# Multiplan Empreendimentos Imobiliários (MULT3.SA)

Canonical: https://gigainvestors.com/s/MULT3.SA

Analysis as of: 2026-10-16T07:38:31.792Z. 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 37.55 per share; close as of 2026-10-15.

Estimated value: low BRL 21.61 per share, central BRL 23.02 per share, high BRL 24.66 per share. Buy at or below the central value BRL 23.02 per share. Valuation as of 2026-10-16T07:38:31.792Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% 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

- 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: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.59×

- FY2017: 0.55×

- FY2018: 0.60×

- FY2019: 0.54×

- FY2020: 1.06×

- FY2021: 0.48×

- FY2022: 0.59×

- FY2023: 0.67×

- FY2024: 0.67×

- FY2025: 0.68×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 78.1%

- Recent gross margin (lower of latest and 3-year median): 75.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 9.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 7.9%

- FY2018: 8.3%

- FY2019: 7.8%

- FY2020: 13.3%

- FY2021: 6.8%

- FY2022: 12.1%

- FY2023: 14.2%

- FY2024: 15.8%

- FY2025: 15.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 5.5B

- Net income, five-year total: BRL 4.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 22.0%

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

- FY2021: 1.40×

- FY2022: 1.24×

- FY2023: 1.14×

- FY2024: 1.08×

- FY2025: 1.12×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.9% vs 15.0%

- Per-share earnings: 0.64 to 2.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.3%

- Ordinary dilution, 5-year annual growth: -3.8%

- Market cap gain: BRL 1.8B

- Cumulative retained earnings: BRL 2.7B

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -3.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.4%

- Per-share value change: BRL 1.67

- Per-share value, starting three-year median: BRL 0.64

- Per-share value, ending three-year median: BRL 2.31

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.8%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 61M

- Cumulative net income, 10 years: BRL 7.3B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 15.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.53

- FY2017: BRL 0.66

- FY2018: BRL 0.79

- FY2019: BRL 0.78

- FY2020: BRL 1.61

- FY2021: BRL 0.76

- FY2022: BRL 1.31

- FY2023: BRL 1.75

- FY2024: BRL 2.38

- FY2025: BRL 2.31

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -4.0%

- FY2018: -4.3%

- FY2019: -5.1%

- FY2020: 4.3%

- FY2021: -2.3%

- FY2022: -4.0%

- FY2023: -1.4%

- FY2024: -1.2%

- FY2025: -1.6%

## Holders

## Price story

Price needs cash profits to grow 8.3% a year for ten years · sales +7.6%

Story as of 2026-10-16T10:00:10.019Z; price observation 2026-10-15.

Price needs cash profits to grow 8.3% a year for ten years

### Sales · FY2024–2025

sales +7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 1.1B 

- FY2017: BRL 1.2B 

- FY2018: BRL 1.2B 

- FY2019: BRL 1.3B 

- FY2020: BRL 1.1B 

- FY2021: BRL 1.3B 

- FY2022: BRL 1.8B 

- FY2023: BRL 2.0B 

- FY2024: BRL 2.5B 

- FY2025: BRL 2.7B 

### Gross margin · FY2025

gross margin 75.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 76.5% 

- FY2017: 76.4% 

- FY2018: 77.3% 

- FY2019: 79.2% 

- FY2020: 74.6% 

- FY2021: 78.9% 

- FY2022: 81.1% 

- FY2023: 85.5% 

- FY2024: 83.4% 

- FY2025: 75.9% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are BRL 2.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2025: revenue 2739082000; grossProfit 2080210000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MULT3.SA: Multiplan Empreendimentos Imobiliários S.A. engages in the planning, implementation, development, and sale of real estate projects in Brazil. The company develops residential or commercial properties, including urban shopping malls. It is also involved in the purchase and sale of real estate properties, as well as acquisition and disposal of real estate rights, and its operation through leasing. In addition, the company provides management and administrative services for its own shopping malls or third party; technical advisory and support services concerning real estate matters; and civil construction, construction works execution, and engineering and related services. Further, it engages in the planning, development, management, promotion, and intermediation of real estate projects; import and export of goods and services related to its activities; generation of electric power; vehicle manufacturing and parking services; entertainment services; manage and operate theatres; and administration and promotion services. Additionally, the company engages in promotion, organization, production, agency, programming and execution of sporting, artistic and cultural events, shows, and spectacles; manages sporting, artistic and cultural events; and rental of sound, light and any other equipment. Multiplan Empreendimentos Imobiliários S.A. was founded in 1974 and is based in Rio De Janeiro, Brazil.

