Bradespar S.A (BRAP3) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Bradespar S.A stock BRL 15.55, price BRL 16.22, that is 4.1% below the price, quality 65 out of 100. Rating: fairly valued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range R$12.40 – R$32.04 · fair‑value band R$10.84 – R$21.19 · the R$16.22 price screens above the R$15.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
Follow Bradespar in your weekly email
Every Wednesday you see whether Bradespar is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Bradespar S.A., through its interest in VALE, operates as a mining company in the production of iron ore and pellets, and nickel in Brazil. It also produces copper, platinum group metals, gold, cobalt, and silver. The company was founded in 1942 and is headquartered in São Paulo, Brazil.
Stock analysis
Bradespar S.A (BRAP3) currently trades at R$16.22, while our model-based Fair Value estimate is R$15.55, so the stock looks roughly fairly valued today (gap 4.3%).
Show more
Valuation
Bull case: the Multiples group reads highest at a median of R$20.15 per share, and 4 of the 10 models we run sit above the R$16.22 price.
Bear case: the Earnings-Based group reads lowest at R$11.56, and 6 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: R$10.84 (bear) to R$21.19 (bull), the price of R$16.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Bradespar S.A reported revenue of R$647M in FY2025 versus R$8.1B in FY2021, a compound −46.9%/yr. Reported net income was R$547M in FY2025, compounding −49.0%/yr from FY2021.
Key figures
Market cap R$6.4B (≈ $1.1B) Small · P/E ratio 10.0 · P/S ratio 8.42 · EPS (TTM) R$1.87 · Dividend yield 13.2% · Net margin 84.6% · Return on equity 9.5% · Return on assets (EBIT) 38.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −4%, BRAP3 screens richer than that median.
Fair Value models
BearR$10.84Fair Value R$15.55BullR$21.19
Price R$16.22 · Downside -4.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−21.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−34.9%
Dividend (yield on the price)13.2%
Per share before 2021divided by the spin-off factor 1.1295
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: −34.9% / 6.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.97% → −15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about +3.2% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 634 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−4.1% · Below median
Profitability
Return on equity (12 months)9.5% · Above median
Return on assets6.8% · Above median
Net margin (12 months)84.6% · Top 25%
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)436.4% · Top 25%
Dividend yield (12 months)13.2% · Top 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bradespar S.A Fair Value". https://www.fairvalue-calculator.com/stock/BRAP3
Frequently asked questions
Is Bradespar S.A (BRAP3) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of R$15.55 versus a price of R$16.22, about 4% lower (fairly valued).
What is the fair value of BRAP3?
Our model-based fair value for Bradespar S.A is R$15.55 (as of Nov 13, 2026), built from audited fundamentals. The current price: R$16.22.
What is the quality score of BRAP3?
Bradespar S.A has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bradespar S.A (BRAP3)?
Our model-based price target is the fair value of R$15.55 (as of Nov 13, 2026) from 10 valuation models. Cautious scenario R$10.84, optimistic scenario R$21.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Bradespar S.A stock forecast for 2026?
Our models put fair value at R$15.55, about 4% lower versus a price of R$16.22 (fairly valued). Cautious scenario R$10.84, optimistic scenario R$21.19. The calculation is refreshed regularly with new filings.
Does Bradespar S.A pay a dividend?
Bradespar S.A currently shows a dividend yield of 13.21% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Bradespar S.A (BRAP3) and when is the ex-dividend date?
Bradespar S.A pays a dividend of R$2.14 per share a year, a dividend yield of 13.2%. The last ex-dividend date was Dec 18, 2025. A dividend has been paid every year since 2005. The payout ratio is 115% of earnings. Free cash flow covers the dividend 2.27 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Bradespar S.A (BRAP3)?
For today's price to be fair in a discounted-cash-flow model, Bradespar S.A would have to grow free cash flow by +6.6 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -15.6 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of BRAP3 use?
