# Petro Rio (PRIO3.SA)

Canonical: https://gigainvestors.com/s/PRIO3.SA

Analysis as of: 2026-10-16T07:35:48.039Z. Financial observations: FY2011–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 68.35 per share; close as of 2026-10-15.

Estimated value: low BRL 13.33 per share, central BRL 15.86 per share, high BRL 16.82 per share. Buy at or below the central value BRL 15.86 per share. Valuation as of 2026-10-16T07:35:48.039Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.65×

- FY2017: 0.08×

- FY2018: 0.20×

- FY2019: 0.53×

- FY2020: 0.50×

- FY2021: 0.49×

- FY2022: 0.62×

- FY2023: 0.58×

- FY2024: 0.47×

- FY2025: 0.14×

### moat: fail

- Recent gross margin fell 21.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 26.9%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 21.2 pp

- Typical gross margin (annual median): 40.3%

- Recent gross margin (lower of latest and 3-year median): 19.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 51.8%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 83.9%

- FY2017: 10.3%

- FY2018: 25.5%

- FY2019: 28.3%

- FY2020: 20.5%

- FY2021: 35.4%

- FY2022: 40.1%

- FY2023: 29.8%

- FY2024: 16.5%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -2.4B

- Net income, five-year total: BRL 22B

- Return on incremental invested capital: 3.8%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 15.7%

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

- FY2021: 0.91×

- FY2022: 0.73×

- FY2023: 0.15×

- FY2024: 0.07×

- FY2025: -3.38×

### 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: 25.5% vs 16.5%

- Per-share earnings: 0.22 to 6.19 (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: 4.8%

- Ordinary dilution, 5-year annual growth: 3.5%

- Market cap gain: BRL 33B

- Cumulative retained earnings: BRL 14B

- Diluted shares, 10-year annual growth: 4.8%

- Diluted shares, 5-year annual growth: 3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 51.9%

- Per-share value change: BRL 5.97

- Per-share value, starting three-year median: BRL 0.22

- Per-share value, ending three-year median: BRL 6.19

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 1.6%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 16B

- Cumulative net income, 10 years: BRL 24B

- ROIC, first three-year median: 25.5%

- ROIC, last three-year median: 16.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.37

- FY2017: BRL 0.08

- FY2018: BRL 0.34

- FY2019: BRL 1.25

- FY2020: BRL 0.66

- FY2021: BRL 1.57

- FY2022: BRL 4.02

- FY2023: BRL 6.19

- FY2024: BRL 12.31

- FY2025: BRL 2.78

### accounting: pass

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

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 2.60×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.24×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 11.8%

- FY2017: 0.1%

- FY2018: -4.2%

- FY2019: 7.4%

- FY2020: -17.1%

- FY2021: -7.0%

- FY2022: -7.4%

- FY2023: -7.2%

- FY2024: 1.1%

- FY2025: -7.9%

## Holders

## Price story

Price needs cash profits to grow 30.9% a year for ten years · sales +8.5%

Story as of 2026-10-16T10:00:06.123Z; price observation 2026-10-15.