### Why customers stay

Margins ranged from 75.9% to 85.5% during 2023–25; it earns 10.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2023: grossProfit / revenue = 85.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2024: grossProfit / revenue = 83.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2025: grossProfit / revenue = 75.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); 10-year return on capital observations [[2016,0.07028649074121597],[2017,0.07948772657944976],[2018,0.08334068627969768],[2019,0.07842409123640709],[2020,0.1325680970279429],[2021,0.06823538456381274],[2022,0.12101310123950779],[2023,0.14216817298332002],[2024,0.15771654161118356],[2025,0.1503481461664405]]; median 0.10217689375960273. 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 35.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2016: growth capex 0; upkeep 8403000; owner earnings 460094000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2017: growth capex 0; upkeep 16294000; owner earnings 535479000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2018: growth capex 0; upkeep 71170000; owner earnings 604466000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2019: growth capex 0; upkeep 41570000; owner earnings 649911000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2020: growth capex 0; upkeep 21096000; owner earnings 1164863000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2021: growth capex 0; upkeep 21909000; owner earnings 632240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2022: growth capex 0; upkeep 25177000; owner earnings 950829000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2023: growth capex 0; upkeep 26012000; owner earnings 1164522000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2024: growth capex 0; upkeep 37775000; owner earnings 1441547000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2025: growth capex 0; upkeep 2742000; owner earnings 1276135000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); Dividend observations: [[2016,115786000],[2017,81341000],[2018,301065000],[2019,225306000],[2020,148375000],[2021,237048000],[2022,208358000],[2023,384185000],[2024,513404000],[2025,492046000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); FY2025: cash repurchases 35184000 BRL.

### Are managers owners

Insiders own 32.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MULT3.SA SharesStats.PercentInsiders = 32.537 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.3% yearly over ten years; actual growth was 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:31.792Z); Ten-year compound average after fade. Initial solved rate 0.10640788498413711. Price 37.55; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8952544219550282 → FY2025 2.5866779906313786. Closing-price date 2026-10-15.

