# Porto Seguro (PSSA3.SA)

Canonical: https://gigainvestors.com/s/PSSA3.SA

Analysis as of: 2026-10-16T07:36:49.305Z. Financial observations: FY2015–FY2026.

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 52.74 per share; close as of 2026-10-15.

Estimated value: low BRL 29.97 per share, central BRL 32.71 per share, high BRL 35.99 per share. Buy at or below the central value BRL 32.71 per share. Valuation as of 2026-10-16T07:36:49.305Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% 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

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: BRL 916M

- FY2017: BRL 1.1B

- FY2018: BRL 1.3B

- FY2019: BRL 1.4B

- FY2020: BRL 1.7B

- FY2021: BRL 1.5B

- FY2022: BRL 1.1B

- FY2023: BRL 2.3B

- FY2024: BRL 2.6B

- FY2025: BRL 3.4B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 13.1%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 13.1%

- FY2017: 14.3%

- FY2018: 17.1%

- FY2019: 16.7%

- FY2020: 18.8%

- FY2021: 16.5%

- FY2022: 10.8%

- FY2023: 18.3%

- FY2024: 18.8%

- FY2025: 21.5%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 16.8%

- Book return interval: 10 years

- Starting book value per share: BRL 9.95

- Ending book value per share: BRL 24.58

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 9.5%

- FY2017: 14.8%

- FY2018: 15.2%

- FY2019: 16.9%

- FY2020: 17.5%

- FY2021: 13.4%

- FY2022: 19.1%

- FY2023: 22.0%

- FY2024: 18.5%

- FY2025: 22.0%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Five-year share growth excluding flagged crisis recapitalisations: -0.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.99×

- Book value created per share: BRL 14.63

- Earnings retained per share after dividends and buybacks: BRL 14.83

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 99

- FY2024: 100

- FY2025: 99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 10.2% a year forever · net income +9%

Story as of 2026-10-16T10:00:08.145Z; price observation 2026-10-15.

The price assumes profits grow 10.2% a year forever

### Net income · FY2026

net income +9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 1.1B 

- FY2018: BRL 1.3B 

- FY2019: BRL 1.4B 

- FY2020: BRL 1.7B 

- FY2021: BRL 1.5B 

- FY2022: BRL 1.1B 

- FY2023: BRL 2.3B 

- FY2024: BRL 2.6B 

- FY2025: BRL 3.4B 

- FY2026: BRL 3.7B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are BRL 42.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.305Z); FY2025: revenue 42747662000.

### Why customers stay

It earns 16.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.305Z); 10-year return on tangible equity observations [[2016,0.1308173119099034],[2017,0.14270353330488425],[2018,0.17147431116944586],[2019,0.16676447417029389],[2020,0.18750148551459447],[2021,0.16490354751355615],[2022,0.10787047334432144],[2023,0.18252929338100154],[2024,0.18823455813244433],[2025,0.21477899144177043]]; median 0.16911939266986986. 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 250.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.305Z); Dividend observations: [[2016,45763000],[2017,326435000],[2018,1240347000],[2019,655310000],[2020,689515000],[2021,844066000],[2022,629482000],[2023,357093000],[2024,838424000],[2025,1190052000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.305Z); FY2025: cash repurchases 250641000 BRL.

### Are managers owners

Insiders own 70.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PSSA3.SA SharesStats.PercentInsiders = 70.816 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 10.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.305Z); Price 52.74; FX 1; original perpetual distributable cash 3.581335700334121; discount 0.1695; growth 0.10159450700921274. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: BRL 15.14 per share

