# Yduqs Participações (YDUQ3.SA)

Canonical: https://gigainvestors.com/s/YDUQ3.SA

Analysis as of: 2026-10-16T07:45:40.788Z. Financial observations: FY2004–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 13.46 per share; close as of 2026-10-15.

Estimated value: low BRL 3.40 per share, central BRL 3.63 per share, high BRL 3.90 per share. Buy at or below the central value BRL 3.63 per share. Valuation as of 2026-10-16T07:45:40.788Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: 1

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.16×

- FY2018: 0.21×

- FY2019: 0.25×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.14×

- FY2023: 0.16×

- FY2024: 0.17×

- FY2025: 0.19×

### moat: pass

- ROIC, median of available years: 20.9%

- ROIC, second-lowest year: 11.2%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 54.8%

- Recent gross margin (lower of latest and 3-year median): 53.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.9%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.3%

- FY2017: 30.1%

- FY2018: 48.6%

- FY2019: 31.2%

- FY2020: 8.4%

- FY2021: 11.9%

- FY2022: 11.2%

- FY2023: 17.1%

- FY2024: 19.3%

- FY2025: 22.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 582M

- Net income, five-year total: BRL 775M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 9.8%

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

- FY2021: 0.03×

- FY2022: 2.46×

- FY2023: 0.88×

- FY2024: 1.08×

- FY2025: 1.21×

### 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: 30.1% vs 19.3%

- Per-share earnings: 1.37 to 0.69 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.5%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: BRL -1.8B

- Cumulative retained earnings: BRL 314M

- Diluted shares, 10-year annual growth: -1.5%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -8.3%

- Per-share value change: BRL -0.68

- Per-share value, starting three-year median: BRL 1.37

- Per-share value, ending three-year median: BRL 0.69

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 3.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 2.3B

- Cumulative net income, 10 years: BRL 3.0B

- ROIC, first three-year median: 30.1%

- ROIC, last three-year median: 19.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.16

- FY2017: BRL 1.37

- FY2018: BRL 2.15

- FY2019: BRL 2.14

- FY2020: BRL 0.33

- FY2021: BRL 0.52

- FY2022: BRL -0.20

- FY2023: BRL 0.52

- FY2024: BRL 1.13

- FY2025: BRL 0.69

### accounting: pass

- Sloan accruals: -12.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.3%

- FY2017: -12.0%

- FY2018: -10.0%

- FY2019: -3.0%

- FY2020: -11.2%

- FY2021: -5.5%

- FY2022: -8.6%

- FY2023: -8.2%

- FY2024: -8.8%

- FY2025: -12.0%

## Holders

## Price story

Down 40% since Dec 2023 · sales +3.2%

Story as of 2026-10-16T10:00:13.475Z; price observation 2026-10-15.

Price needs cash profits to grow 20% a year for ten years

### Sales · FY2024–2025

sales +3.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 3.2B 

- FY2017: BRL 3.4B 

- FY2018: BRL 3.6B 

- FY2019: BRL 3.6B 

- FY2020: BRL 3.9B 

- FY2021: BRL 4.4B 

- FY2022: BRL 4.6B 

- FY2023: BRL 5.1B 

- FY2024: BRL 5.4B 

- FY2025: BRL 5.5B 

### Gross margin · FY2025

gross margin 53.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.2% 

- FY2017: 47.4% 

- FY2018: 54.9% 

- FY2019: 57.3% 

- FY2020: 54.7% 

- FY2021: 54.4% 

- FY2022: 56.6% 

- FY2023: 59.6% 

- FY2024: 61.0% 

- FY2025: 53.5% 

## Owner memo

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

### How it makes money

Operates in education & training services; annual sales are BRL 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2025: revenue 5521740000; grossProfit 2954235000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YDUQ3.SA: Yduqs Participações S.A. provides higher education services in Brazil. The company offers face-to-face, semi-face-to-face, and distance education under the Estácio, Ibmec, IDOMED, Wyden, and Damásio brands. It also operates two edtechs to prepare the candidates for exams and competitions, including HardWork Medicina and Grupo Q which offers Qconcursos solutions. The company was formerly known as Estácio Participações S.A. Yduqs Participações S.A. was founded in 1970 and is based in Rio De Janeiro, Brazil.

