Banestes S.A - Banco do Estado do Espírito Santo (BEES3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Banestes S.A - Banco do Estado do Espírito Santo BRL 6.44, price BRL 8.98, upside -28.3%, quality 35 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 23, 2026.
How to read this chart
60‑month range R$2.76 – R$551,834 · fair‑value band R$5.38 – R$11.08 · the R$8.98 price screens above the R$6.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Banestes S.A - Banco do Estado do Espírito Santo S.A., together with its subsidiaries, operates as a multiple-service bank in Brazil. It operates through Financial; and Insurance and Other segments.
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Banestes S.A - Banco do Estado do Espírito Santo S.A., together with its subsidiaries, operates as a multiple-service bank in Brazil. It operates through Financial; and Insurance and Other segments. The company operates through its portfolios of commercial, rural, industrial, real estate, foreign exchange, leasing, investment, and credit card administration; and in the areas of insurance and distribution, intermediation, and administration of third-party resources. It also provides asset and fund management; administration and intermediation of securities, insurance, pension plans, and capitalization; investment funds; credit and debit cards; internet banking; checking, savings, special, trust check, young and university, easier, simplified, salary, and judicial accounts; capitalization bonds; car, life, home, personal accident, card financial protection, and business insurance; collections and agreement; transfer of funds and resources; collection; custody; credit and financing options; loans and guarantees; and other services. In addition, the company operates a public lottery service. Banestes S.A - Banco do Estado do Espírito Santo S.A. was founded in 1935 and is headquartered in Vitória, Brazil.
Stock analysis
Banestes S.A - Banco do Estado do Espírito Santo (BEES3) currently trades at R$8.98, while our model-based Fair Value estimate is R$6.44, implying the stock looks roughly 39.5% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$9.76 per share, and 2 of the 6 models we run sit above the R$8.98 price.
Bear case: the Dividend Discount group reads lowest at R$1.31, and 4 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$5.38 (bear) to R$11.08 (bull), the price of R$8.98 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 35/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Banestes S.A - Banco do Estado do Espírito Santo reported revenue of R$6.2B in FY2025 versus R$2.6B in FY2021, a compound +23.9%/yr. Reported net income was R$340M in FY2025, compounding +7.9%/yr from FY2021.
Key figures
Market cap R$3.1B (≈ $606M) · P/E ratio 9.5 · P/S ratio 0.52 · EPS (TTM) R$0.9100 · Dividend yield 8.3% · Net margin 5.5% · Return on equity 13.8% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −28%, BEES3 screens cheaper than that median.
Fair Value models
Bear R$5.38Fair Value R$6.44Bull R$11.08
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$0.1222 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.1%
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.
+5.0%
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.
+24.2%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 25 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.
+11.1%
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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. 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.
+14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.9%
Dividend (yield on the price)8.3%
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.6% vs 7%, steady
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.19% → 7%
Compare Banestes S.A - Banco do Estado do Espírito Santo 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 · 1074 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside−29% · Below median
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets1% · Below median
Net margin (TTM)20% · Below median
Operating margin (TTM)29% · Below median
Growth and dividend
Revenue growth−15% · Bottom 25%
Dividend yield (TTM)8.3% · Top 25%
Balance sheet
Debt / equity0.07× · Lowest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)9.5× · Cheaper than median
P/B1.29× · Pricier than median
P/S (TTM)1.96× · Cheapest 25%
EV/EBITDA3.1× · Cheapest 25%
PEG0.02× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)0· sector 45
PAST (return on equity)55· sector 41
HEALTH (low debt)96· sector 85
DIVIDEND (yield)100· sector 53
VALUE 0: the price sits above our fair-value range.
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). "Banestes S.A - Banco do Estado do Espírito Santo Fair Value". https://www.fairvalue-calculator.com/stock/BEES3
Frequently asked questions
Is Banestes S.A - Banco do Estado do Espírito Santo (BEES3) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of R$6.44 versus a price of R$8.98, about −28% upside (overvalued).
What is the fair value of BEES3?
Our model-based fair value for Banestes S.A - Banco do Estado do Espírito Santo is R$6.44 (as of Sep 23, 2026), built from audited fundamentals. The current price: R$8.98.
What is the quality score of BEES3?
Banestes S.A - Banco do Estado do Espírito Santo has a Quality Score of 35/100. 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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Our model-based price target is the fair value of R$6.44 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario R$5.38, optimistic scenario R$11.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Banestes S.A - Banco do Estado do Espírito Santo stock forecast for 2026?
Our models put fair value at R$6.44, about −28% upside versus a price of R$8.98 (overvalued). Cautious scenario R$5.38, optimistic scenario R$11.08. The calculation is refreshed regularly with new filings.