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

- 2016-10: BRL 21.38 per share

- 2016-11: BRL 19.38 per share

- 2016-12: BRL 19.79 per share

- 2017-01: BRL 20.82 per share

- 2017-02: BRL 21.43 per share

- 2017-03: BRL 22.10 per share

- 2017-04: BRL 22.57 per share

- 2017-05: BRL 21.37 per share

- 2017-06: BRL 21.77 per share

- 2017-07: BRL 23.96 per share

- 2017-08: BRL 24.36 per share

- 2017-09: BRL 24.44 per share

- 2017-10: BRL 23.83 per share

- 2017-11: BRL 23.18 per share

- 2017-12: BRL 23.63 per share

- 2018-01: BRL 24.18 per share

- 2018-02: BRL 23.40 per share

- 2018-03: BRL 22.89 per share

- 2018-04: BRL 22.17 per share

- 2018-05: BRL 19.56 per share

- 2018-06: BRL 19.00 per share

- 2018-07: BRL 20.08 per share

- 2018-08: BRL 18.63 per share

- 2018-09: BRL 18.71 per share

- 2018-10: BRL 23.00 per share

- 2018-11: BRL 23.21 per share

- 2018-12: BRL 24.31 per share

- 2019-01: BRL 26.03 per share

- 2019-02: BRL 25.17 per share

- 2019-03: BRL 23.39 per share

- 2019-04: BRL 23.96 per share

- 2019-05: BRL 24.84 per share

- 2019-06: BRL 27.76 per share

- 2019-07: BRL 28.39 per share

- 2019-08: BRL 25.99 per share

- 2019-09: BRL 28.85 per share

- 2019-10: BRL 29.21 per share

- 2019-11: BRL 28.92 per share

- 2019-12: BRL 33.10 per share

- 2020-01: BRL 34.68 per share

- 2020-02: BRL 30.52 per share

- 2020-03: BRL 19.08 per share

- 2020-04: BRL 20.89 per share

- 2020-05: BRL 20.69 per share

- 2020-06: BRL 20.50 per share

- 2020-07: BRL 21.14 per share

- 2020-08: BRL 20.82 per share

- 2020-09: BRL 19.43 per share

- 2020-10: BRL 18.97 per share

- 2020-11: BRL 22.67 per share

- 2020-12: BRL 23.53 per share

- 2021-01: BRL 21.20 per share

- 2021-02: BRL 19.68 per share

- 2021-03: BRL 24.49 per share

- 2021-04: BRL 23.03 per share

- 2021-05: BRL 25.66 per share

- 2021-06: BRL 23.50 per share

- 2021-07: BRL 23.35 per share

- 2021-08: BRL 21.10 per share

- 2021-09: BRL 19.03 per share

- 2021-10: BRL 18.52 per share

- 2021-11: BRL 19.60 per share

- 2021-12: BRL 18.72 per share

- 2022-01: BRL 21.50 per share

- 2022-02: BRL 22.09 per share

- 2022-03: BRL 24.48 per share

- 2022-04: BRL 24.65 per share

- 2022-05: BRL 24.09 per share

- 2022-06: BRL 21.95 per share

- 2022-07: BRL 23.80 per share

- 2022-08: BRL 24.10 per share

- 2022-09: BRL 24.17 per share

- 2022-10: BRL 26.36 per share

- 2022-11: BRL 22.93 per share

- 2022-12: BRL 21.90 per share

- 2023-01: BRL 23.79 per share

- 2023-02: BRL 25.17 per share

- 2023-03: BRL 24.64 per share

- 2023-04: BRL 25.90 per share

- 2023-05: BRL 26.53 per share

- 2023-06: BRL 27.67 per share

- 2023-07: BRL 26.41 per share

- 2023-08: BRL 24.74 per share

- 2023-09: BRL 24.57 per share

- 2023-10: BRL 24.74 per share

- 2023-11: BRL 27.19 per share

- 2023-12: BRL 28.42 per share

- 2024-01: BRL 27.86 per share

- 2024-02: BRL 26.41 per share

- 2024-03: BRL 25.59 per share

- 2024-04: BRL 22.89 per share

- 2024-05: BRL 22.70 per share

- 2024-06: BRL 22.54 per share

- 2024-07: BRL 23.96 per share

- 2024-08: BRL 25.64 per share

- 2024-09: BRL 25.65 per share

- 2024-10: BRL 25.59 per share

- 2024-11: BRL 23.79 per share

- 2024-12: BRL 21.08 per share

- 2025-01: BRL 22.40 per share

- 2025-02: BRL 20.95 per share

- 2025-03: BRL 22.60 per share

- 2025-04: BRL 25.74 per share

- 2025-05: BRL 26.88 per share

- 2025-06: BRL 27.21 per share

- 2025-07: BRL 25.30 per share

- 2025-08: BRL 27.85 per share

- 2025-09: BRL 29.08 per share

- 2025-10: BRL 27.49 per share

- 2025-11: BRL 30.16 per share

- 2025-12: BRL 27.25 per share

- 2026-01: BRL 32.94 per share

- 2026-02: BRL 35.20 per share

- 2026-03: BRL 31.81 per share

- 2026-04: BRL 31.72 per share

- 2026-05: BRL 29.79 per share

- 2026-06: BRL 29.27 per share

- 2026-07: BRL 28.13 per share

- 2026-08: BRL 27.92 per share

- 2026-09: BRL 31.72 per share

- 2026-10: BRL 38.16 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 6.80 per share, central BRL 8.60 per share, high BRL 9.25 per share

- FY2017: low BRL 8.13 per share, central BRL 10.09 per share, high BRL 10.80 per share

- FY2018: low BRL 7.11 per share, central BRL 7.50 per share, high BRL 7.95 per share

- FY2019: low BRL 7.63 per share, central BRL 8.05 per share, high BRL 8.54 per share

- FY2020: low BRL 7.34 per share, central BRL 7.70 per share, high BRL 8.12 per share

- FY2021: low BRL 7.65 per share, central BRL 8.08 per share, high BRL 8.58 per share

- FY2022: low BRL 10.79 per share, central BRL 11.41 per share, high BRL 12.13 per share

- FY2023: low BRL 12.96 per share, central BRL 13.71 per share, high BRL 14.58 per share

- FY2024: low BRL 17.37 per share, central BRL 18.42 per share, high BRL 19.63 per share

- FY2025: low BRL 19.06 per share, central BRL 20.27 per share, high BRL 21.65 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 2026-10-15T06:44:12.672Z 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.

