Banco Mercantil de Investimentos S.A (BMIN3) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Banco Mercantil de Investimentos S.A BRL 25.31, price BRL 19.50, upside +29.8%, quality 45 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 28, 2026.
How to read this chart
60‑month range R$15.16 – R$30.42 · fair‑value band R$25.11 – R$27.13 · the R$19.50 price screens below the R$25.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
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Banco Mercantil de Investimentos S.A. provides financing services for the short, medium, and long term in Brazil. Banco Mercantil de Investimentos S.A. was incorporated in 1972 and is headquartered in Belo Horizonte, Brazil. Banco Mercantil de Investimentos S.A. is a subsidiary of Banco Mercantil do Brasil S.A.
Stock analysis
Banco Mercantil de Investimentos S.A (BMIN3) currently trades at R$19.50, while our model-based Fair Value estimate is R$25.31, implying the stock looks roughly 23.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$32.84 per share, and 4 of the 6 models we run sit above the R$19.50 price.
Bear case: the Dividend Discount group reads lowest at R$8.38, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$25.11 (bear) to R$27.13 (bull), the price of R$19.50 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 45/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Banco Mercantil de Investimentos S.A reported revenue of R$98.0M in FY2025 versus R$23.2M in FY2021, a compound +43.3%/yr. Reported net income was R$10.4M in FY2025, compounding +32.5%/yr from FY2021.
Key figures
Market cap R$104M (≈ $20.0M) · P/E ratio 9.1 · P/S ratio 0.97 · EPS (TTM) R$2.35 · Dividend yield 2.2% · Net margin 10.6% · Return on equity 8.0% · Return on assets (EBIT) 3.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at 30%, BMIN3 screens cheaper than that median.
Fair Value models
Bear R$25.11Fair Value R$25.31Bull R$27.13
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$1.77 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.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
+127.6%
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.
+30.5%
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.
+46.1%
Start year 2020 (pandemic). Over 10 years: +23.1% a year
Revenue growth 17 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.
+15.6%
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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. Basis: EBIT basis. 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.
+23.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.8%
Dividend (yield on the price)2.2%
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.33.5% vs 3.0%, picking up
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.28% → 11%
Compare Banco Mercantil de Investimentos 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.Banks - Regional · 1058 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+29.8% · Top 25%
Profitability
Return on equity (TTM)8.0% · Below median
Return on assets1.9% · Top 25%
Net margin (TTM)10.6% · Bottom 25%
Growth and dividend
Revenue growth−83.1% · Bottom 25%
Dividend yield (TTM)2.2% · Below median
Balance sheet
Debt / equity0.62× · Above median
Valuation Multiplesvs Banks - Regional 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). "Banco Mercantil de Investimentos S.A Fair Value". https://www.fairvalue-calculator.com/stock/BMIN3
Frequently asked questions
Is Banco Mercantil de Investimentos S.A (BMIN3) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of R$25.31 versus a price of R$19.50, about +30% upside (undervalued).
What is the fair value of BMIN3?
Our model-based fair value for Banco Mercantil de Investimentos S.A is R$25.31 (as of Sep 28, 2026), built from audited fundamentals. The current price: R$19.50.
What is the quality score of BMIN3?
Banco Mercantil de Investimentos S.A has a Quality Score of 45/100. 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 Banco Mercantil de Investimentos S.A (BMIN3)?
Our model-based price target is the fair value of R$25.31 (as of Sep 28, 2026) from 6 valuation models. Cautious scenario R$25.11, optimistic scenario R$27.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Banco Mercantil de Investimentos S.A stock forecast for 2026?
Our models put fair value at R$25.31, about +30% upside versus a price of R$19.50 (undervalued). Cautious scenario R$25.11, optimistic scenario R$27.13. The calculation is refreshed regularly with new filings.
Does Banco Mercantil de Investimentos S.A pay a dividend?
Banco Mercantil de Investimentos S.A currently shows a dividend yield of about 2.20% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of Banco Mercantil de Investimentos S.A (BMIN3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banco Mercantil de Investimentos S.A it is R$25.31 per share (as of Sep 28, 2026), against a price of R$19.50. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Banco Mercantil de Investimentos S.A stock overvalued or undervalued in 2026?
As of Sep 28, 2026, BMIN3 trades below its calculated fair value: price R$19.50, fair value R$25.31, a gap of about +30% (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 BMIN3?