Does Banestes S.A - Banco do Estado do Espírito Santo pay a dividend?
Banestes S.A - Banco do Estado do Espírito Santo currently shows a dividend yield of about 8.27% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banestes S.A - Banco do Estado do Espírito Santo it is R$6.44 per share (as of Sep 23, 2026), against a price of R$8.98. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Banestes S.A - Banco do Estado do Espírito Santo stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BEES3 trades above its calculated fair value: price R$8.98, fair value R$6.44, a gap of about −28% (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 BEES3?
No. The price is what the market pays today (R$8.98); the fair value is what the company's own numbers justify (R$6.44). For Banestes S.A - Banco do Estado do Espírito Santo the two are R$2.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banestes S.A - Banco do Estado do Espírito Santo worth?
The market values Banestes S.A - Banco do Estado do Espírito Santo at about R$3.1B (market capitalisation, as of Sep 23, 2026). Per share that is R$8.98; our models calculate a fair value of R$6.44 per share.
What do the bullish and bearish scenarios say about BEES3?
Our models span a range for Banestes S.A - Banco do Estado do Espírito Santo: cautious scenario R$5.38, base R$6.44, optimistic R$11.08 per share (as of Sep 23, 2026, price R$8.98). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEES3?
Banestes S.A - Banco do Estado do Espírito Santo trades at a price-to-earnings ratio of 9.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$6.44 is built from several models across several years. Other multiples: PEG 0.0, P/B 1.3, P/S 2.0, EV/EBITDA 3.1.
What is the PEG ratio of BEES3?
The PEG ratio of Banestes S.A - Banco do Estado do Espírito Santo is 0.02 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Balance-sheet figures for Banestes S.A - Banco do Estado do Espírito Santo (as of Sep 23, 2026): return on equity 13.8%, debt of 0.07 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is BEES3 from its 52-week high?
Banestes S.A - Banco do Estado do Espírito Santo trades at R$8.98, about 2% below its 52-week high of R$9.13 and 24% above the low of R$7.25 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$6.44 is for.
Which stocks are comparable to Banestes S.A - Banco do Estado do Espírito Santo?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Banestes S.A - Banco do Estado do Espírito Santo stock attractive at the current price?
The data as of Sep 23, 2026: price R$8.98, calculated fair value R$6.44 (−28%), Quality Score 35/100, 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 BEES3 calculated?
We run Banestes S.A - Banco do Estado do Espírito Santo through 6 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$6.44, 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. Banestes S.A - Banco do Estado do Espírito Santo 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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The closing price on Sep 23, 2026 was R$8.98. Our model-based fair value is R$6.44, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banestes S.A - Banco do Estado do Espírito Santo right now?
Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (R$5.38 to R$11.08) 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.
Where does the earnings growth of Banestes S.A - Banco do Estado do Espírito Santo (BEES3) come from?
Earnings per share at Banestes S.A - Banco do Estado do Espírito Santo grew +10.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.3 %, EBIT margin +1.2 %, tax rate −0.2 %, residual (interest, one-offs) +1.6 %. 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 Banestes S.A - Banco do Estado do Espírito Santo
How large is the market capitalisation of Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The market capitalisation of Banestes S.A - Banco do Estado do Espírito Santo is R$3.1B (≈ $606M). 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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The price-to-sales ratio of Banestes S.A - Banco do Estado do Espírito Santo is 0.52 (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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Earnings per share at Banestes S.A - Banco do Estado do Espírito Santo are R$0.9100 (price ÷ EPS = P/E 9.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The dividend yield of Banestes S.A - Banco do Estado do Espírito Santo is 8.3% (payout 81.6%). 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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The net margin of Banestes S.A - Banco do Estado do Espírito Santo is 5.5% (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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The return on equity (ROE) of Banestes S.A - Banco do Estado do Espírito Santo is 13.8% (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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
On an EBIT basis the return on assets of Banestes S.A - Banco do Estado do Espírito Santo is 1.3% (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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
The operating margin of Banestes S.A - Banco do Estado do Espírito Santo is 29.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Revenue at Banestes S.A - Banco do Estado do Espírito Santo is growing −14.7% versus a year earlier (3y avg +5.0%). 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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3)?
Earnings per share at Banestes S.A - Banco do Estado do Espírito Santo are growing −12.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banestes S.A - Banco do Estado do Espírito Santo (BEES3) generate?
The free cash flow of Banestes S.A - Banco do Estado do Espírito Santo is −R$1.4B (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 Banestes S.A - Banco do Estado do Espírito Santo (BEES3) carry?
The net debt of Banestes S.A - Banco do Estado do Espírito Santo is R$9.5B (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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