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Grupo Casas Bahia S.A. (BHIA3) Fair Value & Analysis

Consumer Cyclical · BR · Market cap R$1.0B (≈ $201M) · ISIN BRBHIAACNOR1

GC Grupo Casas Bahia S.A. BHIA3 · SA
PriceR$0.4000
Fair ValueR$0.4420
Upside+10.5%
Quality41/100
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Strengths

Trades 10% below our fair value of R$0.4420
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +0.2 %/yr)
!Loss-making · -12.3% net margin
!Mixed vs. peers (5/12)
!Narrow moat 19/100
Weak Growth (revenue 5y +0.2 %/yr)
Loss-making · -12.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/12)
Narrow moat 19/100
Evidence: High Range R$0.2877 – R$0.5958 Share as image

Fair value as of: Aug 21, 2026

From 15 valuation models · updated 8 days ago

Share price −47.4% over the past month.

Below-average quality, trading 10% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • A fairly wide model range (R$0.2877 to R$0.5958) leaves room in how you read the outcome.
  • Our model range runs from R$0.2877 (bear) to R$0.5958 (bull), base R$0.4420. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 41/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

R$350.63 R$0.3400 Fair Value R$0.4420 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range R$0.3400 – R$350.63 · fair‑value band R$0.2877 – R$0.5958 · the R$0.4000 price screens below the R$0.4420 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Grupo Casas Bahia S.A. (BHIA3) currently trades at R$0.4000, while our model-based Fair Value estimate is R$0.4420, implying the stock looks roughly 10.5% undervalued today. The Quality Score stands at 41/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Grupo Casas Bahia S.A. generated revenue of R$29.6B at a net margin of -12.3%. Revenue grew 6.1% year over year. Net debt stands at R$8.3B. Fundamentals as of Aug 21, 2026

Our scenario range runs from R$0.2877 (bear case) to R$0.5958 (bull case); at R$0.4000, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at -12% fair-value upside, at 11%, BHIA3 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF R$2.33 R$3.28 R$4.48 80
Rev-Margin DCF R$1.07 R$1.37 R$1.73 74
ROIC Compounder R$0.1543 R$0.1824 R$0.2115 72
All 15 models by family
DCF Models
FCF DCF R$2.32 R$3.43 R$4.93 38
5Y Revenue Exit R$1.07 R$1.32 R$1.60 39
5Y EBITDA Exit R$1.15 R$1.47 R$1.81 41
10Y Revenue Exit R$1.56 R$1.90 R$2.30 36
10Y EBITDA Exit R$1.61 R$2.00 R$2.45 37
Earnings-Based
EPV R$0.1473 R$0.1656 R$0.1813 59
Dividend Discount
Gordon GGM R$0.0022 R$0.0038 R$0.0049 70
DDM Multi-Stage R$0.0022 R$0.0032 R$0.0038 61
Multiples
EV/EBIT R$0.3944 R$0.5228 R$0.6512 53
EV/EBITDA R$0.4300 R$0.5703 R$0.7106 54
EV/Revenue R$0.2687 R$0.3804 R$0.4915 43
Asset-Based
NCAV (Graham) R$0.0243 R$0.0329 R$0.0486 50
Growth DCF
Growth DCF R$2.33 R$3.28 R$4.48 80
Rev-Margin DCF R$1.07 R$1.37 R$1.73 74
Economic Profit
ROIC Compounder R$0.1543 R$0.1824 R$0.2115 72

Widest divergence: DCF Models (R$1.90) versus Dividend Discount (R$0.0032). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 0.04 TTM
EPS (TTM) R$-6.18
Net margin -10.2% FY2025
Return on equity -188% TTM
Return on assets (EBIT) 3.5% avg 5y
Operating margin 3.7% TTM
More key figures
Growth
Revenue (TTM) R$29.6B TTM
Revenue growth (YoY) +6.1% 3y avg -1.9%
Balance sheet & cash flow
Free cash flow R$13.8B FY2025
Net debt R$8.3B FY2025 · ≈ 0.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 43 · Market factors (momentum, volatility) 15

Profitability 21
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Grupo Casas Bahia S.A., together with its subsidiaries, operates as an omnichannel retailer in Brazil. The company provides consumer electronics, home appliances, furniture, and other domestic items.