Multiplan Empreendimentos Imobiliários

MULT3 · SA

Ibovespa

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: BRL 37.55
Buy up to: BRL 23.02
Expected / yr: 11.2% at today's price (17.0% at central value)

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

Margins varied 23.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 59.7%
Worst year: 48.3%
Latest · 2025: 68.1%

Capital return excluding acquisitions: median 10.2% (minimum 15%), and the second-worst year 7% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.2%
Worst year: 6.8%
Latest · 2025: 15.0%

Each $1 of profit left $1.16 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.16×
Annual median: 1.14×
Latest · 2025: 1.12×

Per-share value rose from 0.64 to 2.31, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: BRL 1.05
Worst year: BRL 0.53
Latest · 2025: BRL 2.31

Profits were backed by cash: accruals were -1.6% of assets (limit 10%).

Sloan accruals

10y median: -3.2%
Worst year: 4.3%
Latest · 2025: -1.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 64.4%, three-year average owner earnings per share 2.38 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 21.38 · Value 8.60 · Buy at or below 8.60; 2016-11 · Price BRL 19.38 · Value 8.60 · Buy at or below 8.60; 2016-12 · Price BRL 19.79 · Value 8.60 · Buy at or below 8.60; 2017-01 · Price BRL 20.82 · Value 8.60 · Buy at or below 8.60; 2017-02 · Price BRL 21.43 · Value 10.09 · Buy at or below 10.09; 2017-03 · Price BRL 22.10 · Value 10.09 · Buy at or below 10.09; 2017-04 · Price BRL 22.57 · Value 10.09 · Buy at or below 10.09; 2017-05 · Price BRL 21.37 · Value 10.09 · Buy at or below 10.09; 2017-06 · Price BRL 21.77 · Value 10.09 · Buy at or below 10.09; 2017-07 · Price BRL 23.96 · Value 10.09 · Buy at or below 10.09; 2017-08 · Price BRL 24.36 · Value 10.09 · Buy at or below 10.09; 2017-09 · Price BRL 24.44 · Value 10.09 · Buy at or below 10.09; 2017-10 · Price BRL 23.83 · Value 10.09 · Buy at or below 10.09; 2017-11 · Price BRL 23.18 · Value 10.09 · Buy at or below 10.09; 2017-12 · Price BRL 23.63 · Value 10.09 · Buy at or below 10.09; 2018-01 · Price BRL 24.18 · Value 10.09 · Buy at or below 10.09; 2018-02 · Price BRL 23.40 · Value 7.50 · Buy at or below 7.50; 2018-03 · Price BRL 22.89 · Value 7.50 · Buy at or below 7.50; 2018-04 · Price BRL 22.17 · Value 7.50 · Buy at or below 7.50; 2018-05 · Price BRL 19.56 · Value 7.50 · Buy at or below 7.50; 2018-06 · Price BRL 19.00 · Value 7.50 · Buy at or below 7.50; 2018-07 · Price BRL 20.08 · Value 7.50 · Buy at or below 7.50; 2018-08 · Price BRL 18.63 · Value 7.50 · Buy at or below 7.50; 2018-09 · Price BRL 18.71 · Value 7.50 · Buy at or below 7.50; 2018-10 · Price BRL 23.00 · Value 7.50 · Buy at or below 7.50; 2018-11 · Price BRL 23.21 · Value 7.50 · Buy at or below 7.50; 2018-12 · Price BRL 24.31 · Value 7.50 · Buy at or below 7.50; 2019-01 · Price BRL 26.03 · Value 7.50 · Buy at or below 7.50; 2019-02 · Price BRL 25.17 · Value 8.05 · Buy at or below 8.05; 2019-03 · Price BRL 23.39 · Value 8.05 · Buy at or below 8.05; 2019-04 · Price BRL 23.96 · Value 8.05 · Buy at or below 8.05; 2019-05 · Price BRL 24.84 · Value 8.05 · Buy at or below 8.05; 