# Jereissati Participações (IGTI3.SA)

Canonical: https://gigainvestors.com/s/IGTI3.SA

Analysis as of: 2026-10-16T07:44:00.976Z. 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 4.22 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.54×

- FY2017: 0.58×

- FY2018: 0.57×

- FY2019: 0.63×

- FY2020: 0.50×

- FY2021: 0.39×

- FY2022: 0.49×

- FY2023: 0.55×

- FY2024: 0.58×

- FY2025: 0.57×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 66.9%

- Recent gross margin (lower of latest and 3-year median): 67.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.9%

- ROIC including acquisitions, ten-year median: 0.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.8%

- FY2017: 10.8%

- FY2018: 10.7%

- FY2019: 12.6%

- FY2020: 6.9%

- FY2021: 4.6%

- FY2022: 7.5%

- FY2023: 9.3%

- FY2024: 10.4%

- FY2025: 14.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -494M

- Net income, five-year total: BRL 1.5B

- Return on incremental invested capital: 43.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.4 pp

- Working capital / revenue, final three-year average: 26.6%

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

- FY2021: 0.98×

- FY2022: -0.26×

- FY2023: -1.42×

- FY2024: 0.18×

- FY2025: -0.63×

### 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: 10.7% vs 10.4%

- Per-share earnings: 0.02 to 0.33 (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: 2.6%

- Ordinary dilution, 5-year annual growth: 7.1%

- Market cap gain: BRL -1.1B

- Cumulative retained earnings: BRL 876M

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 7.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 39.6%

- Per-share value change: BRL 0.30

- Per-share value, starting three-year median: BRL 0.02

- Per-share value, ending three-year median: BRL 0.33

- Buybacks concentrated in cheaper years (correlation): 0.48

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 33M

- Cumulative net income, 10 years: BRL 1.9B

- ROIC, first three-year median: 10.7%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.02

- FY2017: BRL 0.09

- FY2018: BRL 0.13

- FY2019: BRL 0.15

- FY2020: BRL 0.09

- FY2021: BRL 0.21

- FY2022: BRL 0.01

- FY2023: BRL 0.25

- FY2024: BRL 0.33

- FY2025: BRL 0.47

### accounting: pass

- Sloan accruals: 2.7%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.5%

- FY2018: -5.2%

- FY2019: -4.8%

- FY2020: -0.7%

- FY2021: 0.9%

- FY2022: -2.3%

- FY2023: -0.9%

- FY2024: -0.6%

- FY2025: 2.7%

## Holders

## Price story

Down 85% since Nov 2021 · sales +59.4%

Story as of 2026-10-16T10:00:12.891Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +59.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 669M 