Full company description

Grupo Casas Bahia S.A., together with its subsidiaries, operates as an omnichannel retailer in Brazil. The company provides consumer electronics, home appliances, furniture, and other domestic items. It also engages in the manufacture, industrialization, and sale of wood-based furniture; ownership and management of equity interests; management of logistics operations; and provision of integrated solutions for e-commerce and multi-marketplace operations, such as fulfillment, transportation and full commerce (white label) services through technology platforms and plug and play operating models, as well as management of digital solutions. In addition, the company offers financial services through its mobile app, including the digital management of the Casas Bahia installment payment plan, payments, transfers, mobile recharges, and other financial services. Further, it is involved in the management and operation of payment instruments comprising prepaid cards and other payment arrangements; granting of credit through an electronic platform, financing, and the acquisition of credit rights; and the development, management, and licensing of technological solutions, digital platforms, and systems. Additionally, the company provides services, including intermediation in the sale of extended warranty, equipment installation, marketplace, and financial and operational services, such as installment sales and co-branded credit cards. It serves consumers through brick and-mortar stores and e-commerce platforms under Casas Bahia, Ponto and Extra.com brands. The company was formerly known as Via S.A. and changed its name to Grupo Casas Bahia S.A. in September 2023. Grupo Casas Bahia S.A. was founded in 1946 and is headquartered in São Paulo, Brazil.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Grupo Casas Bahia S.A. reported revenue of R$29.2B in FY2025 versus R$30.9B in FY2021, a compound −1.4%/yr. Reported net income was −R$3.0B in FY2025.

Growth Quality 34/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
R$29.2B
Latest YoY
+7.3%
Avg. revenue growth/yr (3Y) 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.
−1.9%
Avg. revenue growth/yr (5Y) 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.
+0.2%
Avg. revenue growth/yr (21Y) 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.
+12.3%
Value creation/yr 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
Revenue −1.4%/yr
FY21 R$30.9B
FY22 R$30.9B
FY23 R$28.8B
FY24 R$27.2B
FY25 R$29.2B
Net income
FY21 −R$297M
FY22 −R$342M
FY23 −R$2.6B
FY24 −R$1.0B
FY25 −R$3.0B

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Cite: Fair Value Calculator (2026). "Grupo Casas Bahia S.A. Fair Value". https://www.fairvalue-calculator.com/stock/BHIA3

Peer Group

Specialty Retail · 231 stocks

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.

Quality Score 41 · Bottom 25%
Fair Value upside +11% · Above median
Return on assets 3% · Below median
Net margin (TTM) -12% · Bottom 25%
Operating margin (TTM) 4% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 1.2% · Below median
Debt / equity 0.25× · Higher than median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/B 0.07× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
PEG 2.76× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE47 · sector 31
FUTURE31 · sector 25
PAST0 · sector 26
HEALTH88 · sector 96
DIVIDEND25 · sector 53

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Best Buy Co BBY $87.44 $108.04 +24%
China Tourism Group 601888 ¥54.97 ¥40.40 -27%
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Five Below, Inc FIVE $259.41 $117.29 -55%
Murphy USA Inc MUSA $574.12 $423.35 -26%

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Frequently asked questions

Is Grupo Casas Bahia S.A. (BHIA3) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of R$0.4420 versus a price of R$0.4000, about +11% (undervalued).
What is the fair value of BHIA3?
Our model-based fair value for Grupo Casas Bahia S.A. is R$0.4420 (as of Aug 21, 2026), built from audited fundamentals. The current price: R$0.4000.
What is the quality score of BHIA3?
Grupo Casas Bahia S.A. has a Quality Score of 41/100. 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 revenue of Grupo Casas Bahia S.A. (BHIA3)?
Grupo Casas Bahia S.A. reported trailing-twelve-month revenue of about R$29.6B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of BHIA3?
The net profit margin of Grupo Casas Bahia S.A. is about -12.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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