### Why customers stay

Margins ranged from 53.5% to 61% during 2023–25; it earns 20.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2023: grossProfit / revenue = 59.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2024: grossProfit / revenue = 61%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2025: grossProfit / revenue = 53.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); 10-year return on capital observations [[2016,0.252859052910911],[2017,0.3006532808539423],[2018,0.4855939721447229],[2019,0.31199469289852405],[2020,0.08379051700666837],[2021,0.11896040232100234],[2022,0.11218523447390114],[2023,0.17082595166229853],[2024,0.1925978607048305],[2025,0.22603426530479495]]; median 0.20931606300481273. 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 154.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2016: growth capex 49500071.30539888; upkeep 228103928.69460112; owner earnings 331884071.3053989. Growth capex / owner earnings = 0.1491486804735773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2017: growth capex 0; upkeep 157031000; owner earnings 461831000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2018: growth capex 44817616.41795629; upkeep 203696383.5820437; owner earnings 636561616.4179564. Growth capex / owner earnings = 0.0704057788940415.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2019: growth capex 0; upkeep 366435000; owner earnings 640654000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2021: growth capex 0; upkeep 543585000; owner earnings 4620800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2023: growth capex 0; upkeep 470392000; owner earnings 133473400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2024: growth capex 0; upkeep 467746000; owner earnings 367207400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2025: growth capex 0; upkeep 460532000; owner earnings 220423600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); Dividend observations: [[2016,535097000],[2017,87433000],[2018,500835000],[2019,153161000],[2020,153426000],[2021,141748000],[2022,37557000],[2023,80754000],[2024,80557000],[2025,149958000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); FY2025: cash repurchases 154442000 BRL.

### Are managers owners

Insiders own 14.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YDUQ3.SA SharesStats.PercentInsiders = 14.346 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20% yearly over ten years; actual decline was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:40.788Z); Ten-year compound average after fade. Initial solved rate 0.2778642582087424. Price 13.46; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.195528258335378 → FY2025 0.8363504874331305. Closing-price date 2026-10-15.