- 2016-11: BRL 14.31 per share

- 2016-12: BRL 13.45 per share

- 2017-01: BRL 13.14 per share

- 2017-02: BRL 14.45 per share

- 2017-03: BRL 14.21 per share

- 2017-04: BRL 14.36 per share

- 2017-05: BRL 16.10 per share

- 2017-06: BRL 15.31 per share

- 2017-07: BRL 15.75 per share

- 2017-08: BRL 17.38 per share

- 2017-09: BRL 18.84 per share

- 2017-10: BRL 17.86 per share

- 2017-11: BRL 17.92 per share

- 2017-12: BRL 18.17 per share

- 2018-01: BRL 22.09 per share

- 2018-02: BRL 22.90 per share

- 2018-03: BRL 24.28 per share

- 2018-04: BRL 22.60 per share

- 2018-05: BRL 21.26 per share

- 2018-06: BRL 20.34 per share

- 2018-07: BRL 24.80 per share

- 2018-08: BRL 27.44 per share

- 2018-09: BRL 29.65 per share

- 2018-10: BRL 27.19 per share

- 2018-11: BRL 25.93 per share

- 2018-12: BRL 26.08 per share

- 2019-01: BRL 28.04 per share

- 2019-02: BRL 28.02 per share

- 2019-03: BRL 26.92 per share

- 2019-04: BRL 27.06 per share

- 2019-05: BRL 26.50 per share

- 2019-06: BRL 25.84 per share

- 2019-07: BRL 26.05 per share

- 2019-08: BRL 28.00 per share

- 2019-09: BRL 29.45 per share

- 2019-10: BRL 28.70 per share

- 2019-11: BRL 30.00 per share

- 2019-12: BRL 31.37 per share

- 2020-01: BRL 33.07 per share

- 2020-02: BRL 30.49 per share

- 2020-03: BRL 22.46 per share

- 2020-04: BRL 22.65 per share

- 2020-05: BRL 23.65 per share

- 2020-06: BRL 25.21 per share

- 2020-07: BRL 27.02 per share

- 2020-08: BRL 26.43 per share

- 2020-09: BRL 24.13 per share

- 2020-10: BRL 23.71 per share

- 2020-11: BRL 23.70 per share

- 2020-12: BRL 24.50 per share

- 2021-01: BRL 24.09 per share

- 2021-02: BRL 21.80 per share

- 2021-03: BRL 23.49 per share

- 2021-04: BRL 24.69 per share

- 2021-05: BRL 26.58 per share

- 2021-06: BRL 26.74 per share

- 2021-07: BRL 25.83 per share

- 2021-08: BRL 28.59 per share

- 2021-09: BRL 24.73 per share

- 2021-10: BRL 23.34 per share

- 2021-11: BRL 22.26 per share

- 2021-12: BRL 20.92 per share

- 2022-01: BRL 19.83 per share

- 2022-02: BRL 20.98 per share

- 2022-03: BRL 21.11 per share

- 2022-04: BRL 20.35 per share

- 2022-05: BRL 20.74 per share

- 2022-06: BRL 17.76 per share

- 2022-07: BRL 18.42 per share

- 2022-08: BRL 21.11 per share

- 2022-09: BRL 21.13 per share

- 2022-10: BRL 23.24 per share

- 2022-11: BRL 24.21 per share

- 2022-12: BRL 23.15 per share

- 2023-01: BRL 25.90 per share

- 2023-02: BRL 26.47 per share

- 2023-03: BRL 23.52 per share

- 2023-04: BRL 25.13 per share

- 2023-05: BRL 23.91 per share

- 2023-06: BRL 28.12 per share

- 2023-07: BRL 28.63 per share

- 2023-08: BRL 26.10 per share

- 2023-09: BRL 26.29 per share

- 2023-10: BRL 25.21 per share

- 2023-11: BRL 28.00 per share

- 2023-12: BRL 28.74 per share

- 2024-01: BRL 26.68 per share

- 2024-02: BRL 28.56 per share

- 2024-03: BRL 31.28 per share

- 2024-04: BRL 29.96 per share

- 2024-05: BRL 30.35 per share

- 2024-06: BRL 30.95 per share

- 2024-07: BRL 30.60 per share

- 2024-08: BRL 34.06 per share

- 2024-09: BRL 36.46 per share

- 2024-10: BRL 38.15 per share

- 2024-11: BRL 37.84 per share

- 2024-12: BRL 36.55 per share

- 2025-01: BRL 39.99 per share

- 2025-02: BRL 38.02 per share

- 2025-03: BRL 40.00 per share

- 2025-04: BRL 43.99 per share

- 2025-05: BRL 52.07 per share

- 2025-06: BRL 55.20 per share

- 2025-07: BRL 51.89 per share

- 2025-08: BRL 51.75 per share

- 2025-09: BRL 49.86 per share

- 2025-10: BRL 48.05 per share

- 2025-11: BRL 47.19 per share

- 2025-12: BRL 48.36 per share

- 2026-01: BRL 50.24 per share

- 2026-02: BRL 52.33 per share

- 2026-03: BRL 50.51 per share

- 2026-04: BRL 49.79 per share

- 2026-05: BRL 48.31 per share

- 2026-06: BRL 52.92 per share

- 2026-07: BRL 54.70 per share

- 2026-08: BRL 49.08 per share

- 2026-09: BRL 47.29 per share

- 2026-10: BRL 52.76 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 8.63 per share, central BRL 9.42 per share, high BRL 10.37 per share