Price needs cash profits to grow 30.9% a year for ten years

### Sales · FY2024–2025

sales +8.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 398M 

- FY2017: BRL 534M 

- FY2018: BRL 849M 

- FY2019: BRL 1.6B 

- FY2020: BRL 1.9B 

- FY2021: BRL 4.4B 

- FY2022: BRL 6.4B 

- FY2023: BRL 12B 

- FY2024: BRL 14B 

- FY2025: BRL 16B 

### Gross margin · FY2025

gross margin 19%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 2.0% 

- FY2017: 18.5% 

- FY2018: 37.7% 

- FY2019: 42.8% 

- FY2020: 32.4% 

- FY2021: 57.2% 

- FY2022: 66.9% 

- FY2023: 64.1% 

- FY2024: 50.7% 

- FY2025: 19.0% 

## Owner memo

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

### How it makes money

Operates in oil & gas e&p; annual sales are BRL 15.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2025: revenue 15583960000; grossProfit 2963852000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19% to 64.1% during 2023–25; it earns 26.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2023: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2024: grossProfit / revenue = 50.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2025: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); 10-year return on capital observations [[2016,0.8389988144697208],[2017,0.10281512071776548],[2018,0.2546272361733893],[2019,0.2833207252573902],[2020,0.20490404598673695],[2021,0.35357980441854],[2022,0.4009787016027741],[2023,0.2975054797315728],[2024,0.16503325242351147],[2025,0.034639719702937236]]; median 0.26897398071538975. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back BRL 442.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2016: growth capex 3968000; upkeep 69571000; owner earnings 241622000. Growth capex / owner earnings = 0.016422345647333438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2017: growth capex 6665000; upkeep 123759000; owner earnings 50851000. Growth capex / owner earnings = 0.13106920217891488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2018: growth capex 44446679.64208156; upkeep 154728320.35791844; owner earnings 127066679.64208156. Growth capex / owner earnings = 0.34979020280751744.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2020: growth capex 13782000; upkeep 843800000; owner earnings 327546000. Growth capex / owner earnings = 0.04207653276181055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2021: growth capex 431341000; upkeep 881271000; owner earnings 1214371600. Growth capex / owner earnings = 0.35519687713381964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2022: growth capex 2240182790.068978; upkeep 1491373209.9310222; owner earnings 2489683190.068978. Growth capex / owner earnings = 0.89978628566268.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2023: growth capex 7318313834.784485; upkeep 6004928165.215515; owner earnings 797314234.7844849. Growth capex / owner earnings = 9.178707108825964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2024: growth capex 3217700859.978073; upkeep 11596584140.021927; owner earnings 689620659.9780731. Growth capex / owner earnings = 4.66589974273738.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,666000],[2022,4368187000],[2023,60618000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); FY2025: cash repurchases 442819000 BRL.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PRIO3.SA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 30.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:48.039Z); Ten-year compound average after fade. Initial solved rate 0.44157461266826636. Price 68.35; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3481910045571627 → FY2025 -9.38961159982064. Closing-price date 2026-10-15.