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

- 2016-10: BRL 18.51 per share

- 2016-11: BRL 16.78 per share

- 2016-12: BRL 15.80 per share

- 2017-01: BRL 15.90 per share

- 2017-02: BRL 14.99 per share

- 2017-03: BRL 15.87 per share

- 2017-04: BRL 17.83 per share

- 2017-05: BRL 17.39 per share

- 2017-06: BRL 14.62 per share

- 2017-07: BRL 20.40 per share

- 2017-08: BRL 25.81 per share

- 2017-09: BRL 30.99 per share

- 2017-10: BRL 29.33 per share

- 2017-11: BRL 30.65 per share

- 2017-12: BRL 32.82 per share

- 2018-01: BRL 35.05 per share

- 2018-02: BRL 33.90 per share

- 2018-03: BRL 34.97 per share

- 2018-04: BRL 31.90 per share

- 2018-05: BRL 25.15 per share

- 2018-06: BRL 24.38 per share

- 2018-07: BRL 25.95 per share

- 2018-08: BRL 22.54 per share

- 2018-09: BRL 24.99 per share

- 2018-10: BRL 23.13 per share

- 2018-11: BRL 24.75 per share

- 2018-12: BRL 23.76 per share

- 2019-01: BRL 31.10 per share

- 2019-02: BRL 27.55 per share

- 2019-03: BRL 26.60 per share

- 2019-04: BRL 27.18 per share

- 2019-05: BRL 29.45 per share

- 2019-06: BRL 29.00 per share

- 2019-07: BRL 34.30 per share

- 2019-08: BRL 31.46 per share

- 2019-09: BRL 36.08 per share

- 2019-10: BRL 39.25 per share

- 2019-11: BRL 42.41 per share

- 2019-12: BRL 47.50 per share

- 2020-01: BRL 52.71 per share

- 2020-02: BRL 51.89 per share

- 2020-03: BRL 22.17 per share

- 2020-04: BRL 30.35 per share

- 2020-05: BRL 28.48 per share

- 2020-06: BRL 33.65 per share

- 2020-07: BRL 33.89 per share

- 2020-08: BRL 26.95 per share

- 2020-09: BRL 27.41 per share

- 2020-10: BRL 22.92 per share

- 2020-11: BRL 33.02 per share

- 2020-12: BRL 32.92 per share

- 2021-01: BRL 33.55 per share

- 2021-02: BRL 30.12 per share

- 2021-03: BRL 26.71 per share

- 2021-04: BRL 29.26 per share

- 2021-05: BRL 32.90 per share

- 2021-06: BRL 32.84 per share

- 2021-07: BRL 28.26 per share

- 2021-08: BRL 25.59 per share

- 2021-09: BRL 23.76 per share

- 2021-10: BRL 20.86 per share

- 2021-11: BRL 21.83 per share

- 2021-12: BRL 20.56 per share

- 2022-01: BRL 22.11 per share

- 2022-02: BRL 21.25 per share

- 2022-03: BRL 20.94 per share

- 2022-04: BRL 16.12 per share

- 2022-05: BRL 16.18 per share

- 2022-06: BRL 13.07 per share

- 2022-07: BRL 13.25 per share

- 2022-08: BRL 12.31 per share

- 2022-09: BRL 14.45 per share

- 2022-10: BRL 16.13 per share

- 2022-11: BRL 11.50 per share

- 2022-12: BRL 10.17 per share

- 2023-01: BRL 10.33 per share

- 2023-02: BRL 7.05 per share

- 2023-03: BRL 7.05 per share

- 2023-04: BRL 8.12 per share

- 2023-05: BRL 14.07 per share

- 2023-06: BRL 19.82 per share

- 2023-07: BRL 22.19 per share

- 2023-08: BRL 20.37 per share

- 2023-09: BRL 19.87 per share

- 2023-10: BRL 17.73 per share

- 2023-11: BRL 20.09 per share

- 2023-12: BRL 22.42 per share

- 2024-01: BRL 19.28 per share

- 2024-02: BRL 20.36 per share

- 2024-03: BRL 18.11 per share

- 2024-04: BRL 14.59 per share

- 2024-05: BRL 12.11 per share

- 2024-06: BRL 10.41 per share

- 2024-07: BRL 10.94 per share

- 2024-08: BRL 9.85 per share

- 2024-09: BRL 9.19 per share

- 2024-10: BRL 10.61 per share

- 2024-11: BRL 9.25 per share

- 2024-12: BRL 8.55 per share

- 2025-01: BRL 10.25 per share

- 2025-02: BRL 10.40 per share

- 2025-03: BRL 11.54 per share

- 2025-04: BRL 14.29 per share

- 2025-05: BRL 15.85 per share

- 2025-06: BRL 16.49 per share

- 2025-07: BRL 12.94 per share

- 2025-08: BRL 13.15 per share

- 2025-09: BRL 12.92 per share

- 2025-10: BRL 14.21 per share

- 2025-11: BRL 13.61 per share

- 2025-12: BRL 12.17 per share

- 2026-01: BRL 14.67 per share

- 2026-02: BRL 13.27 per share

- 2026-03: BRL 12.11 per share

- 2026-04: BRL 9.86 per share

- 2026-05: BRL 9.54 per share

- 2026-06: BRL 8.88 per share

- 2026-07: BRL 8.26 per share

- 2026-08: BRL 8.73 per share

- 2026-09: BRL 11.14 per share

- 2026-10: BRL 13.32 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 7.44 per share, central BRL 9.47 per share, high BRL 10.25 per share

- FY2017: low BRL 9.89 per share, central BRL 12.83 per share, high BRL 13.89 per share

- FY2018: low BRL 10.69 per share, central BRL 13.56 per share, high BRL 14.66 per share

- FY2019: low BRL 11.59 per share, central BRL 14.93 per share, high BRL 16.16 per share

- FY2020: low BRL 12.28 per share, central BRL 15.48 per share, high BRL 16.74 per share

- FY2021: low BRL 11.91 per share, central BRL 12.73 per share, high BRL 13.67 per share

- FY2022: low BRL 0.12 per share, central BRL 0.15 per share, high BRL 0.16 per share

- FY2023: low BRL 0.11 per share, central BRL 0.12 per share, high BRL 0.13 per share

- FY2024: low BRL 0.11 per share, central BRL 0.12 per share, high BRL 0.13 per share

- FY2025: low BRL 3.26 per share, central BRL 3.48 per share, high BRL 3.74 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 2026-10-15T06:51:29.724Z 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.

