below 12.46; 2019-10 · Price BRL 34.32 · Value 12.46 · Buy at or below 12.46; 2019-11 · Price BRL 33.30 · Value 12.46 · Buy at or below 12.46; 2019-12 · Price BRL 35.69 · Value 12.46 · Buy at or below 12.46; 2020-01 · Price BRL 35.57 · Value 12.46 · Buy at or below 12.46; 2020-02 · Price BRL 34.30 · Value 20.23 · Buy at or below 20.23; 2020-03 · Price BRL 28.59 · Value 20.23 · Buy at or below 20.23; 2020-04 · Price BRL 29.08 · Value 20.23 · Buy at or below 20.23; 2020-05 · Price BRL 32.22 · Value 20.23 · Buy at or below 20.23; 2020-06 · Price BRL 33.30 · Value 20.23 · Buy at or below 20.23; 2020-07 · Price BRL 36.12 · Value 20.23 · Buy at or below 20.23; 2020-08 · Price BRL 31.65 · Value 20.23 · Buy at or below 20.23; 2020-09 · Price BRL 29.82 · Value 20.23 · Buy at or below 20.23; 2020-10 · Price BRL 27.90 · Value 20.23 · Buy at or below 20.23; 2020-11 · Price BRL 32.11 · Value 20.23 · Buy at or below 20.23; 2020-12 · Price BRL 34.25 · Value 20.23 · Buy at or below 20.23; 2021-01 · Price BRL 32.29 · Value 20.23 · Buy at or below 20.23; 2021-02 · Price BRL 32.78 · Value 22.51 · Buy at or below 22.51; 2021-03 · Price BRL 32.03 · Value 22.51 · Buy at or below 22.51; 2021-04 · Price BRL 34.66 · Value 22.51 · Buy at or below 22.51; 2021-05 · Price BRL 36.40 · Value 22.51 · Buy at or below 22.51; 2021-06 · Price BRL 34.47 · Value 22.51 · Buy at or below 22.51; 2021-07 · Price BRL 35.65 · Value 22.51 · Buy at or below 22.51; 2021-08 · Price BRL 35.57 · Value 22.51 · Buy at or below 22.51; 2021-09 · Price BRL 32.14 · Value 22.51 · Buy at or below 22.51; 2021-10 · Price BRL 28.06 · Value 22.51 · Buy at or below 22.51; 2021-11 · Price BRL 27.12 · Value 22.51 · Buy at or below 22.51; 2021-12 · Price BRL 28.27 · Value 22.51 · Buy at or below 22.51; 2022-01 · Price BRL 31.11 · Value 22.51 · Buy at or below 22.51; 2022-02 · Price BRL 33.50 · Value 22.32 · Buy at or below 22.32; 2022-03 · Price BRL 38.71 · Value 22.32 · Buy at or below 22.32; 2022-04 · Price BRL 37.42 · Value 22.32 · Buy at or below 22.32; 2022-05 · Price BRL 38.79 · Value 22.32 · Buy at or below 22.32; 2022-06 · Price BRL 38.04 · Value 22.32 · Buy at or below 22.32; 2022-07 · Price BRL 42.59 · Value 22.32 · Buy at or below 22.32; 2022-08 · Price BRL 43.07 · Value 22.32 · Buy at or below 22.32; 2022-09 · Price BRL 44.25 · Value 22.32 · Buy at or below 22.32; 2022-10 · Price BRL 50.81 · Value 22.32 · Buy at or below 22.32; 2022-11 · Price BRL 44.44 · Value 22.32 · Buy at or below 22.32; 2022-12 · Price BRL 45.20 · Value 22.32 · Buy at or below 22.32; 2023-01 · Price BRL 46.40 · Value 22.32 · Buy at or below 22.32; 2023-02 · Price BRL 41.65 · Value 18.64 · Buy at or below 18.64; 2023-03 · Price BRL 37.70 · Value 18.64 · Buy at or below 18.64; 2023-04 · Price BRL 37.25 · Value 18.64 · Buy at or below 18.64; 2023-05 · Price BRL 40.82 · Value 18.64 · Buy at or below 18.64; 2023-06 · Price BRL 46.01 · Value 18.64 · Buy at or below 18.64; 2023-07 · Price BRL 43.26 · Value 18.64 · Buy at or below 18.64; 2023-08 · Price BRL 38.99 · Value 18.64 · Buy at or below 18.64; 2023-09 · Price BRL 37.14 · Value 18.64 · Buy at or below 18.64; 2023-10 · Price BRL 30.29 · Value 18.64 · Buy at or below 18.64; 2023-11 · Price BRL 33.78 · Value 18.64 · Buy at or below 18.64; 2023-12 · Price BRL 35.75 · Value 18.64 · Buy at or below 18.64; 2024-01 · Price BRL 31.73 · Value 18.64 · Buy at or below 18.64; 2024-02 · Price BRL 32.88 · Value 14.18 · Buy at or below 14.18; 2024-03 · Price BRL 32.93 · Value 14.18 · Buy at or below 14.18; 2024-04 · Price BRL 29.52 · Value 14.18 · Buy at or below 14.18; 2024-05 · Price BRL 27.15 · Value 14.18 · Buy at or below 14.18; 2024-06 · Price BRL 28.70 · Value 14.18 · Buy at or below 14.18; 2024-07 · Price BRL 28.80 · Value 14.18 · Buy at or below 14.18; 2024-08 · Price BRL 28.54 · Value 14.18 · Buy at or below 14.18; 2024-09 · Price BRL 26.23 · Value 14.18 · Buy at or below 14.18; 2024-10 · Price BRL 22.10 · Value 14.18 · Buy at or below 14.18; 2024-11 · Price BRL 19.52 · Value 14.18 · Buy at or below 14.18; 2024-12 · Price BRL 18.09 · Value 14.18 · Buy at or below 14.18; 2025-01 · Price BRL 18.28 · Value 14.18 · Buy at or below 14.18; 2025-02 · Price BRL 19.05 · Value 16.60 · Buy at or below 16.60; 2025-03 · Price BRL 19.37 · Value 16.60 · Buy at or below 16.60; 2025-04 · Price BRL 24.12 · Value 16.60 · Buy at or below 16.60; 2025-05 · Price BRL 25.40 · Value 16.60 · Buy at or below 16.60; 2025-06 · Price BRL 27.19 · Value 16.60 · Buy at or below 16.60; 2025-07 · Price BRL 25.71 · Value 16.60 · Buy at or below 16.60; 2025-08 · Price BRL 24.40 · Value 16.60 · Buy at or below 16.60; 2025-09 · Price BRL 22.73 · Value 16.60 · Buy at or below 16.60; 2025-10 · Price BRL 25.84 · Value 16.60 · Buy at or below 16.60; 2025-11 · Price BRL 26.80 · Value 16.60 · Buy at or below 16.60; 2025-12 · Price BRL 23.56 · Value 16.60 · Buy at or below 16.60; 2026-01 · Price BRL 25.21 · Value 16.60 · Buy at or below 16.60; 2026-02 · Price BRL 23.08 · Value 16.93 · Buy at or below 16.93; 2026-03 · Price BRL 23.28 · Value 16.93 · Buy at or below 16.93; 2026-04 · Price BRL 22.53 · Value 16.93 · Buy at or below 16.93; 2026-05 · Price BRL 21.91 · Value 16.93 · Buy at or below 16.93; 2026-06 · Price BRL 20.81 · Value 16.93 · Buy at or below 16.93; 2026-07 · Price BRL 21.27 · Value 16.93 · Buy at or below 16.93; 2026-08 · Price BRL 21.70 · Value 16.93 · Buy at or below 16.93; 2026-09 · Price BRL 24.48 · Value 16.93 · Buy at or below 16.93; 2026-10 · Price BRL 26.00 · Value 16.93 · Buy at or below 16.93; 2026-10 · Price BRL 25.45 · Value 16.93 · Buy at or below 16.93

BRL per share · annual estimates

Price & return math
Value range	BRL 14.18 – BRL 18.13
Buy at or below	Central value BRL 16.93
Discount to value	1 − 25.45 / 16.93 = -50.3%
Return / year	About 12.0% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 1.78/share; 5.7% growth for 5 years, then fades to 3.0%; excess cash BRL 1.99/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 7.7B

Revenue

Owner earningsBRL 1.1B

Owner earnings

Operating margin22.5%

Operating margin

Net cash / debtBRL -7.8B

Net cash / debt

Diluted shares643M

Diluted shares

Prices 15 Oct 2026 · FY2025