- FY2017: BRL 693M 

- FY2018: BRL 723M 

- FY2019: BRL 755M 

- FY2020: BRL 677M 

- FY2021: BRL 858M 

- FY2022: BRL 1.0B 

- FY2023: BRL 1.2B 

- FY2024: BRL 1.2B 

- FY2025: BRL 2.0B 

### Gross margin · FY2025

gross margin 72.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 68.8% 

- FY2017: 69.4% 

- FY2018: 69.9% 

- FY2019: 66.6% 

- FY2020: 59.3% 

- FY2021: 57.0% 

- FY2022: 58.6% 

- FY2023: 63.9% 

- FY2024: 67.1% 

- FY2025: 72.4% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are BRL 2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2025: revenue 1970516000; grossProfit 1426658000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGTI3.SA: Iguatemi S.A., together with its subsidiaries, engages in the commercial exploration and planning of shopping centers in Brazil. The company is also involved in the purchase of parking lots, and sale of real estate. In addition, it provides economic, financial and tax advisory, and consultancy services. The company was formerly known as Jereissati Participações S.A. and changed its name to Iguatemi S.A. in November 2021. Iguatemi S.A. was founded in 1946 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 63.9% to 72.4% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2023: grossProfit / revenue = 63.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2024: grossProfit / revenue = 67.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2025: grossProfit / revenue = 72.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); 10-year return on capital observations [[2016,0.07775408239098254],[2017,0.10785746595121806],[2018,0.10666645037486686],[2019,0.12619234735758192],[2020,0.06931141964834023],[2021,0.04622145221737661],[2022,0.0747470958433304],[2023,0.09303305335733783],[2024,0.10429364503889191],[2025,0.1428935145061287]]; median 0.09866334919811487. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 14.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2017: growth capex 0; upkeep 98058000; owner earnings 86500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2018: growth capex 919919.373553127; upkeep 169823080.62644687; owner earnings 49988919.37355313. Growth capex / owner earnings = 0.018402465688022347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2019: growth capex 1134343.1261605918; upkeep 165073656.8738394; owner earnings 91613343.12616059. Growth capex / owner earnings = 0.012381854950959378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2021: growth capex 7556411.474964201; upkeep 159453588.5250358; owner earnings 234956411.4749642. Growth capex / owner earnings = 0.032160907751050564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2024: growth capex 3527797.7706409693; upkeep 336394202.22935903; owner earnings 70955597.77064097. Growth capex / owner earnings = 0.0497183856028432.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); Dividend observations: [[2016,28628000],[2017,73019000],[2018,95853000],[2019,111341000],[2020,47924000],[2021,9969000],[2022,89863000],[2023,109857000],[2024,199738000],[2025,199740000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); FY2025: cash repurchases 14947000 BRL.

### Are managers owners

Insiders own 71.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IGTI3.SA SharesStats.PercentInsiders = 71.391 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:00.976Z); Closing price 4.21999979019165 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 1.5875656391227138; price multiple 2.658157676254328. FY2025 cash earnings/share -0.2933879168607959. Closing-price date 2026-10-14.