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

- 2016-11: BRL 0.33 per share

- 2016-12: BRL 0.44 per share

- 2017-01: BRL 0.52 per share

- 2017-02: BRL 0.76 per share

- 2017-03: BRL 0.94 per share

- 2017-04: BRL 0.87 per share

- 2017-05: BRL 0.74 per share

- 2017-06: BRL 0.74 per share

- 2017-07: BRL 0.75 per share

- 2017-08: BRL 0.88 per share

- 2017-09: BRL 0.93 per share

- 2017-10: BRL 1.14 per share

- 2017-11: BRL 1.28 per share

- 2017-12: BRL 1.64 per share

- 2018-01: BRL 1.77 per share

- 2018-02: BRL 1.45 per share

- 2018-03: BRL 1.18 per share

- 2018-04: BRL 1.45 per share

- 2018-05: BRL 1.43 per share

- 2018-06: BRL 1.40 per share

- 2018-07: BRL 1.60 per share

- 2018-08: BRL 1.89 per share

- 2018-09: BRL 2.22 per share

- 2018-10: BRL 2.38 per share

- 2018-11: BRL 1.94 per share

- 2018-12: BRL 1.98 per share

- 2019-01: BRL 2.30 per share

- 2019-02: BRL 3.02 per share

- 2019-03: BRL 3.78 per share

- 2019-04: BRL 3.69 per share

- 2019-05: BRL 3.47 per share

- 2019-06: BRL 3.15 per share

- 2019-07: BRL 3.52 per share

- 2019-08: BRL 3.38 per share

- 2019-09: BRL 3.48 per share

- 2019-10: BRL 3.70 per share

- 2019-11: BRL 4.65 per share

- 2019-12: BRL 6.61 per share

- 2020-01: BRL 9.59 per share

- 2020-02: BRL 7.88 per share

- 2020-03: BRL 3.34 per share

- 2020-04: BRL 4.09 per share

- 2020-05: BRL 6.20 per share

- 2020-06: BRL 7.08 per share

- 2020-07: BRL 7.92 per share

- 2020-08: BRL 8.38 per share

- 2020-09: BRL 6.98 per share

- 2020-10: BRL 6.26 per share

- 2020-11: BRL 10.03 per share

- 2020-12: BRL 14.04 per share

- 2021-01: BRL 14.10 per share

- 2021-02: BRL 16.72 per share

- 2021-03: BRL 18.46 per share

- 2021-04: BRL 18.32 per share

- 2021-05: BRL 19.73 per share

- 2021-06: BRL 19.49 per share

- 2021-07: BRL 17.85 per share

- 2021-08: BRL 19.17 per share

- 2021-09: BRL 25.02 per share

- 2021-10: BRL 23.47 per share

- 2021-11: BRL 20.29 per share

- 2021-12: BRL 20.72 per share

- 2022-01: BRL 23.92 per share

- 2022-02: BRL 25.82 per share

- 2022-03: BRL 23.81 per share

- 2022-04: BRL 26.70 per share

- 2022-05: BRL 27.99 per share

- 2022-06: BRL 21.99 per share

- 2022-07: BRL 24.22 per share

- 2022-08: BRL 27.31 per share

- 2022-09: BRL 27.53 per share

- 2022-10: BRL 35.39 per share

- 2022-11: BRL 36.05 per share

- 2022-12: BRL 37.21 per share

- 2023-01: BRL 42.10 per share

- 2023-02: BRL 33.70 per share

- 2023-03: BRL 31.19 per share

- 2023-04: BRL 34.75 per share

- 2023-05: BRL 34.19 per share

- 2023-06: BRL 37.08 per share

- 2023-07: BRL 45.62 per share

- 2023-08: BRL 46.42 per share

- 2023-09: BRL 47.04 per share

- 2023-10: BRL 47.70 per share

- 2023-11: BRL 45.93 per share

- 2023-12: BRL 46.05 per share

- 2024-01: BRL 43.93 per share

- 2024-02: BRL 43.71 per share

- 2024-03: BRL 48.74 per share

- 2024-04: BRL 48.00 per share

- 2024-05: BRL 41.61 per share

- 2024-06: BRL 43.76 per share

- 2024-07: BRL 48.05 per share

- 2024-08: BRL 46.84 per share

- 2024-09: BRL 43.33 per share

- 2024-10: BRL 40.98 per share

- 2024-11: BRL 40.14 per share

- 2024-12: BRL 40.15 per share

- 2025-01: BRL 40.99 per share

- 2025-02: BRL 38.17 per share

- 2025-03: BRL 39.80 per share

- 2025-04: BRL 33.71 per share

- 2025-05: BRL 38.95 per share

- 2025-06: BRL 42.40 per share

- 2025-07: BRL 42.19 per share

- 2025-08: BRL 37.87 per share

- 2025-09: BRL 38.13 per share

- 2025-10: BRL 36.03 per share

- 2025-11: BRL 37.21 per share

- 2025-12: BRL 41.42 per share

- 2026-01: BRL 50.99 per share

- 2026-02: BRL 54.49 per share

- 2026-03: BRL 66.21 per share

- 2026-04: BRL 66.41 per share

- 2026-05: BRL 62.25 per share

- 2026-06: BRL 52.15 per share

- 2026-07: BRL 60.85 per share

- 2026-08: BRL 62.68 per share

- 2026-09: BRL 60.90 per share

- 2026-10: BRL 66.76 per share

## Annual estimated value (BRL per share)

- FY2017: low BRL 1.44 per share, central BRL 1.47 per share, high BRL 1.51 per share

- FY2018: low BRL 2.44 per share, central BRL 2.53 per share, high BRL 2.63 per share

- FY2019: low BRL 3.16 per share, central BRL 3.31 per share, high BRL 3.49 per share

- FY2020: low BRL 3.70 per share, central BRL 3.87 per share, high BRL 4.07 per share

- FY2021: low BRL 10.94 per share, central BRL 12.60 per share, high BRL 13.20 per share

- FY2022: low BRL 20.38 per share, central BRL 23.13 per share, high BRL 24.12 per share

- FY2023: low BRL 20.17 per share, central BRL 25.42 per share, high BRL 27.31 per share

- FY2024: low BRL 25.74 per share, central BRL 32.07 per share, high BRL 34.35 per share

- FY2025: low BRL 12.97 per share, central BRL 15.50 per share, high BRL 16.45 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.

Petro Rio

PRIO3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 68.35
Buy up to: BRL 15.86
Expected / yr: 5.7% 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 46.3% around their average (limit 35%).