- FY2017: low BRL 9.36 per share, central BRL 10.21 per share, high BRL 11.24 per share

- FY2018: low BRL 8.82 per share, central BRL 9.62 per share, high BRL 10.59 per share

- FY2019: low BRL 10.59 per share, central BRL 11.55 per share, high BRL 12.72 per share

- FY2020: low BRL 11.81 per share, central BRL 12.89 per share, high BRL 14.19 per share

- FY2021: low BRL 11.17 per share, central BRL 12.19 per share, high BRL 13.41 per share

- FY2022: low BRL 15.35 per share, central BRL 16.76 per share, high BRL 18.44 per share

- FY2023: low BRL 18.47 per share, central BRL 20.15 per share, high BRL 22.18 per share

- FY2024: low BRL 20.90 per share, central BRL 22.80 per share, high BRL 25.10 per share

- FY2025: low BRL 29.37 per share, central BRL 32.05 per share, high BRL 35.28 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 2026-10-15T06:42:31.816Z 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.

Porto Seguro

PSSA3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 52.74
Buy up to: BRL 32.71
Expected / yr: 12.8% 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

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: BRL 1.5B
Worst year: BRL 916M
Latest · 2025: BRL 3.4B

Earned a median 16.9% on equity (minimum 10%).

Return on common equity

10y median: 16.9%
Worst year: 10.8%
Latest · 2025: 21.5%

Book value plus dividends grew 16.8% a year (minimum 7%).

Annual book + dividend return

10y median: 17.2%
Worst year: 9.5%
Latest · 2025: 22.0%

Book value gained 14.63 per share against 14.83 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 99

