Americanas S.A. (AMER3) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Americanas S.A. BRL 4.09, price BRL 5.12, upside -20.2%, quality 28 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R$3.13 – R$7,045 · fair‑value band R$2.46 – R$4.09 · the R$5.12 price screens above the R$4.09 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Americanas S.A. operates in the e-commerce business in Brazil. It offers e-commerce digital platforms for various digital solutions.
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Americanas S.A. operates in the e-commerce business in Brazil. It offers e-commerce digital platforms for various digital solutions. The company operates americanas.com, an online store with various products; Ame, a platform for financial and non-financial products and services; and Puket, an online apparel platform; MinD, an online design and home decoration platform. In addition, it operates physical stores and multi-brand e-commerce channels under the Imaginarium brand; and a retail chain of fruits, vegetables, and greens under Hortifruti Natural da Terra brand, as well as provides Lovebrands, an online platform that offers various products and services; Skoob, a virtual library platform. Americanas S.A. was founded in 1999 and is headquartered in Rio De Janeiro, Brazil.
Stock analysis
Americanas S.A. (AMER3) currently trades at R$5.12, while our model-based Fair Value estimate is R$4.09, implying the stock looks roughly 25.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$17.54 per share, and 8 of the 8 models we run sit above the R$5.12 price.
Bear case: the Asset-Based group reads lowest at R$15.92, and 0 of the 8 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$2.46 (bear) to R$4.09 (bull), the price of R$5.12 sits above 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 28/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Americanas S.A. reported revenue of R$12.3B in FY2025 versus R$22.5B in FY2021, a compound −14.0%/yr. Reported net income was −R$271M in FY2025.
Key figures
Market cap R$1.0B (≈ $201M) · P/E ratio 1.9 · P/S ratio 0.06 · EPS (TTM) R$2.63 · Net margin −2.2% · Return on equity 4.7% · Return on assets (EBIT) −10.8% · Operating margin −6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 8% fair-value upside, at −20%, AMER3 screens richer than that median.
Fair Value models
Bear R$2.46Fair Value R$4.09Bull R$4.09
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$1.92 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.Evidence ⓘEvidence = 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.24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−14.2%
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.
−21.9%
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.
+4.0%
Start year 2020 (pandemic). Over 10 years: +3.2% 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.
+19.8%
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Profit margin (trend) ⓘ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.
2.6% (2020) → −7.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less 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).
−4.2%
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 −7.2% a year for the price.
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.Internet Retail · 107 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score28 · Bottom 25%
Fair Value upside−20% · Below median
Profitability
Return on equity (TTM)5% · Above median
Return on assets1% · Above median
Net margin (TTM)−1% · Below median
Operating margin (TTM)−7% · Bottom 25%
Growth and dividend
Revenue growth20% · Above median
Balance sheet
Debt / equity0.42× · Above median
Valuation Multiplesvs Internet Retail 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). "Americanas S.A. Fair Value". https://www.fairvalue-calculator.com/stock/AMER3
Frequently asked questions
Is Americanas S.A. (AMER3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$4.09 versus a price of R$5.12, about −20% upside (overvalued).
What is the fair value of AMER3?
Our model-based fair value for Americanas S.A. is R$4.09 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$5.12.
What is the quality score of AMER3?
Americanas S.A. has a Quality Score of 28/100. 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 Americanas S.A. (AMER3)?
Our model-based price target is the fair value of R$4.09 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario R$2.46, optimistic scenario R$4.09. It is a calculation from audited fundamentals, not an analyst target.
What is the Americanas S.A. stock forecast for 2026?
Our models put fair value at R$4.09, about −20% upside versus a price of R$5.12 (overvalued). Cautious scenario R$2.46, optimistic scenario R$4.09. The calculation is refreshed regularly with new filings.
What is the revenue of Americanas S.A. (AMER3)?
Americanas S.A. reported trailing-twelve-month revenue of about R$12.8B (latest available figure, as of Sep 24, 2026).
What growth is priced into Americanas S.A. (AMER3)?
For today's price to be fair in a discounted-cash-flow model, Americanas S.A. would have to grow free cash flow by -4.2 % per year for five years (discount rate 15.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AMER3 use?
