Empreendimentos Pague Menos S.A (PGMN3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Empreendimentos Pague Menos S.A stock BRL 6.24, price BRL 2.51, upside +148.6%, quality 40 out of 100. Rating: strongly undervalued. Calculated from audited financials with 17 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 4, 2026.
How to read this chart
60‑month range R$1.94 – R$10.10 · fair‑value band R$4.37 – R$8.12 · the R$2.51 price screens below the R$6.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Empreendimentos Pague Menos S.A. engages in the retail sale of medicines, perfumeries, and personal hygiene and beauty products in Brazil.
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The company offers medicines and health care products; personal hygiene products, including deodorant, intimate care, and oral hygiene; foot, hair, face, and hand care products; dermo and beauty products; and repellent, diaper, cloth, and food products, as well as other accessories for moms and babies.
The company also offers vaccines, clinical analysis tests, and basic health services; clothing and accessories, supplements, first aid, food and drinks, chocolates, ice creams, popsicles, toys, pet and home products, laptop accessories, utilities, and others; and cereals, fibers, vitamins and minerals, first aid, and herbal medicines and natural products.
It sells its products through retail stores and online. Empreendimentos Pague Menos S.A. was incorporated in 1981 and is based in Fortaleza, Brazil.
Stock analysis
Empreendimentos Pague Menos S.A (PGMN3) currently trades at R$2.51, while our model-based Fair Value estimate is R$6.24, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$12.88 per share, and 17 of the 17 models we run sit above the R$2.51 price.
Bear case: the Asset-Based group reads lowest at R$2.71, and 0 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: R$4.37 (bear) to R$8.12 (bull), the price of R$2.51 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 40/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Empreendimentos Pague Menos S.A reported revenue of R$14.9B in FY2025 versus R$7.5B in FY2021, a compound +18.6%/yr. Reported net income was R$260M in FY2025, compounding +12.2%/yr from FY2021.
Key figures
Market cap R$1.7B (≈ $314M) Small · P/E ratio 2.6 · P/S ratio 0.05 · EPS (TTM) R$0.9600 · Dividend yield 10.3% · Net margin 1.7% · Return on equity 10.6% · Return on assets (EBIT) 6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 67% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 19% fair-value upside, at 149%, PGMN3 screens cheaper than that median.
Fair Value models
BearR$4.37Fair Value R$6.24BullR$8.12
Price R$2.51 · Upside +148.6%
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$0.6001 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.
Best data coverage
Residual IncomeR$3.28R$3.43R$3.7376
Owner EarningsR$6.61R$12.06R$20.1174
EPVR$5.59R$6.47R$7.1974
All 17 models by family
DCF Models
Owner EarningsR$6.61R$12.06R$20.1174
Earnings-Based
Graham-DoddR$2.47R$12.47R$17.2264
Lynch FVR$3.38R$4.83R$6.2961
PEG = 1.0R$3.38R$4.83R$6.2957
EPVR$5.59R$6.47R$7.1974
Dividend Discount
Gordon GGMR$1.69R$2.80R$3.6068
DDM Multi-StageR$1.69R$2.66R$3.0167
Multiples
P/E MultipleR$5.72R$7.62R$9.5363
P/S MultipleR$4.63R$6.17R$7.7158
P/B MultipleR$16.69R$22.25R$27.8155
EV/EBITR$10.22R$15.25R$20.2865
EV/EBITDAR$13.82R$20.05R$26.2967
EV/RevenueR$5.89R$10.51R$15.1352
Asset-Based
NCAV (Graham)R$2.02R$2.71R$4.0554
Economic Profit
Residual IncomeR$3.28R$3.43R$3.7376
ROIC CompounderR$6.03R$7.90R$10.1972
Growth Earnings
Growth-Adj P/ER$5.14R$7.34R$9.5567
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.9%
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.
+17.5%
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.
+16.8%
Start year 2020 (pandemic). Over 10 years: +12.4% a year
Revenue growth 16 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.
+14.1%
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What shareholders gained per year (last 5 years), in BRL (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+14.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.2%
Dividend (yield on the price)10.3%
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: 6.9% / 13.8%
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.5% → 6%
2025 sits 144% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Empreendimentos Pague Menos 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.Pharmaceutical Retailers · 50 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+148.6% · Top 25%
Profitability
Return on equity (12 months)10.6% · Above median
Return on assets2.6% · Below median
Net margin (12 months)2.1% · Below median
Operating margin (12 months)6.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.0% · Above median
Dividend yield (12 months)10.3% · Top 25%
Balance sheet
Debt / equity0.50× · Highest 25%
Valuation Multiplesvs Pharmaceutical Retailers 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). "Empreendimentos Pague Menos S.A Fair Value". https://www.fairvalue-calculator.com/stock/PGMN3
Frequently asked questions
Is Empreendimentos Pague Menos S.A (PGMN3) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of R$6.24 versus a price of R$2.51, about +149% upside (undervalued).
What is the fair value of PGMN3?
Our model-based fair value for Empreendimentos Pague Menos S.A is R$6.24 (as of Nov 4, 2026), built from audited fundamentals. The current price: R$2.51.
What is the quality score of PGMN3?
Empreendimentos Pague Menos S.A has a Quality Score of 40/100. 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 Empreendimentos Pague Menos S.A (PGMN3)?
Our model-based price target is the fair value of R$6.24 (as of Nov 4, 2026) from 17 valuation models. Cautious scenario R$4.37, optimistic scenario R$8.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Empreendimentos Pague Menos S.A stock forecast for 2026?