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 4.3 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 15.13 · Value 9.42 · Buy at or below 9.42; 2016-11 · Price BRL 14.31 · Value 9.42 · Buy at or below 9.42; 2016-12 · Price BRL 13.45 · Value 9.42 · Buy at or below 9.42; 2017-01 · Price BRL 13.14 · Value 9.42 · Buy at or below 9.42; 2017-02 · Price BRL 14.45 · Value 10.21 · Buy at or below 10.21; 2017-03 · Price BRL 14.21 · Value 10.21 · Buy at or below 10.21; 2017-04 · Price BRL 14.36 · Value 10.21 · Buy at or below 10.21; 2017-05 · Price BRL 16.10 · Value 10.21 · Buy at or below 10.21; 2017-06 · Price BRL 15.30 · Value 10.21 · Buy at or below 10.21; 2017-07 · Price BRL 15.75 · Value 10.21 · Buy at or below 10.21; 2017-08 · Price BRL 17.38 · Value 10.21 · Buy at or below 10.21; 2017-09 · Price BRL 18.84 · Value 10.21 · Buy at or below 10.21; 2017-10 · Price BRL 17.86 · Value 10.21 · Buy at or below 10.21; 2017-11 · Price BRL 17.91 · Value 10.21 · Buy at or below 10.21; 2017-12 · Price BRL 18.16 · Value 10.21 · Buy at or below 10.21; 2018-01 · Price BRL 22.09 · Value 10.21 · Buy at or below 10.21; 2018-02 · Price BRL 22.89 · Value 9.62 · Buy at or below 9.62; 2018-03 · Price BRL 24.28 · Value 9.62 · Buy at or below 9.62; 2018-04 · Price BRL 22.60 · Value 9.62 · Buy at or below 9.62; 2018-05 · Price BRL 21.25 · Value 9.62 · Buy at or below 9.62; 2018-06 · Price BRL 20.34 · Value 9.62 · Buy at or below 9.62; 2018-07 · Price BRL 24.80 · Value 9.62 · Buy at or below 9.62; 2018-08 · Price BRL 27.44 · Value 9.62 · Buy at or below 9.62; 2018-09 · Price BRL 29.64 · Value 9.62 · Buy at or below 9.62; 2018-10 · Price BRL 27.19 · Value 9.62 · Buy at or below 9.62; 2018-11 · Price BRL 25.93 · Value 9.62 · Buy at or below 9.62; 2018-12 · Price BRL 26.07 · Value 9.62 · Buy at or below 9.62; 2019-01 · Price BRL 28.04 · Value 9.62 · Buy at or below 9.62; 2019-02 · Price BRL 28.02 · Value 11.55 · Buy at or below 11.55; 2019-03 · Price BRL 26.91 · Value 11.55 · Buy at or below 11.55; 2019-04 · Price BRL 27.06 · Value 11.55 · Buy at or below 11.55; 2019-05 · Price BRL 26.50 · Value 11.55 · Buy at or below 11.55; 2019-06 · Price BRL 25.84 · Value 11.55 · Buy at or below 11.55; 2019-07 · Price BRL 26.05 · Value 11.55 · Buy at or below 11.55; 2019-08 · Price BRL 28.00 · Value 11.55 · Buy at or below 11.55; 2019-09 · Price BRL 29.45 · Value 11.55 · Buy at or below 11.55; 2019-10 · Price BRL 28.70 · Value 11.55 · Buy at or below 11.55; 2019-11 · Price BRL 30.00 · Value 11.55 · Buy at or below 11.55; 2019-12 · Price BRL 31.37 · Value 11.55 · Buy at or below 11.55; 2020-01 · Price BRL 33.06 · Value 11.55 · Buy at or below 11.55; 2020-02 · Price BRL 30.49 · Value 12.89 · Buy at or below 12.89; 2020-03 · Price BRL 22.46 · Value 12.89 · Buy at or below 12.89; 2020-04 · Price BRL 22.64 · Value 12.89 · Buy at or below 12.89; 2020-05 · Price BRL 23.65 · Value 12.89 · Buy at or below 12.89; 2020-06 · Price BRL 25.21 · Value 12.89 · Buy at or below 12.89; 2020-07 · Price BRL 27.02 · Value 12.89 · Buy at or below 12.89; 2020-08 · Price BRL 26.43 · Value 12.89 · Buy at or below 12.89; 2020-09 · Price BRL 24.13 · Value 12.89 · Buy at or below 12.89; 2020-10 · Price BRL 23.71 · Value 12.89 · Buy at or below 12.89; 2020-11 · Price BRL 23.70 · Value 12.89 · Buy at or below 12.89; 2020-12 · Price BRL 24.50 · Value 12.89 · Buy at or below 12.89; 2021-01 · Price BRL 24.09 · Value 12.89 · Buy at or below 12.89; 2021-02 · Price BRL 21.80 · Value 12.19 · Buy at or below 12.19; 2021-03 · Price BRL 23.49 · Value 12.19 · Buy at or below 12.19; 2021-04 · Price BRL 24.68 · Value 12.19 · Buy at or below 12.19; 2021-05 · Price BRL 26.57 · Value 12.19 · Buy at or below 12.19; 2021-06 · Price BRL 26.73 · Value 12.19 · Buy at or below 12.19; 2021-07 · Price BRL 25.83 · Value 12.19 · Buy at or below 12.19; 2021-08 · Price BRL 28.59 · Value 12.19 · Buy at or below 12.19; 2021-09 · Price BRL 24.73 · Value 12.19 · Buy at or below 12.19; 2021-10 · Price BRL 23.34 · Value 12.19 · Buy at or below 12.19; 2021-11 · Price BRL 22.26 · Value 12.19 · Buy at or below 12.19; 2021-12 · Price BRL 20.92 · Value 12.19 · Buy at or below 12.19; 2022-01 · Price BRL 19.83 · Value 12.19 · Buy at or below 12.19; 2022-02 · Price BRL 20.98 · Value 16.76 · Buy at or below 16.76; 2022-03 · Price BRL 21.11 · Value 