Melnick Even Desenvolvimento Imobiliário S.A (MELK3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Melnick Even Desenvolvimento Imobiliário S.A stock BRL 4.34, price BRL 2.44, upside +77.9%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 9 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$1.50 – R$3.96 · fair‑value band R$3.35 – R$5.13 · the R$2.44 price screens below the R$4.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Follow Melnick Even Desenvolvimento Imobiliário in your weekly email
Every Wednesday you see whether Melnick Even Desenvolvimento Imobiliário 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.
Melnick Desenvolvimento Imobiliário S.A. operates as a real estate development company in Brazil. It undertakes development of residential, commercial, condominium, land, and hotel projects; and provides reversible leasing programs.
Show moreShow less
The company was founded in 1970 and is headquartered in Porto Alegre, Brazil. Melnick Desenvolvimento Imobiliário S.A. is a subsidiary of Even Construtora e Incorporadora S.A.
Stock analysis
Melnick Even Desenvolvimento Imobiliário S.A (MELK3) currently trades at R$2.44, while our model-based Fair Value estimate is R$4.34, implying the stock looks roughly 44% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of R$5.20 per share, and 8 of the 9 models we run sit above the R$2.44 price.
Bear case: the Asset-Based group reads lowest at R$1.70, and 1 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: R$3.35 (bear) to R$5.13 (bull), the price of R$2.44 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 54/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Melnick Even Desenvolvimento Imobiliário S.A reported revenue of R$1.1B in FY2025 versus R$772M in FY2021, a compound +9.7%/yr. Reported net income was R$112M in FY2025, compounding +7.8%/yr from FY2021.
Key figures
Market cap R$491M (≈ $89.0M) Micro · P/E ratio 4.0 · P/S ratio 0.57 · EPS (TTM) R$0.6100 · Net margin 10.4% · Return on equity 13.5% · Return on assets (EBIT) 3.5% (5-year average) · Operating margin 11.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 78%, MELK3 screens cheaper than that median.
Fair Value models
BearR$3.35Fair Value R$4.34BullR$5.13
Price R$2.44 · Upside +77.9%
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$0.5231 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+8.6%
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.
+2.8%
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.
+14.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+9.4%
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+20.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.1%
Dividend (yield on the price)0.0%
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.9% → 10%
Compare Melnick Even Desenvolvimento Imobiliário S.A with another stock
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.Real Estate Services · 472 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+77.9% · Above median
Profitability
Return on equity (12 months)13.5% · Top 25%
Return on assets5.5% · Top 25%
Net margin (12 months)13.9% · Below median
Operating margin (12 months)11.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−19.8% · Bottom 25%
Dividend yield (12 months)18.1% · Top 25%
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Real Estate Services 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). "Melnick Even Desenvolvimento Imobiliário S.A Fair Value". https://www.fairvalue-calculator.com/stock/MELK3
Frequently asked questions
Is Melnick Even Desenvolvimento Imobiliário S.A (MELK3) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of R$4.34 versus a price of R$2.44, about +78% upside (undervalued).
What is the fair value of MELK3?
Our model-based fair value for Melnick Even Desenvolvimento Imobiliário S.A is R$4.34 (as of Nov 8, 2026), built from audited fundamentals. The current price: R$2.44.
What is the quality score of MELK3?
Melnick Even Desenvolvimento Imobiliário S.A has a Quality Score of 54/100. 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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Our model-based price target is the fair value of R$4.34 (as of Nov 8, 2026) from 9 valuation models. Cautious scenario R$3.35, optimistic scenario R$5.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Melnick Even Desenvolvimento Imobiliário S.A stock forecast for 2026?
Our models put fair value at R$4.34, about +78% upside versus a price of R$2.44 (undervalued). Cautious scenario R$3.35, optimistic scenario R$5.13. The calculation is refreshed regularly with new filings.
What is the revenue of Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Melnick Even Desenvolvimento Imobiliário S.A reported trailing-twelve-month revenue of about R$1.1B (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Melnick Even Desenvolvimento Imobiliário S.A it is R$4.34 per share (as of Nov 8, 2026), against a price of R$2.44. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Melnick Even Desenvolvimento Imobiliário S.A stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MELK3 trades below its calculated fair value: price R$2.44, fair value R$4.34, a gap of about +78% (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 MELK3?