Operating margin

10y median: 49.2%
Worst year: 7.9%
Latest · 2025: 13.9%

Gross margin fell 21.2 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 26.9%
Worst year: 3.5%
Latest · 2025: 3.5%

Each $1 of profit left $-0.11 for owners over five years (minimum $0.80), and new investment earned 3.8% (minimum 12%).

Annual owner cash / profit

Five-year totals: -0.11×
Annual median: 0.15×
Latest · 2025: -3.38×

Share growth was 4.8% over ten years and 3.5% over five (either must be at most 1% a year).

Earnings per share

10y median: BRL 1.41
Worst year: BRL 0.08
Latest · 2025: BRL 2.78

Profits were backed by cash: accruals were -7.9% of assets (limit 10%).

Sloan accruals

10y median: -5.6%
Worst year: 11.8%
Latest · 2025: -7.9%

Profit record · fail 0 loss years in 10 (at most 2), mean operating margin 42.6%, three-year average owner earnings per share -2.54 BRL. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price BRL 0.33; 2016-12 · Price BRL 0.44; 2017-01 · Price BRL 0.52 · Value 1.47 · Buy at or below 1.47; 2017-02 · Price BRL 0.76 · Value 1.47 · Buy at or below 1.47; 2017-03 · Price BRL 0.94 · Value 1.47 · Buy at or below 1.47; 2017-04 · Price BRL 0.87 · Value 1.47 · Buy at or below 1.47; 2017-05 · Price BRL 0.74 · Value 1.47 · Buy at or below 1.47; 2017-06 · Price BRL 0.74 · Value 1.47 · Buy at or below 1.47; 2017-07 · Price BRL 0.75 · Value 1.47 · Buy at or below 1.47; 2017-08 · Price BRL 0.88 · Value 1.47 · Buy at or below 1.47; 2017-09 · Price BRL 0.93 · Value 1.47 · Buy at or below 1.47; 2017-10 · Price BRL 1.14 · Value 1.47 · Buy at or below 1.47; 2017-11 · Price BRL 1.28 · Value 1.47 · Buy at or below 1.47; 2017-12 · Price BRL 1.64 · Value 1.47 · Buy at or below 1.47; 2018-01 · Price BRL 1.77 · Value 1.47 · Buy at or below 1.47; 2018-02 · Price BRL 1.45 · Value 2.53 · Buy at or below 2.53; 2018-03 · Price BRL 1.18 · Value 2.53 · Buy at or below 2.53; 2018-04 · Price BRL 1.45 · Value 2.53 · Buy at or below 2.53; 2018-05 · Price BRL 1.43 · Value 2.53 · Buy at or below 2.53; 2018-06 · Price BRL 1.40 · Value 2.53 · Buy at or below 2.53; 2018-07 · Price BRL 1.60 · Value 2.53 · Buy at or below 2.53; 2018-08 · Price BRL 1.89 · Value 2.53 · Buy at or below 2.53; 2018-09 · Price BRL 2.22 · Value 2.53 · Buy at or below 2.53; 2018-10 · Price BRL 2.38 · Value 2.53 · Buy at or below 2.53; 2018-11 · Price BRL 1.94 · Value 2.53 · Buy at or below 2.53; 2018-12 · Price BRL 1.98 · Value 2.53 · Buy at or below 2.53; 2019-01 · Price BRL 2.30 · Value 2.53 · Buy at or below 2.53; 2019-02 · Price BRL 3.02 · Value 3.31 · Buy at or below 3.31; 2019-03 · Price BRL 3.78 · Value 3.31 · Buy at or below 3.31; 2019-04 · Price BRL 3.69 · Value 3.31 · Buy at or below 3.31; 2019-05 · Price BRL 3.47 · Value 3.31 · Buy at or below 3.31; 2019-06 · Price BRL 3.15 · Value 3.31 · Buy at or below 3.31; 2019-07 · Price BRL 3.52 · Value 3.31 · Buy at or below 3.31; 2019-08 · Price BRL 3.38 · Value 3.31 · Buy at or below 3.31; 2019-09 · Price BRL 3.48 · Value 3.31 · Buy at or below 3.31; 2019-10 · Price BRL 3.70 · Value 