Our models discount Americanas S.A. at 15.7 %: a base by market capitalisation (micro), 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 Americanas S.A. that is -4.2 % per year a year over ten years, using the same discount rate (15.7 %) and the same formula as our fair value.
How much growth has Americanas S.A. (AMER3) delivered so far?
Over the past 5 years revenue at Americanas S.A. grew +4.0 % a year. The price currently implies -4.2 % per year free-cash-flow growth a 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 Americanas S.A. (AMER3) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Americanas S.A. (-4.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Americanas S.A. (AMER3)?
The free-cash-flow yield on the price is 34.72 %: that much free cash flow Americanas S.A. produces per unit of market value. When it exceeds the discount rate of our models (15.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Americanas S.A. (AMER3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Americanas S.A. it is R$4.09 per share (as of Sep 24, 2026), against a price of R$5.12. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Americanas S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AMER3 trades above its calculated fair value: price R$5.12, fair value R$4.09, a gap of about −20% (overvalued). 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 AMER3?
No. The price is what the market pays today (R$5.12); the fair value is what the company's own numbers justify (R$4.09). For Americanas S.A. the two are R$1.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Americanas S.A. worth?
The market values Americanas S.A. at about R$1.0B (market capitalisation, as of Sep 24, 2026). Per share that is R$5.12; our models calculate a fair value of R$4.09 per share.
What do the bullish and bearish scenarios say about AMER3?
Our models span a range for Americanas S.A.: cautious scenario R$2.46, base R$4.09, optimistic R$4.09 per share (as of Sep 24, 2026, price R$5.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AMER3?
Americanas S.A. trades at a price-to-earnings ratio of 1.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$4.09 is built from several models across several years. Other multiples: PEG 1.1, P/S 0.0, EV/EBITDA 1.1.
What is the PEG ratio of AMER3?
The PEG ratio of Americanas S.A. is 1.14 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Americanas S.A. (AMER3)?
Balance-sheet figures for Americanas S.A. (as of Sep 24, 2026): return on equity 4.7%, debt of 0.42 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is AMER3 from its 52-week high?
Americanas S.A. trades at R$5.12, about 42% below its 52-week high of R$8.82 and 11% above the low of R$4.60 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of R$4.09 is for.
Which stocks are comparable to Americanas S.A.?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, MercadoLibre, Inc, DoorDash, 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 Americanas S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price R$5.12, calculated fair value R$4.09 (−20%), Quality Score 28/100, from 8 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 AMER3 calculated?
We run Americanas S.A. through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$4.09, 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 14.1 % above its aggregate fair value. Americanas 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 Americanas S.A. (AMER3)?
The closing price on Sep 22, 2026 was R$5.12. Our model-based fair value is R$4.09, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Americanas S.A. right now?
The price sits above even our optimistic bull case (R$4.09). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Americanas S.A.
How large is the market capitalisation of Americanas S.A. (AMER3)?
The market capitalisation of Americanas S.A. is R$1.0B (≈ $201M). 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 Americanas S.A. (AMER3)?
The price-to-sales ratio of Americanas S.A. is 0.06 (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 Americanas S.A. (AMER3)?
Earnings per share at Americanas S.A. are R$2.63 (price ÷ EPS = P/E 1.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Americanas S.A. (AMER3)?
The net margin of Americanas S.A. is −2.2% (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 Americanas S.A. (AMER3)?
The return on equity (ROE) of Americanas S.A. is 4.7% (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 Americanas S.A. (AMER3)?
On an EBIT basis the return on assets of Americanas S.A. is −10.8% (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 Americanas S.A. (AMER3)?
The operating margin of Americanas S.A. is −6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Americanas S.A. (AMER3)?
Revenue at Americanas S.A. is growing +20.2% versus a year earlier (3y avg −21.9%). 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 Americanas S.A. (AMER3)?
Earnings per share at Americanas S.A. are growing −96.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Americanas S.A. (AMER3) carry?
The net debt of Americanas S.A. is R$4.7B (fiscal year 2025, ≈ 13.2 yrs of FCF). 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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