2019-06 · Price BRL 27.76 · Value 8.05 · Buy at or below 8.05; 2019-07 · Price BRL 28.39 · Value 8.05 · Buy at or below 8.05; 2019-08 · Price BRL 25.99 · Value 8.05 · Buy at or below 8.05; 2019-09 · Price BRL 28.85 · Value 8.05 · Buy at or below 8.05; 2019-10 · Price BRL 29.21 · Value 8.05 · Buy at or below 8.05; 2019-11 · Price BRL 28.92 · Value 8.05 · Buy at or below 8.05; 2019-12 · Price BRL 33.10 · Value 8.05 · Buy at or below 8.05; 2020-01 · Price BRL 34.68 · Value 8.05 · Buy at or below 8.05; 2020-02 · Price BRL 30.52 · Value 7.70 · Buy at or below 7.70; 2020-03 · Price BRL 19.08 · Value 7.70 · Buy at or below 7.70; 2020-04 · Price BRL 20.89 · Value 7.70 · Buy at or below 7.70; 2020-05 · Price BRL 20.69 · Value 7.70 · Buy at or below 7.70; 2020-06 · Price BRL 20.50 · Value 7.70 · Buy at or below 7.70; 2020-07 · Price BRL 21.14 · Value 7.70 · Buy at or below 7.70; 2020-08 · Price BRL 20.82 · Value 7.70 · Buy at or below 7.70; 2020-09 · Price BRL 19.43 · Value 7.70 · Buy at or below 7.70; 2020-10 · Price BRL 18.97 · Value 7.70 · Buy at or below 7.70; 2020-11 · Price BRL 22.67 · Value 7.70 · Buy at or below 7.70; 2020-12 · Price BRL 23.53 · Value 7.70 · Buy at or below 7.70; 2021-01 · Price BRL 21.20 · Value 7.70 · Buy at or below 7.70; 2021-02 · Price BRL 19.68 · Value 8.08 · Buy at or below 8.08; 2021-03 · Price BRL 24.49 · Value 8.08 · Buy at or below 8.08; 2021-04 · Price BRL 23.03 · Value 8.08 · Buy at or below 8.08; 2021-05 · Price BRL 25.66 · Value 8.08 · Buy at or below 8.08; 2021-06 · Price BRL 23.50 · Value 8.08 · Buy at or below 8.08; 2021-07 · Price BRL 23.35 · Value 8.08 · Buy at or below 8.08; 2021-08 · Price BRL 21.10 · Value 8.08 · Buy at or below 8.08; 2021-09 · Price BRL 19.03 · Value 8.08 · Buy at or below 8.08; 2021-10 · Price BRL 18.52 · Value 8.08 · Buy at or below 8.08; 2021-11 · Price BRL 19.60 · Value 8.08 · Buy at or below 8.08; 2021-12 · Price BRL 18.72 · Value 8.08 · Buy at or below 8.08; 2022-01 · Price BRL 21.50 · Value 8.08 · Buy at or below 8.08; 2022-02 · Price BRL 22.09 · Value 11.41 · Buy at or below 11.41; 2022-03 · Price BRL 24.48 · Value 11.41 · Buy at or below 11.41; 2022-04 · Price BRL 24.65 · Value 11.41 · Buy at or below 11.41; 2022-05 · Price BRL 24.09 · Value 11.41 · Buy at or below 11.41; 2022-06 · Price BRL 21.95 · Value 11.41 · Buy at or below 11.41; 2022-07 · Price BRL 23.80 · Value 11.41 · Buy at or below 11.41; 2022-08 · Price BRL 24.10 · Value 11.41 · Buy at or below 11.41; 2022-09 · Price BRL 24.17 · Value 11.41 · Buy at or below 11.41; 2022-10 · Price BRL 26.36 · Value 11.41 · Buy at or below 11.41; 2022-11 · Price BRL 22.93 · Value 11.41 · Buy at or below 11.41; 2022-12 · Price BRL 21.90 · Value 11.41 · Buy at or below 11.41; 2023-01 · Price BRL 23.79 · Value 11.41 · Buy at or below 11.41; 2023-02 · Price BRL 25.17 · Value 13.71 · Buy at or below 13.71; 2023-03 · Price BRL 24.64 · Value 13.71 · Buy at or below 13.71; 2023-04 · Price BRL 25.90 · Value 13.71 · Buy at or below 13.71; 2023-05 · Price BRL 26.53 · Value 13.71 · Buy at or below 13.71; 2023-06 · Price BRL 27.67 · Value 13.71 · Buy at or below 13.71; 2023-07 · Price BRL 26.41 · Value 13.71 · Buy at or below 13.71; 