No. The price is what the market pays today (R$19.50); the fair value is what the company's own numbers justify (R$25.31). For Banco Mercantil de Investimentos S.A the two are R$5.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Banco Mercantil de Investimentos S.A worth?
The market values Banco Mercantil de Investimentos S.A at about R$104M (market capitalisation, as of Sep 28, 2026). Per share that is R$19.50; our models calculate a fair value of R$25.31 per share.
What do the bullish and bearish scenarios say about BMIN3?
Our models span a range for Banco Mercantil de Investimentos S.A: cautious scenario R$25.11, base R$25.31, optimistic R$27.13 per share (as of Sep 28, 2026, price R$19.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BMIN3?
Banco Mercantil de Investimentos S.A trades at a price-to-earnings ratio of 9.1 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$25.31 is built from several models across several years.
How solid is the balance sheet of Banco Mercantil de Investimentos S.A (BMIN3)?
Balance-sheet figures for Banco Mercantil de Investimentos S.A (as of Sep 28, 2026): return on equity 8.0%, debt of 0.62 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is BMIN3 from its 52-week high?
Banco Mercantil de Investimentos S.A trades at R$19.50, about 15% below its 52-week high of R$22.99 and at the low of R$19.50 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of R$25.31 is for.
Which stocks are comparable to Banco Mercantil de Investimentos S.A?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 Banco Mercantil de Investimentos S.A stock attractive at the current price?
The data as of Sep 28, 2026: price R$19.50, calculated fair value R$25.31 (+30%), Quality Score 45/100, 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 BMIN3 calculated?
We run Banco Mercantil de Investimentos S.A 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$25.31, 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 14.5 % above its aggregate fair value. Banco Mercantil de Investimentos S.A currently trades 23 % 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 Banco Mercantil de Investimentos S.A (BMIN3)?
The closing price on Sep 30, 2026 was R$19.50. Our model-based fair value is R$25.31, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banco Mercantil de Investimentos S.A right now?
The price is below even our cautious bear case (R$25.11). The market is more pessimistic than our downside scenario. Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (R$25.11 to R$27.13), unusually little disagreement for a valuation. 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 Banco Mercantil de Investimentos S.A (BMIN3) come from?
Earnings per share at Banco Mercantil de Investimentos S.A grew −6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin −10.9 %, tax rate +0.9 %, residual (interest, one-offs) +0.3 %. 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 Banco Mercantil de Investimentos S.A
How large is the market capitalisation of Banco Mercantil de Investimentos S.A (BMIN3)?
The market capitalisation of Banco Mercantil de Investimentos S.A is R$104M (≈ $20.0M). 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 Banco Mercantil de Investimentos S.A (BMIN3)?
The price-to-sales ratio of Banco Mercantil de Investimentos S.A is 0.97 (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 Banco Mercantil de Investimentos S.A (BMIN3)?
Earnings per share at Banco Mercantil de Investimentos S.A are R$2.35 (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banco Mercantil de Investimentos S.A (BMIN3)?
The dividend yield of Banco Mercantil de Investimentos S.A is 2.2% (payout 18.2%). 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 Banco Mercantil de Investimentos S.A (BMIN3)?
The net margin of Banco Mercantil de Investimentos S.A is 10.6% (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 Banco Mercantil de Investimentos S.A (BMIN3)?
The return on equity (ROE) of Banco Mercantil de Investimentos S.A is 8.0% (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 Banco Mercantil de Investimentos S.A (BMIN3)?
On an EBIT basis the return on assets of Banco Mercantil de Investimentos S.A is 3.2% (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 Banco Mercantil de Investimentos S.A (BMIN3)?
The operating margin of Banco Mercantil de Investimentos S.A is −871% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banco Mercantil de Investimentos S.A (BMIN3)?
Revenue at Banco Mercantil de Investimentos S.A is growing −83.1% versus a year earlier (3y avg +30.5%). 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 Banco Mercantil de Investimentos S.A (BMIN3)?
Earnings per share at Banco Mercantil de Investimentos S.A are growing +34.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banco Mercantil de Investimentos S.A (BMIN3) generate?
The free cash flow of Banco Mercantil de Investimentos S.A is −R$1.3M (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 Banco Mercantil de Investimentos S.A (BMIN3) carry?
The net debt of Banco Mercantil de Investimentos S.A is R$383M (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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