Banco do Estado do Rio Grande do Sul S.A (BRSR3) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Banco do Estado do Rio Grande do Sul S.A stock BRL 29.34, price BRL 17.00, upside +72.6%, quality 63 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 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 8, 2026.
How to read this chart
60‑month range R$7.49 – R$21.82 · fair‑value band R$25.01 – R$42.47 · the R$17.00 price screens below the R$29.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Banco do Estado do Rio Grande do Sul S.A., a multiple-service bank, provides a range of banking products and services primarily in Brazil. The company engages in the retail banking, lending, financing and investment, mortgage loan, development, lease portfolio, and foreign exchange activities.
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It also provides securities brokerage, consortium groups, payment industry solutions, insurance, and pension plan and saving bonds products. Banco do Estado do Rio Grande do Sul S.A. was incorporated in 1928 and is headquartered in Porto Alegre, Brazil.
Stock analysis
Banco do Estado do Rio Grande do Sul S.A (BRSR3) currently trades at R$17.00, while our model-based Fair Value estimate is R$29.34, implying the stock looks roughly 42% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$36.48 per share, and 4 of the 6 models we run sit above the R$17.00 price.
Bear case: the Asset-Based group reads lowest at R$18.29, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: R$25.01 (bear) to R$42.47 (bull), the price of R$17.00 sits below 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 63/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Banco do Estado do Rio Grande do Sul S.A reported revenue of R$23.7B in FY2025 versus R$7.2B in FY2021, a compound +34.7%/yr. Reported net income was R$1.7B in FY2025, compounding +15.9%/yr from FY2021.
Key figures
Market cap R$8.0B (≈ $1.5B) Small · P/E ratio 4.9 · P/S ratio 1.10 · EPS (TTM) R$4.01 · Dividend yield 9.9% · Net margin 22.4% · Return on equity 14.5% · Return on assets (EBIT) 2.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 32% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 73%, BRSR3 screens cheaper than that median.
Fair Value models
BearR$25.01Fair Value R$29.34BullR$42.47
Price R$17.00 · Upside +72.6%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (R$1.99 per share) are deliberately not added.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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+267.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+48.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.5%
Start year 2020 (pandemic). Over 10 years: +14.3% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
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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. Basis: EBIT basis. 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.
≈ +20.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +10.4%
Dividend (yield on the price)9.9%
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.12.6% vs 9.5%, picking up
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.13% → 9%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 3.01 per share, median 15.6 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Rate on operating basis: 2025 sits 136% above its own trend.
Compare Banco do Estado do Rio Grande do Sul S.A with another stock
Price, fair value, quality and upside side by side.
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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.Banks - Regional · 998 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+72.6% · Top 25%
Profitability
Return on equity (12 months)14.5% · Top 25%
Return on assets1.1% · Above median
Net margin (12 months)22.4% · Below median
Operating margin (12 months)16.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−11.5% · Bottom 25%
Dividend yield (12 months)9.9% · Top 25%
Balance sheet
Debt / equity0.94× · Highest 25%
Valuation Multiplesvs Banks - Regional 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). "Banco do Estado do Rio Grande do Sul S.A Fair Value". https://www.fairvalue-calculator.com/stock/BRSR3
Frequently asked questions
Is Banco do Estado do Rio Grande do Sul S.A (BRSR3) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of R$29.34 versus a price of R$17.00, about +73% upside (undervalued).
What is the fair value of BRSR3?
Our model-based fair value for Banco do Estado do Rio Grande do Sul S.A is R$29.34 (as of Nov 8, 2026), built from audited fundamentals. The current price: R$17.00.
What is the quality score of BRSR3?
Banco do Estado do Rio Grande do Sul S.A has a Quality Score of 63/100. 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Our model-based price target is the fair value of R$29.34 (as of Nov 8, 2026) from 6 valuation models. Cautious scenario R$25.01, optimistic scenario R$42.47. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco do Estado do Rio Grande do Sul S.A stock forecast for 2026?
Our models put fair value at R$29.34, about +73% upside versus a price of R$17.00 (undervalued). Cautious scenario R$25.01, optimistic scenario R$42.47. The calculation is refreshed regularly with new filings.
Does Banco do Estado do Rio Grande do Sul S.A pay a dividend?
Banco do Estado do Rio Grande do Sul S.A currently shows a dividend yield of 9.92% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Banco do Estado do Rio Grande do Sul S.A (BRSR3) and when is the ex-dividend date?