No. The price is what the market pays today (R$2.44); the fair value is what the company's own numbers justify (R$4.34). For Melnick Even Desenvolvimento Imobiliário S.A the two are R$1.90 per share apart. That gap is exactly why we show both numbers side by side.
How much is Melnick Even Desenvolvimento Imobiliário S.A worth?
The market values Melnick Even Desenvolvimento Imobiliário S.A at about R$491M (market capitalisation, as of Nov 8, 2026). Per share that is R$2.44; our models calculate a fair value of R$4.34 per share.
What do the bullish and bearish scenarios say about MELK3?
Our models span a range for Melnick Even Desenvolvimento Imobiliário S.A: cautious scenario R$3.35, base R$4.34, optimistic R$5.13 per share (as of Nov 8, 2026, price R$2.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MELK3?
Melnick Even Desenvolvimento Imobiliário S.A trades at a price-to-earnings ratio of 4.0 (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$4.34 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings, FY2025 ex one-offs: 9.4. Other multiples: P/B 0.5, P/S 0.6, EV/EBITDA 10.1.
How solid is the balance sheet of Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Balance-sheet figures for Melnick Even Desenvolvimento Imobiliário S.A (as of Nov 8, 2026): return on equity 13.5%, debt of 0.48 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is MELK3 from its 52-week high?
Melnick Even Desenvolvimento Imobiliário S.A trades at R$2.44, about 38% below its 52-week high of R$3.96 and 7% above the low of R$2.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$4.34 is for.
Which stocks are comparable to Melnick Even Desenvolvimento Imobiliário S.A?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Melnick Even Desenvolvimento Imobiliário S.A stock attractive at the current price?
The data as of Nov 8, 2026: price R$2.44, calculated fair value R$4.34 (+78%), Quality Score 54/100, from 9 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 MELK3 calculated?
We run Melnick Even Desenvolvimento Imobiliário S.A through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$4.34 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 13.3% above its aggregate fair value. Melnick Even Desenvolvimento Imobiliário S.A currently trades 44% 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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The closing price on Nov 6, 2026 was R$2.44. Our model-based fair value is R$4.34, about +78% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Melnick Even Desenvolvimento Imobiliário S.A right now?
The price is below even our cautious bear case (R$3.35). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Melnick Even Desenvolvimento Imobiliário S.A
How large is the market capitalisation of Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The market capitalisation of Melnick Even Desenvolvimento Imobiliário S.A is R$491M (≈ $89.0M). 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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The price-to-sales ratio of Melnick Even Desenvolvimento Imobiliário S.A is 0.57 (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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Earnings per share at Melnick Even Desenvolvimento Imobiliário S.A are R$0.6100 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The net margin of Melnick Even Desenvolvimento Imobiliário S.A is 10.4% (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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The return on equity (ROE) of Melnick Even Desenvolvimento Imobiliário S.A is 13.5% (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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
On an EBIT basis the return on assets of Melnick Even Desenvolvimento Imobiliário S.A is 3.5% (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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
The operating margin of Melnick Even Desenvolvimento Imobiliário S.A is 11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Revenue at Melnick Even Desenvolvimento Imobiliário S.A is growing −19.8% versus a year earlier (3y avg +2.8%). 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 Melnick Even Desenvolvimento Imobiliário S.A (MELK3)?
Earnings per share at Melnick Even Desenvolvimento Imobiliário S.A are growing −16.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Melnick Even Desenvolvimento Imobiliário S.A (MELK3) generate?
The free cash flow of Melnick Even Desenvolvimento Imobiliário S.A is −R$146M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Melnick Even Desenvolvimento Imobiliário S.A (MELK3) carry?
The net debt of Melnick Even Desenvolvimento Imobiliário S.A is R$599M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Melnick Even Desenvolvimento Imobiliário S.A in the live analysis
One click puts Melnick Even Desenvolvimento Imobiliário S.A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 8, 2026