3.31 · Buy at or below 3.31; 2019-11 · Price BRL 4.65 · Value 3.31 · Buy at or below 3.31; 2019-12 · Price BRL 6.61 · Value 3.31 · Buy at or below 3.31; 2020-01 · Price BRL 9.59 · Value 3.31 · Buy at or below 3.31; 2020-02 · Price BRL 7.88 · Value 3.87 · Buy at or below 3.87; 2020-03 · Price BRL 3.34 · Value 3.87 · Buy at or below 3.87; 2020-04 · Price BRL 4.09 · Value 3.87 · Buy at or below 3.87; 2020-05 · Price BRL 6.20 · Value 3.87 · Buy at or below 3.87; 2020-06 · Price BRL 7.08 · Value 3.87 · Buy at or below 3.87; 2020-07 · Price BRL 7.92 · Value 3.87 · Buy at or below 3.87; 2020-08 · Price BRL 8.38 · Value 3.87 · Buy at or below 3.87; 2020-09 · Price BRL 6.98 · Value 3.87 · Buy at or below 3.87; 2020-10 · Price BRL 6.26 · Value 3.87 · Buy at or below 3.87; 2020-11 · Price BRL 10.03 · Value 3.87 · Buy at or below 3.87; 2020-12 · Price BRL 14.04 · Value 3.87 · Buy at or below 3.87; 2021-01 · Price BRL 14.10 · Value 3.87 · Buy at or below 3.87; 2021-02 · Price BRL 16.72 · Value 12.60 · Buy at or below 12.60; 2021-03 · Price BRL 18.46 · Value 12.60 · Buy at or below 12.60; 2021-04 · Price BRL 18.32 · Value 12.60 · Buy at or below 12.60; 2021-05 · Price BRL 19.73 · Value 12.60 · Buy at or below 12.60; 2021-06 · Price BRL 19.49 · Value 12.60 · Buy at or below 12.60; 2021-07 · Price BRL 17.85 · Value 12.60 · Buy at or below 12.60; 2021-08 · Price BRL 19.17 · Value 12.60 · Buy at or below 12.60; 2021-09 · Price BRL 25.02 · Value 12.60 · Buy at or below 12.60; 2021-10 · Price BRL 23.47 · Value 12.60 · Buy at or below 12.60; 2021-11 · Price BRL 20.29 · Value 12.60 · Buy at or below 12.60; 2021-12 · Price BRL 20.72 · Value 12.60 · Buy at or below 12.60; 2022-01 · Price BRL 23.92 · Value 12.60 · Buy at or below 12.60; 2022-02 · Price BRL 25.82 · Value 23.13 · Buy at or below 23.13; 2022-03 · Price BRL 23.81 · Value 23.13 · Buy at or below 23.13; 2022-04 · Price BRL 26.70 · Value 23.13 · Buy at or below 23.13; 2022-05 · Price BRL 27.99 · Value 23.13 · Buy at or below 23.13; 2022-06 · Price BRL 21.99 · Value 23.13 · Buy at or below 23.13; 2022-07 · Price BRL 24.22 · Value 23.13 · Buy at or below 23.13; 2022-08 · Price BRL 27.31 · Value 23.13 · Buy at or below 23.13; 2022-09 · Price BRL 27.53 · Value 23.13 · Buy at or below 23.13; 2022-10 · Price BRL 35.39 · Value 23.13 · Buy at or below 23.13; 2022-11 · Price BRL 36.05 · Value 23.13 · Buy at or below 23.13; 2022-12 · Price BRL 37.21 · Value 23.13 · Buy at or below 23.13; 2023-01 · Price BRL 42.10 · Value 23.13 · Buy at or below 23.13; 2023-02 · Price BRL 33.70 · Value 25.42 · Buy at or below 25.42; 2023-03 · Price BRL 31.19 · Value 25.42 · Buy at or below 25.42; 2023-04 · Price BRL 34.75 · Value 25.42 · Buy at or below 25.42; 2023-05 · Price BRL 34.19 · Value 25.42 · Buy at or below 25.42; 2023-06 · Price BRL 37.08 · Value 25.42 · Buy at or below 25.42; 2023-07 · Price BRL 45.62 · Value 25.42 · Buy at or below 25.42; 2023-08 · Price BRL 46.42 · Value 25.42 · Buy at or below 25.42; 2023-09 · Price BRL 47.04 · Value 25.42 · Buy at or below 25.42; 2023-10 · Price BRL 47.70 · Value 25.42 · Buy at or below 25.42; 2023-11 · Price BRL 45.93 · Value 25.42 · Buy at or below 25.42; 2023-12 · Price BRL 46.05 · Value 25.42 · Buy at or below 25.42; 2024-01 · Price BRL 43.93 · Value 25.42 · Buy at or below 25.42; 2024-02 · Price BRL 43.71 · Value 32.07 · Buy at or below 32.07; 2024-03 · Price BRL 48.74 · Value 32.07 · Buy at or below 32.07; 2024-04 · Price BRL 48.00 · Value 32.07 · Buy at or below 32.07; 2024-05 · Price BRL 41.61 · Value 32.07 · Buy at or below 32.07; 2024-06 · Price BRL 43.76 · Value 32.07 · Buy at or below 32.07; 2024-07 · Price BRL 48.05 · Value 32.07 · Buy at or below 32.07; 2024-08 · Price BRL 46.84 · Value 32.07 · Buy at or below 32.07; 2024-09 · Price BRL 43.33 · Value 32.07 · Buy at or below 32.07; 2024-10 · Price BRL 40.98 · Value 32.07 · Buy at or below 32.07; 2024-11 · Price BRL 40.14 · Value 32.07 · Buy at or below 32.07; 2024-12 · Price BRL 40.15 · Value 32.07 · Buy at or below 32.07; 2025-01 · Price BRL 40.99 · Value 32.07 · Buy at or below 32.07; 2025-02 · Price BRL 38.17 · Value 15.50 · Buy at or below 15.50; 2025-03 · Price BRL 39.80 · Value 15.50 · Buy at or below 15.50; 2025-04 · Price BRL 33.71 · Value 15.50 · Buy at or below 15.50; 2025-05 · Price BRL 38.95 · Value 15.50 · Buy at or below 15.50; 2025-06 · Price BRL 42.40 · Value 15.50 · Buy at or below 15.50; 2025-07 · Price BRL 42.19 · Value 15.50 · Buy at or below 15.50; 2025-08 · Price BRL 37.87 · Value 15.50 · Buy at or below 15.50; 2025-09 · Price BRL 38.13 · Value 15.50 · Buy at or below 15.50; 2025-10 · Price BRL 36.03 · Value 15.50 · Buy at or below 15.50; 2025-11 · Price BRL 37.21 · Value 15.50 · Buy at or below 15.50; 2025-12 · Price BRL 41.42 · Value 15.50 · Buy at or below 15.50; 2026-01 · Price BRL 50.99 · Value 15.50 · Buy at or below 15.50; 2026-02 · Price BRL 54.49 · Value 15.86 · Buy at or below 15.86; 2026-03 · Price BRL 66.21 · Value 15.86 · Buy at or below 15.86; 2026-04 · Price BRL 66.41 · Value 15.86 · Buy at or below 15.86; 2026-05 · Price BRL 62.25 · Value 15.86 · Buy at or below 15.86; 2026-06 · Price BRL 52.15 · Value 15.86 · Buy at or below 15.86; 2026-07 · Price BRL 60.85 · Value 15.86 · Buy at or below 15.86; 2026-08 · Price BRL 62.68 · Value 15.86 · Buy at or below 15.86; 2026-09 · Price BRL 60.90 · Value 15.86 · Buy at or below 15.86; 2026-10 · Price BRL 66.76 · Value 15.86 · Buy at or below 15.86; 2026-10 · Price BRL 68.35 · Value 15.86 · Buy at or below 15.86

BRL per share · annual estimates

Price & return math
Value range	BRL 13.33 – BRL 16.82
Buy at or below	Central value BRL 15.86
Discount to value	1 − 68.35 / 15.86 = -330.9%
Return / year	About 5.7% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 1.29/share; 7.3% growth for 5 years, then fades to 3.0%; excess cash BRL 4.18/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 16B

Revenue

Owner earningsBRL -7.6B

Owner earnings

Operating margin13.9%

Operating margin

Net cash / debtBRL -25B

Net cash / debt

Diluted shares810M

Diluted shares

Prices 15 Oct 2026 · FY2025