Banco do Estado do Rio Grande do Sul S.A pays a dividend of R$1.69 per share a year, a dividend yield of 9.9%. The last ex-dividend date was Sep 14, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 42.0% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco do Estado do Rio Grande do Sul S.A it is R$29.34 per share (as of Nov 8, 2026), against a price of R$17.00. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Banco do Estado do Rio Grande do Sul S.A stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BRSR3 trades below its calculated fair value: price R$17.00, fair value R$29.34, a gap of about +73% (undervalued). 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 BRSR3?
No. The price is what the market pays today (R$17.00); the fair value is what the company's own numbers justify (R$29.34). For Banco do Estado do Rio Grande do Sul S.A the two are R$12.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco do Estado do Rio Grande do Sul S.A worth?
The market values Banco do Estado do Rio Grande do Sul S.A at about R$8.0B (market capitalisation, as of Nov 8, 2026). Per share that is R$17.00; our models calculate a fair value of R$29.34 per share.
What do the bullish and bearish scenarios say about BRSR3?
Our models span a range for Banco do Estado do Rio Grande do Sul S.A: cautious scenario R$25.01, base R$29.34, optimistic R$42.47 per share (as of Nov 8, 2026, price R$17.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BRSR3?
Banco do Estado do Rio Grande do Sul S.A trades at a price-to-earnings ratio of 4.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$29.34 is built from several models across several years. Other multiples: PEG 0.2, P/B 0.7, P/S 1.1.
What is the PEG ratio of BRSR3?
The PEG ratio of Banco do Estado do Rio Grande do Sul S.A is 0.23 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Balance-sheet figures for Banco do Estado do Rio Grande do Sul S.A (as of Nov 8, 2026): return on equity 14.5%, debt of 0.94 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is BRSR3 from its 52-week high?
Banco do Estado do Rio Grande do Sul S.A trades at R$17.00, about 22% below its 52-week high of R$21.82 and 32% above the low of R$12.87 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of R$29.34 is for.
Which stocks are comparable to Banco do Estado do Rio Grande do Sul S.A?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Banco do Estado do Rio Grande do Sul S.A stock attractive at the current price?
The data as of Nov 8, 2026: price R$17.00, calculated fair value R$29.34 (+73%), Quality Score 63/100, from 6 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 BRSR3 calculated?
We run Banco do Estado do Rio Grande do Sul S.A through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$29.34 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 13.0% above its aggregate fair value. Banco do Estado do Rio Grande do Sul S.A currently trades 42% below its own fair value, and the market average says nothing about that. 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The closing price on Nov 5, 2026 was R$17.00. Our model-based fair value is R$29.34, about +73% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco do Estado do Rio Grande do Sul S.A right now?
The price is below even our cautious bear case (R$25.01). The market is more pessimistic than our downside scenario. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Banco do Estado do Rio Grande do Sul S.A (BRSR3) come from?
Earnings per share at Banco do Estado do Rio Grande do Sul S.A grew +4.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.7 %, EBIT margin −18.9 %, tax rate +1.4 %, residual (interest, one-offs) +18.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Banco do Estado do Rio Grande do Sul S.A
How large is the market capitalisation of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The market capitalisation of Banco do Estado do Rio Grande do Sul S.A is R$8.0B (≈ $1.5B). 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The price-to-sales ratio of Banco do Estado do Rio Grande do Sul S.A is 1.10 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Earnings per share at Banco do Estado do Rio Grande do Sul S.A are R$4.01 (price ÷ EPS = P/E 4.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The dividend yield of Banco do Estado do Rio Grande do Sul S.A is 9.9% (payout 42.0%). 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The net margin of Banco do Estado do Rio Grande do Sul S.A is 22.4% (last twelve months). 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The return on equity (ROE) of Banco do Estado do Rio Grande do Sul S.A is 14.5% (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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
On an EBIT basis the return on assets of Banco do Estado do Rio Grande do Sul S.A is 2.6% (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.
What is the operating margin of Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
The operating margin of Banco do Estado do Rio Grande do Sul S.A is 16.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Revenue at Banco do Estado do Rio Grande do Sul S.A is growing −11.5% versus a year earlier (3y avg +48.9%). 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 Banco do Estado do Rio Grande do Sul S.A (BRSR3)?
Earnings per share at Banco do Estado do Rio Grande do Sul S.A are growing −29.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banco do Estado do Rio Grande do Sul S.A (BRSR3) generate?
The free cash flow of Banco do Estado do Rio Grande do Sul S.A is R$14.8B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Banco do Estado do Rio Grande do Sul S.A (BRSR3) hold?
Banco do Estado do Rio Grande do Sul S.A holds more cash than debt, R$11.8B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 8, 2026