Yduqs Participações

YDUQ3 · SA

Ibovespa

Not a wonderful business

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

Share price: BRL 13.46
Buy up to: BRL 3.63
Expected / yr: 6.6% 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 26.6% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 15.9%
Worst year: 9.2%
Latest · 2025: 19.4%

Capital return excluding acquisitions: median 20.9% (minimum 15%), and the second-worst year 11.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 20.9%
Worst year: 8.4%
Latest · 2025: 22.6%

Each $1 of profit left $0.75 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.75×
Annual median: 1.08×
Latest · 2025: 1.21×

Per-share value fell from 1.37 to 0.69, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: BRL 0.91
Worst year: BRL -0.20
Latest · 2025: BRL 0.69

Profits were backed by cash: accruals were -12% of assets (limit 10%).

Sloan accruals

10y median: -9.4%
Worst year: -3.0%
Latest · 2025: -12.0%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 16.4%, three-year average owner earnings per share 0.84 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 18.51 · Value 9.47 · Buy at or below 9.47; 2016-11 · Price BRL 16.78 · Value 9.47 · Buy at or below 9.47; 2016-12 · Price BRL 15.80 · Value 9.47 · Buy at or below 9.47; 2017-01 · Price BRL 15.90 · Value 9.47 · Buy at or below 9.47; 2017-02 · Price BRL 14.99 · Value 12.83 · Buy at or below 12.83; 2017-03 · Price BRL 15.87 · Value 12.83 · Buy at or below 12.83; 2017-04 · Price BRL 17.83 · Value 12.83 · Buy at or below 12.83; 2017-05 · Price BRL 17.39 · Value 12.83 · Buy at or below 12.83; 2017-06 · Price BRL 14.62 · Value 12.83 · Buy at or below 12.83; 2017-07 · Price BRL 20.40 · Value 12.83 · Buy at or below 12.83; 2017-08 · Price BRL 25.81 · Value 12.83 · Buy at or below 12.83; 2017-09 · Price BRL 30.99 · Value 12.83 · Buy at or below 12.83; 2017-10 · Price BRL 29.33 · Value 12.83 · Buy at or below 12.83; 2017-11 · Price BRL 30.65 · Value 12.83 · Buy at or below 12.83; 2017-12 · Price BRL 32.82 · Value 12.83 · Buy at or below 12.83; 2018-01 · Price BRL 35.05 · Value 12.83 · Buy at or below 12.83; 2018-02 · Price BRL 33.90 · Value 13.56 · Buy at or below 13.56; 2018-03 · Price BRL 34.97 · Value 13.56 · Buy at or below 13.56; 2018-04 · Price BRL 31.90 · Value 13.56 · Buy at or below 13.56; 2018-05 · Price BRL 25.15 · Value 13.56 · Buy at or below 13.56; 2018-06 · Price BRL 24.38 · Value 13.56 · Buy at or below 13.56; 2018-07 · Price BRL 25.95 · Value 13.56 · Buy at or below 13.56; 2018-08 · Price BRL 22.54 · Value 13.56 · Buy at or below 13.56; 2018-09 · Price BRL 24.99 · Value 13.56 · Buy at or below 13.56; 2018-10 · Price BRL 23.13 · Value 13.56 · Buy at or below 13.56; 2018-11 · Price BRL 24.75 · Value 13.56 · Buy at or below 13.56; 2018-12 · Price BRL 23.76 · Value 13.56 · Buy at or below 13.56; 2019-01 · Price BRL 31.10 · Value 13.56 · Buy at or below 13.56; 2019-02 · Price BRL 27.55 · Value 14.93 · Buy at or below 14.93; 2019-03 · Price BRL 26.60 · Value 14.93 · Buy at or below 14.93; 2019-04 · Price BRL 27.18 · Value 14.93 · Buy at or below 14.93; 2019-05 · Price BRL 29.45 · Value 14.93 · Buy