16.76 · Buy at or below 16.76; 2022-04 · Price BRL 20.35 · Value 16.76 · Buy at or below 16.76; 2022-05 · Price BRL 20.74 · Value 16.76 · Buy at or below 16.76; 2022-06 · Price BRL 17.76 · Value 16.76 · Buy at or below 16.76; 2022-07 · Price BRL 18.42 · Value 16.76 · Buy at or below 16.76; 2022-08 · Price BRL 21.11 · Value 16.76 · Buy at or below 16.76; 2022-09 · Price BRL 21.13 · Value 16.76 · Buy at or below 16.76; 2022-10 · Price BRL 23.24 · Value 16.76 · Buy at or below 16.76; 2022-11 · Price BRL 24.21 · Value 16.76 · Buy at or below 16.76; 2022-12 · Price BRL 23.15 · Value 16.76 · Buy at or below 16.76; 2023-01 · Price BRL 25.90 · Value 16.76 · Buy at or below 16.76; 2023-02 · Price BRL 26.47 · Value 20.15 · Buy at or below 20.15; 2023-03 · Price BRL 23.52 · Value 20.15 · Buy at or below 20.15; 2023-04 · Price BRL 25.13 · Value 20.15 · Buy at or below 20.15; 2023-05 · Price BRL 23.91 · Value 20.15 · Buy at or below 20.15; 2023-06 · Price BRL 28.12 · Value 20.15 · Buy at or below 20.15; 2023-07 · Price BRL 28.63 · Value 20.15 · Buy at or below 20.15; 2023-08 · Price BRL 26.10 · Value 20.15 · Buy at or below 20.15; 2023-09 · Price BRL 26.29 · Value 20.15 · Buy at or below 20.15; 2023-10 · Price BRL 25.21 · Value 20.15 · Buy at or below 20.15; 2023-11 · Price BRL 28.00 · Value 20.15 · Buy at or below 20.15; 2023-12 · Price BRL 28.74 · Value 20.15 · Buy at or below 20.15; 2024-01 · Price BRL 26.68 · Value 20.15 · Buy at or below 20.15; 2024-02 · Price BRL 28.56 · Value 22.80 · Buy at or below 22.80; 2024-03 · Price BRL 31.28 · Value 22.80 · Buy at or below 22.80; 2024-04 · Price BRL 29.96 · Value 22.80 · Buy at or below 22.80; 2024-05 · Price BRL 30.35 · Value 22.80 · Buy at or below 22.80; 2024-06 · Price BRL 30.95 · Value 22.80 · Buy at or below 22.80; 2024-07 · Price BRL 30.60 · Value 22.80 · Buy at or below 22.80; 2024-08 · Price BRL 34.06 · Value 22.80 · Buy at or below 22.80; 2024-09 · Price BRL 36.46 · Value 22.80 · Buy at or below 22.80; 2024-10 · Price BRL 38.15 · Value 22.80 · Buy at or below 22.80; 2024-11 · Price BRL 37.84 · Value 22.80 · Buy at or below 22.80; 2024-12 · Price BRL 36.55 · Value 22.80 · Buy at or below 22.80; 2025-01 · Price BRL 39.99 · Value 22.80 · Buy at or below 22.80; 2025-02 · Price BRL 38.02 · Value 32.05 · Buy at or below 32.05; 2025-03 · Price BRL 40.00 · Value 32.05 · Buy at or below 32.05; 2025-04 · Price BRL 43.99 · Value 32.05 · Buy at or below 32.05; 2025-05 · Price BRL 52.07 · Value 32.05 · Buy at or below 32.05; 2025-06 · Price BRL 55.20 · Value 32.05 · Buy at or below 32.05; 2025-07 · Price BRL 51.89 · Value 32.05 · Buy at or below 32.05; 2025-08 · Price BRL 51.75 · Value 32.05 · Buy at or below 32.05; 2025-09 · Price BRL 49.86 · Value 32.05 · Buy at or below 32.05; 2025-10 · Price BRL 48.05 · Value 32.05 · Buy at or below 32.05; 2025-11 · Price BRL 47.19 · Value 32.05 · Buy at or below 32.05; 2025-12 · Price BRL 48.36 · Value 32.05 · Buy at or below 32.05; 2026-01 · Price BRL 50.24 · Value 32.05 · Buy at or below 32.05; 2026-02 · Price BRL 52.33 · Value 32.71 · Buy at or below 32.71; 2026-03 · Price BRL 50.51 · Value 32.71 · Buy at or below 32.71; 2026-04 · Price BRL 49.79 · Value 32.71 · Buy at or below 32.71; 2026-05 · Price BRL 48.31 · Value 32.71 · Buy at or below 32.71; 2026-06 · Price BRL 52.92 · Value 32.71 · Buy at or below 32.71; 2026-07 · Price BRL 54.70 · Value 32.71 · Buy at or below 32.71; 2026-08 · Price BRL 49.08 · Value 32.71 · Buy at or below 32.71; 2026-09 · Price BRL 47.29 · Value 32.71 · Buy at or below 32.71; 2026-10 · Price BRL 52.76 · Value 32.71 · Buy at or below 32.71; 2026-10 · Price BRL 52.74 · Value 32.71 · Buy at or below 32.71

BRL per share · annual estimates

Price & return math
Value range	BRL 29.97 – BRL 35.99
Buy at or below	Central value BRL 32.71
Discount to value	1 − 52.74 / 32.71 = -61.3%
Return / year	About 12.8% a year at today's price (required return 17.0%)
Cash-flow inputs	Book BRL 18.85/share; ROE 25.0%; first payout BRL 3.58/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	17.0% / year, earned by construction at the central value

Net incomeBRL 3.7B

Net income

Book / shareBRL 25.00

Book / share

Dividend / shareBRL 1.86

Dividend / share

Return on equity21.5%

Return on equity

Diluted shares645M

Diluted shares

Prices 15 Oct 2026 · FY2025