Our models put fair value at R$6.24, about +149% upside versus a price of R$2.51 (undervalued). Cautious scenario R$4.37, optimistic scenario R$8.12. The calculation is refreshed regularly with new filings.
What is the revenue of Empreendimentos Pague Menos S.A (PGMN3)?
Empreendimentos Pague Menos S.A reported trailing-twelve-month revenue of about R$15.6B (latest available figure, as of Nov 4, 2026).
Does Empreendimentos Pague Menos S.A pay a dividend?
Empreendimentos Pague Menos S.A currently shows a dividend yield of 10.28% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Empreendimentos Pague Menos S.A (PGMN3) and when is the ex-dividend date?
Empreendimentos Pague Menos S.A pays a dividend of R$0.258 per share a year, a dividend yield of 10.3%. The last ex-dividend date was Dec 26, 2025. The payout ratio is 26.9% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Empreendimentos Pague Menos S.A (PGMN3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Empreendimentos Pague Menos S.A it is R$6.24 per share (as of Nov 4, 2026), against a price of R$2.51. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Empreendimentos Pague Menos S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, PGMN3 trades below its calculated fair value: price R$2.51, fair value R$6.24, a gap of about +149% (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 PGMN3?
No. The price is what the market pays today (R$2.51); the fair value is what the company's own numbers justify (R$6.24). For Empreendimentos Pague Menos S.A the two are R$3.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Empreendimentos Pague Menos S.A worth?
The market values Empreendimentos Pague Menos S.A at about R$1.7B (market capitalisation, as of Nov 4, 2026). Per share that is R$2.51; our models calculate a fair value of R$6.24 per share.
What do the bullish and bearish scenarios say about PGMN3?
Our models span a range for Empreendimentos Pague Menos S.A: cautious scenario R$4.37, base R$6.24, optimistic R$8.12 per share (as of Nov 4, 2026, price R$2.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PGMN3?
Empreendimentos Pague Menos S.A trades at a price-to-earnings ratio of 2.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$6.24 is built from several models across several years. Other multiples: P/B 0.6, P/S 0.1, EV/EBITDA 3.3.
How solid is the balance sheet of Empreendimentos Pague Menos S.A (PGMN3)?
Balance-sheet figures for Empreendimentos Pague Menos S.A (as of Nov 4, 2026): return on equity 10.6%, debt of 0.50 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is PGMN3 from its 52-week high?
Empreendimentos Pague Menos S.A trades at R$2.51, about 67% below its 52-week high of R$7.54 and 4% above the low of R$2.42 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$6.24 is for.
Which stocks are comparable to Empreendimentos Pague Menos S.A?
From the same area (Healthcare) we also value JD Health International Inc, Yifeng Pharmacy Chain Co, DaShenLin Pharmaceutical Group, LBX Pharmacy Chain Joint Stock Company, 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 Empreendimentos Pague Menos S.A stock attractive at the current price?
The data as of Nov 4, 2026: price R$2.51, calculated fair value R$6.24 (+149%), Quality Score 40/100, from 17 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 PGMN3 calculated?
We run Empreendimentos Pague Menos S.A through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of R$6.24 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. Empreendimentos Pague Menos S.A currently trades 60% 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 Empreendimentos Pague Menos S.A (PGMN3)?
The closing price on Nov 6, 2026 was R$2.51. Our model-based fair value is R$6.24, about +149% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Empreendimentos Pague Menos S.A right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (R$4.37). 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. A fairly wide model range (R$4.37 to R$8.12) leaves room in how you read the outcome.
Key figures of Empreendimentos Pague Menos S.A
How large is the market capitalisation of Empreendimentos Pague Menos S.A (PGMN3)?
The market capitalisation of Empreendimentos Pague Menos S.A is R$1.7B (≈ $314M). 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 Empreendimentos Pague Menos S.A (PGMN3)?
The price-to-sales ratio of Empreendimentos Pague Menos S.A is 0.05 (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 Empreendimentos Pague Menos S.A (PGMN3)?
Earnings per share at Empreendimentos Pague Menos S.A are R$0.9600 (price ÷ EPS = P/E 2.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Empreendimentos Pague Menos S.A (PGMN3)?
The dividend yield of Empreendimentos Pague Menos S.A is 10.3% (payout 26.9%). 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 Empreendimentos Pague Menos S.A (PGMN3)?
The net margin of Empreendimentos Pague Menos S.A is 1.7% (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 Empreendimentos Pague Menos S.A (PGMN3)?
The return on equity (ROE) of Empreendimentos Pague Menos S.A is 10.6% (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 Empreendimentos Pague Menos S.A (PGMN3)?
On an EBIT basis the return on assets of Empreendimentos Pague Menos S.A is 6.6% (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 Empreendimentos Pague Menos S.A (PGMN3)?
The operating margin of Empreendimentos Pague Menos S.A is 6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Empreendimentos Pague Menos S.A (PGMN3)?
Revenue at Empreendimentos Pague Menos S.A is growing +8.0% versus a year earlier (3y avg +17.5%). 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 Empreendimentos Pague Menos S.A (PGMN3)?
Earnings per share at Empreendimentos Pague Menos S.A are growing +11.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Empreendimentos Pague Menos S.A (PGMN3) generate?
The free cash flow of Empreendimentos Pague Menos S.A is −R$61.1M (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 Empreendimentos Pague Menos S.A (PGMN3) carry?
The net debt of Empreendimentos Pague Menos S.A is R$3.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 4, 2026