2023-08 · Price BRL 24.74 · Value 13.71 · Buy at or below 13.71; 2023-09 · Price BRL 24.57 · Value 13.71 · Buy at or below 13.71; 2023-10 · Price BRL 24.74 · Value 13.71 · Buy at or below 13.71; 2023-11 · Price BRL 27.19 · Value 13.71 · Buy at or below 13.71; 2023-12 · Price BRL 28.42 · Value 13.71 · Buy at or below 13.71; 2024-01 · Price BRL 27.86 · Value 13.71 · Buy at or below 13.71; 2024-02 · Price BRL 26.41 · Value 18.42 · Buy at or below 18.42; 2024-03 · Price BRL 25.59 · Value 18.42 · Buy at or below 18.42; 2024-04 · Price BRL 22.89 · Value 18.42 · Buy at or below 18.42; 2024-05 · Price BRL 22.70 · Value 18.42 · Buy at or below 18.42; 2024-06 · Price BRL 22.54 · Value 18.42 · Buy at or below 18.42; 2024-07 · Price BRL 23.96 · Value 18.42 · Buy at or below 18.42; 2024-08 · Price BRL 25.64 · Value 18.42 · Buy at or below 18.42; 2024-09 · Price BRL 25.65 · Value 18.42 · Buy at or below 18.42; 2024-10 · Price BRL 25.59 · Value 18.42 · Buy at or below 18.42; 2024-11 · Price BRL 23.79 · Value 18.42 · Buy at or below 18.42; 2024-12 · Price BRL 21.08 · Value 18.42 · Buy at or below 18.42; 2025-01 · Price BRL 22.40 · Value 18.42 · Buy at or below 18.42; 2025-02 · Price BRL 20.95 · Value 20.27 · Buy at or below 20.27; 2025-03 · Price BRL 22.60 · Value 20.27 · Buy at or below 20.27; 2025-04 · Price BRL 25.74 · Value 20.27 · Buy at or below 20.27; 2025-05 · Price BRL 26.88 · Value 20.27 · Buy at or below 20.27; 2025-06 · Price BRL 27.21 · Value 20.27 · Buy at or below 20.27; 2025-07 · Price BRL 25.30 · Value 20.27 · Buy at or below 20.27; 2025-08 · Price BRL 27.85 · Value 20.27 · Buy at or below 20.27; 2025-09 · Price BRL 29.08 · Value 20.27 · Buy at or below 20.27; 2025-10 · Price BRL 27.49 · Value 20.27 · Buy at or below 20.27; 2025-11 · Price BRL 30.16 · Value 20.27 · Buy at or below 20.27; 2025-12 · Price BRL 27.25 · Value 20.27 · Buy at or below 20.27; 2026-01 · Price BRL 32.94 · Value 20.27 · Buy at or below 20.27; 2026-02 · Price BRL 35.20 · Value 23.02 · Buy at or below 23.02; 2026-03 · Price BRL 31.81 · Value 23.02 · Buy at or below 23.02; 2026-04 · Price BRL 31.72 · Value 23.02 · Buy at or below 23.02; 2026-05 · Price BRL 29.79 · Value 23.02 · Buy at or below 23.02; 2026-06 · Price BRL 29.27 · Value 23.02 · Buy at or below 23.02; 2026-07 · Price BRL 28.13 · Value 23.02 · Buy at or below 23.02; 2026-08 · Price BRL 27.92 · Value 23.02 · Buy at or below 23.02; 2026-09 · Price BRL 31.72 · Value 23.02 · Buy at or below 23.02; 2026-10 · Price BRL 38.16 · Value 23.02 · Buy at or below 23.02; 2026-10 · Price BRL 37.55 · Value 23.02 · Buy at or below 23.02

BRL per share · annual estimates

Price & return math
Value range	BRL 21.61 – BRL 24.66
Buy at or below	Central value BRL 23.02
Discount to value	1 − 37.55 / 23.02 = -63.1%
Return / year	About 11.2% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 3.45/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash BRL 0.91/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 2.7B

Revenue

Owner earningsBRL 1.3B

Owner earnings

Operating margin68.1%

Operating margin

Net cash / debtBRL -4.7B

Net cash / debt

Diluted shares493M

Diluted shares

Prices 15 Oct 2026 · FY2025