at or below 14.93; 2019-06 · Price BRL 29.00 · Value 14.93 · Buy at or below 14.93; 2019-07 · Price BRL 34.30 · Value 14.93 · Buy at or below 14.93; 2019-08 · Price BRL 31.46 · Value 14.93 · Buy at or below 14.93; 2019-09 · Price BRL 36.08 · Value 14.93 · Buy at or below 14.93; 2019-10 · Price BRL 39.25 · Value 14.93 · Buy at or below 14.93; 2019-11 · Price BRL 42.41 · Value 14.93 · Buy at or below 14.93; 2019-12 · Price BRL 47.50 · Value 14.93 · Buy at or below 14.93; 2020-01 · Price BRL 52.71 · Value 14.93 · Buy at or below 14.93; 2020-02 · Price BRL 51.89 · Value 15.48 · Buy at or below 15.48; 2020-03 · Price BRL 22.17 · Value 15.48 · Buy at or below 15.48; 2020-04 · Price BRL 30.35 · Value 15.48 · Buy at or below 15.48; 2020-05 · Price BRL 28.48 · Value 15.48 · Buy at or below 15.48; 2020-06 · Price BRL 33.65 · Value 15.48 · Buy at or below 15.48; 2020-07 · Price BRL 33.89 · Value 15.48 · Buy at or below 15.48; 2020-08 · Price BRL 26.95 · Value 15.48 · Buy at or below 15.48; 2020-09 · Price BRL 27.41 · Value 15.48 · Buy at or below 15.48; 2020-10 · Price BRL 22.92 · Value 15.48 · Buy at or below 15.48; 2020-11 · Price BRL 33.02 · Value 15.48 · Buy at or below 15.48; 2020-12 · Price BRL 32.92 · Value 15.48 · Buy at or below 15.48; 2021-01 · Price BRL 33.55 · Value 15.48 · Buy at or below 15.48; 2021-02 · Price BRL 30.12 · Value 12.73 · Buy at or below 12.73; 2021-03 · Price BRL 26.71 · Value 12.73 · Buy at or below 12.73; 2021-04 · Price BRL 29.26 · Value 12.73 · Buy at or below 12.73; 2021-05 · Price BRL 32.90 · Value 12.73 · Buy at or below 12.73; 2021-06 · Price BRL 32.84 · Value 12.73 · Buy at or below 12.73; 2021-07 · Price BRL 28.26 · Value 12.73 · Buy at or below 12.73; 2021-08 · Price BRL 25.59 · Value 12.73 · Buy at or below 12.73; 2021-09 · Price BRL 23.76 · Value 12.73 · Buy at or below 12.73; 2021-10 · Price BRL 20.86 · Value 12.73 · Buy at or below 12.73; 2021-11 · Price BRL 21.83 · Value 12.73 · Buy at or below 12.73; 2021-12 · Price BRL 20.56 · Value 12.73 · Buy at or below 12.73; 2022-01 · Price BRL 22.11 · Value 12.73 · Buy at or below 12.73; 2022-02 · Price BRL 21.25 · Value 0.15 · Buy at or below 0.15; 2022-03 · Price BRL 20.94 · Value 0.15 · Buy at or below 0.15; 2022-04 · Price BRL 16.12 · Value 0.15 · Buy at or below 0.15; 2022-05 · Price BRL 16.18 · Value 0.15 · Buy at or below 0.15; 2022-06 · Price BRL 13.07 · Value 0.15 · Buy at or below 0.15; 2022-07 · Price BRL 13.25 · Value 0.15 · Buy at or below 0.15; 2022-08 · Price BRL 12.31 · Value 0.15 · Buy at or below 0.15; 2022-09 · Price BRL 14.45 · Value 0.15 · Buy at or below 0.15; 2022-10 · Price BRL 16.13 · Value 0.15 · Buy at or below 0.15; 2022-11 · Price BRL 11.50 · Value 0.15 · Buy at or below 0.15; 2022-12 · Price BRL 10.17 · Value 0.15 · Buy at or below 0.15; 2023-01 · Price BRL 10.33 · Value 0.15 · Buy at or below 0.15; 2023-02 · Price BRL 7.05 · Value 0.12 · Buy at or below 0.12; 2023-03 · Price BRL 7.05 · Value 0.12 · Buy at or below 0.12; 2023-04 · Price BRL 8.12 · Value 0.12 · Buy at or below 0.12; 2023-05 · Price BRL 14.07 · Value 0.12 · Buy at or below 0.12; 2023-06 · Price BRL 19.82 · Value 0.12 · Buy at or