Our models discount Bradespar S.A at 12.7 %: a base by market capitalisation (small), damped by beta 0.51, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bradespar S.A that is +6.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Bradespar S.A (BRAP3) delivered so far?
Over the past 5 years revenue at Bradespar S.A grew -15.6 % a year. The price currently implies free-cash-flow growth of +6.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bradespar S.A (BRAP3) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Bradespar S.A (+6.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bradespar S.A (BRAP3)?
The free-cash-flow yield on the price is 10.51 %: that much free cash flow Bradespar S.A produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bradespar S.A (BRAP3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bradespar S.A it is R$15.55 per share (as of Nov 13, 2026), against a price of R$16.22. It is the blended result of 10 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Bradespar S.A stock overvalued or undervalued in 2026?
As of Nov 13, 2026, BRAP3 trades above its calculated fair value: price R$16.22, fair value R$15.55, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BRAP3?
No. The price is what the market pays today (R$16.22); the fair value is what the company's own numbers justify (R$15.55). For Bradespar S.A the two are R$0.6700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bradespar S.A worth?
The market values Bradespar S.A at about R$6.4B (market capitalisation, as of Nov 13, 2026). Per share that is R$16.22; our models calculate a fair value of R$15.55 per share.
What do the bullish and bearish scenarios say about BRAP3?
Our models span a range for Bradespar S.A: cautious scenario R$10.84, base R$15.55, optimistic R$21.19 per share (as of Nov 13, 2026, price R$16.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BRAP3?
Bradespar S.A trades at a price-to-earnings ratio of 10.0 (as of Nov 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$15.55 is built from several models across several years. Other multiples: PEG 2.7, P/B 0.2, EV/EBITDA 2.0.
What is the PEG ratio of BRAP3?
The PEG ratio of Bradespar S.A is 2.68 (P/E divided by earnings growth, as of Nov 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bradespar S.A (BRAP3)?
Balance-sheet figures for Bradespar S.A (as of Nov 13, 2026): return on equity 9.5%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is BRAP3 from its 52-week high?
Bradespar S.A trades at R$16.22, about 25% below its 52-week high of R$21.70 and 8% above the low of R$14.96 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of R$15.55 is for.
Which stocks are comparable to Bradespar S.A?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bradespar S.A stock attractive at the current price?
The data as of Nov 13, 2026: price R$16.22, calculated fair value R$15.55 (−4%), Quality Score 65/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BRAP3 calculated?
We run Bradespar S.A through 10 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$15.55 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. Bradespar S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bradespar S.A (BRAP3)?
The closing price on Nov 12, 2026 was R$16.22. Our model-based fair value is R$15.55, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bradespar S.A right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (R$10.84 to R$21.19) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Bradespar S.A
How large is the market capitalisation of Bradespar S.A (BRAP3)?
The market capitalisation of Bradespar S.A is R$6.4B (≈ $1.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bradespar S.A (BRAP3)?
The price-to-sales ratio of Bradespar S.A is 8.42 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bradespar S.A (BRAP3)?
Earnings per share at Bradespar S.A are R$1.87 (price ÷ EPS = P/E 10.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bradespar S.A (BRAP3)?
The dividend yield of Bradespar S.A is 13.2% (payout 115%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bradespar S.A (BRAP3)?
The net margin of Bradespar S.A is 84.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bradespar S.A (BRAP3)?
The return on equity (ROE) of Bradespar S.A is 9.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bradespar S.A (BRAP3)?
On an EBIT basis the return on assets of Bradespar S.A is 38.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much revenue does Bradespar S.A (BRAP3) generate?
Bradespar S.A generates revenue of −R$15.9M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Bradespar S.A (BRAP3)?
Revenue at Bradespar S.A is growing +436% versus a year earlier (3y avg −46.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bradespar S.A (BRAP3)?
Earnings per share at Bradespar S.A are growing +73.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bradespar S.A (BRAP3) hold?
Bradespar S.A holds more cash than debt, R$14.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch Bradespar S.A in the live analysis
One click puts Bradespar S.A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 13, 2026