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

- 2016-10: BRL 5.10 per share

- 2016-11: BRL 5.10 per share

- 2016-12: BRL 5.10 per share

- 2017-01: BRL 5.10 per share

- 2017-02: BRL 5.10 per share

- 2017-03: BRL 6.03 per share

- 2017-04: BRL 6.03 per share

- 2017-05: BRL 6.03 per share

- 2017-06: BRL 12.50 per share

- 2017-07: BRL 19.00 per share

- 2017-08: BRL 18.00 per share

- 2017-09: BRL 18.00 per share

- 2017-10: BRL 18.94 per share

- 2017-11: BRL 18.94 per share

- 2017-12: BRL 20.10 per share

- 2018-01: BRL 25.00 per share

- 2018-02: BRL 25.00 per share

- 2018-03: BRL 23.24 per share

- 2018-04: BRL 21.49 per share

- 2018-05: BRL 20.35 per share

- 2018-06: BRL 19.75 per share

- 2018-07: BRL 19.50 per share

- 2018-08: BRL 18.98 per share

- 2018-09: BRL 18.50 per share

- 2018-10: BRL 20.97 per share

- 2018-11: BRL 21.63 per share

- 2018-12: BRL 22.79 per share

- 2019-01: BRL 26.40 per share

- 2019-02: BRL 25.50 per share

- 2019-03: BRL 24.24 per share

- 2019-04: BRL 24.70 per share

- 2019-05: BRL 24.95 per share

- 2019-06: BRL 26.75 per share

- 2019-07: BRL 31.90 per share

- 2019-08: BRL 30.64 per share

- 2019-09: BRL 31.20 per share

- 2019-10: BRL 31.90 per share

- 2019-11: BRL 32.32 per share

- 2019-12: BRL 37.80 per share

- 2020-01: BRL 38.67 per share

- 2020-02: BRL 36.03 per share

- 2020-03: BRL 20.47 per share

- 2020-04: BRL 22.45 per share

- 2020-05: BRL 22.50 per share

- 2020-06: BRL 22.96 per share

- 2020-07: BRL 24.97 per share

- 2020-08: BRL 24.00 per share

- 2020-09: BRL 20.95 per share

- 2020-10: BRL 20.99 per share

- 2020-11: BRL 24.14 per share

- 2020-12: BRL 26.29 per share

- 2021-01: BRL 24.33 per share

- 2021-02: BRL 22.01 per share

- 2021-03: BRL 26.68 per share

- 2021-04: BRL 26.82 per share

- 2021-05: BRL 29.75 per share

- 2021-06: BRL 33.73 per share

- 2021-07: BRL 35.19 per share

- 2021-08: BRL 29.75 per share

- 2021-09: BRL 26.69 per share

- 2021-10: BRL 26.38 per share

- 2021-11: BRL 27.85 per share

- 2021-12: BRL 2.73 per share

- 2022-01: BRL 3.37 per share

- 2022-02: BRL 2.68 per share

- 2022-03: BRL 2.64 per share

- 2022-04: BRL 2.65 per share

- 2022-05: BRL 2.53 per share

- 2022-06: BRL 2.31 per share

- 2022-07: BRL 2.57 per share

- 2022-08: BRL 2.41 per share

- 2022-09: BRL 2.80 per share

- 2022-10: BRL 2.92 per share

- 2022-11: BRL 2.55 per share

- 2022-12: BRL 2.65 per share

- 2023-01: BRL 2.70 per share

- 2023-02: BRL 2.45 per share

- 2023-03: BRL 2.43 per share

- 2023-04: BRL 2.45 per share

- 2023-05: BRL 2.57 per share

- 2023-06: BRL 2.83 per share

- 2023-07: BRL 2.76 per share

- 2023-08: BRL 2.74 per share

- 2023-09: BRL 2.65 per share

- 2023-10: BRL 2.55 per share

- 2023-11: BRL 2.85 per share

- 2023-12: BRL 3.00 per share

- 2024-01: BRL 2.90 per share

- 2024-02: BRL 2.93 per share

- 2024-03: BRL 3.32 per share

- 2024-04: BRL 2.85 per share

- 2024-05: BRL 2.86 per share

- 2024-06: BRL 2.62 per share

- 2024-07: BRL 2.59 per share

- 2024-08: BRL 2.78 per share

- 2024-09: BRL 2.58 per share

- 2024-10: BRL 2.56 per share

- 2024-11: BRL 2.34 per share

- 2024-12: BRL 2.09 per share

- 2025-01: BRL 2.18 per share

- 2025-02: BRL 2.08 per share

- 2025-03: BRL 2.18 per share

- 2025-04: BRL 2.32 per share

- 2025-05: BRL 2.72 per share

- 2025-06: BRL 2.83 per share

- 2025-07: BRL 2.51 per share

- 2025-08: BRL 2.80 per share

- 2025-09: BRL 2.90 per share

- 2025-10: BRL 2.92 per share

- 2025-11: BRL 3.04 per share

- 2025-12: BRL 3.04 per share

- 2026-01: BRL 3.30 per share

- 2026-02: BRL 3.40 per share

- 2026-03: BRL 3.23 per share

- 2026-04: BRL 3.33 per share

- 2026-05: BRL 3.55 per share

- 2026-06: BRL 3.33 per share

- 2026-07: BRL 3.08 per share

- 2026-08: BRL 3.11 per share

- 2026-09: BRL 3.28 per share

- 2026-10: BRL 4.22 per share

## Annual estimated value (BRL per share)

- FY2019: low BRL 1.48 per share, central BRL 1.50 per share, high BRL 1.53 per share

- FY2020: low BRL 2.14 per share, central BRL 2.16 per share, high BRL 2.19 per share

- FY2021: low BRL 2.32 per share, central BRL 2.36 per share, high BRL 2.40 per share

- FY2022: low BRL 1.87 per share, central BRL 1.99 per share, high BRL 2.03 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.