below 0.12; 2023-07 · Price BRL 22.19 · Value 0.12 · Buy at or below 0.12; 2023-08 · Price BRL 20.37 · Value 0.12 · Buy at or below 0.12; 2023-09 · Price BRL 19.87 · Value 0.12 · Buy at or below 0.12; 2023-10 · Price BRL 17.73 · Value 0.12 · Buy at or below 0.12; 2023-11 · Price BRL 20.09 · Value 0.12 · Buy at or below 0.12; 2023-12 · Price BRL 22.42 · Value 0.12 · Buy at or below 0.12; 2024-01 · Price BRL 19.28 · Value 0.12 · Buy at or below 0.12; 2024-02 · Price BRL 20.36 · Value 0.12 · Buy at or below 0.12; 2024-03 · Price BRL 18.11 · Value 0.12 · Buy at or below 0.12; 2024-04 · Price BRL 14.59 · Value 0.12 · Buy at or below 0.12; 2024-05 · Price BRL 12.11 · Value 0.12 · Buy at or below 0.12; 2024-06 · Price BRL 10.41 · Value 0.12 · Buy at or below 0.12; 2024-07 · Price BRL 10.94 · Value 0.12 · Buy at or below 0.12; 2024-08 · Price BRL 9.85 · Value 0.12 · Buy at or below 0.12; 2024-09 · Price BRL 9.19 · Value 0.12 · Buy at or below 0.12; 2024-10 · Price BRL 10.61 · Value 0.12 · Buy at or below 0.12; 2024-11 · Price BRL 9.25 · Value 0.12 · Buy at or below 0.12; 2024-12 · Price BRL 8.55 · Value 0.12 · Buy at or below 0.12; 2025-01 · Price BRL 10.25 · Value 0.12 · Buy at or below 0.12; 2025-02 · Price BRL 10.40 · Value 3.48 · Buy at or below 3.48; 2025-03 · Price BRL 11.54 · Value 3.48 · Buy at or below 3.48; 2025-04 · Price BRL 14.29 · Value 3.48 · Buy at or below 3.48; 2025-05 · Price BRL 15.85 · Value 3.48 · Buy at or below 3.48; 2025-06 · Price BRL 16.49 · Value 3.48 · Buy at or below 3.48; 2025-07 · Price BRL 12.94 · Value 3.48 · Buy at or below 3.48; 2025-08 · Price BRL 13.15 · Value 3.48 · Buy at or below 3.48; 2025-09 · Price BRL 12.92 · Value 3.48 · Buy at or below 3.48; 2025-10 · Price BRL 14.21 · Value 3.48 · Buy at or below 3.48; 2025-11 · Price BRL 13.61 · Value 3.48 · Buy at or below 3.48; 2025-12 · Price BRL 12.17 · Value 3.48 · Buy at or below 3.48; 2026-01 · Price BRL 14.67 · Value 3.48 · Buy at or below 3.48; 2026-02 · Price BRL 13.27 · Value 3.63 · Buy at or below 3.63; 2026-03 · Price BRL 12.11 · Value 3.63 · Buy at or below 3.63; 2026-04 · Price BRL 9.86 · Value 3.63 · Buy at or below 3.63; 2026-05 · Price BRL 9.54 · Value 3.63 · Buy at or below 3.63; 2026-06 · Price BRL 8.88 · Value 3.63 · Buy at or below 3.63; 2026-07 · Price BRL 8.26 · Value 3.63 · Buy at or below 3.63; 2026-08 · Price BRL 8.73 · Value 3.63 · Buy at or below 3.63; 2026-09 · Price BRL 11.14 · Value 3.63 · Buy at or below 3.63; 2026-10 · Price BRL 13.32 · Value 3.63 · Buy at or below 3.63; 2026-10 · Price BRL 13.46 · Value 3.63 · Buy at or below 3.63

BRL per share · annual estimates

Price & return math
Value range	BRL 3.40 – BRL 3.90
Buy at or below	Central value BRL 3.63
Discount to value	1 − 13.46 / 3.63 = -271.0%
Return / year	About 6.6% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 0.57/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash BRL 0.00/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 5.5B

Revenue

Owner earningsBRL 220M

Owner earnings

Operating margin19.4%

Operating margin

Net cash / debtBRL -4.2B

Net cash / debt

Diluted shares264M

Diluted shares

Prices 15 Oct 2026 · FY2025