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Dexxos Participações S.A (DEXP3) Fair Value & Analysis

Basic Materials · BR · Market cap R$868M (≈ $167M) · ISIN BRDEXPACNOR1

DP Dexxos Participações S.A DEXP3 · SA
PriceR$7.18
Fair ValueR$17.23
Upside+140.0%
Quality55/100
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Strengths

Trades 58% below our fair value of R$17.23
Healthy Growth (revenue 5y +16.5 %/yr)
Low debt · generates free cash flow
Ranks above peers (12/14)

Risks

!Thin margins · 7.4% net margin
!Moderate moat 52/100
Healthy Growth (revenue 5y +16.5 %/yr)
Thin margins · 7.4% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Moderate moat 52/100
Evidence: High Range R$11.95 – R$21.53 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 15 days ago

Fair value updated Aug 13, 2026, revised from R$21.39 to R$17.23 (−19.4%) since Jul 16, 2026. Share price −0.7% over the past month.

A solid business, trading 58% 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

  • The price is below even our cautious bear case (R$11.95). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R$11.95 to R$21.53) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

R$11.60 R$4.20 Fair Value R$17.23 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range R$4.20 – R$11.60 · fair‑value band R$11.95 – R$21.53 · the R$7.18 price screens below the R$17.23 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Dexxos Participações S.A (DEXP3) currently trades at R$7.18, while our model-based Fair Value estimate is R$17.23, implying the stock looks roughly 140.0% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Basic Materials 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, Dexxos Participações S.A generated revenue of R$1.9B at a net margin of 7.4%. Revenue declined 35.9% year over year. It earns a return on equity of 13.9%. The balance sheet holds a net cash position of R$98.3M. Fundamentals as of Aug 13, 2026

Our scenario range runs from R$11.95 (bear case) to R$21.53 (bull case); at R$7.18, the current price sits below 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. The share trades about 13% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -48% fair-value upside, at 140%, DEXP3 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$16.26 R$24.98 R$37.42 80
Residual Income R$8.15 R$9.55 R$15.67 76
Rev-Margin DCF R$17.32 R$28.91 R$43.75 74
All 26 models by family
DCF Models
FCF DCF R$16.48 R$26.36 R$41.33 38
Owner Earnings R$12.18 R$19.27 R$30.01 31
5Y Revenue Exit R$17.32 R$29.18 R$45.20 39
5Y EBITDA Exit R$16.21 R$26.92 R$40.16 41
5Y P/E Exit R$16.09 R$26.66 R$38.58 38
10Y Revenue Exit R$16.29 R$26.78 R$42.65 36
10Y EBITDA Exit R$16.11 R$25.28 R$38.82 37
10Y P/E Exit R$16.03 R$25.10 R$37.62 35
Earnings-Based
Graham-Dodd R$8.55 R$38.77 R$53.17 54
Lynch FV R$10.14 R$14.48 R$18.82 50
PEG = 1.0 R$10.14 R$14.48 R$18.82 46
EPV R$11.26 R$12.62 R$13.76 59
Dividend Discount
Gordon GGM R$6.69 R$12.05 R$16.59 70
DDM Multi-Stage R$6.69 R$11.01 R$12.87 61
Multiples
P/E Multiple R$16.04 R$21.39 R$26.73 63
P/S Multiple R$16.04 R$21.39 R$26.73 58
P/B Multiple R$16.04 R$21.39 R$26.73 55
EV/EBIT R$20.88 R$27.42 R$33.95 53
EV/EBITDA R$17.54 R$22.96 R$28.38 54
EV/Revenue R$18.27 R$25.55 R$32.83 43
Asset-Based
NCAV (Graham) R$4.39 R$5.88 R$8.77 50
Growth DCF
Growth DCF R$16.26 R$24.98 R$37.42 80
Rev-Margin DCF R$17.32 R$28.91 R$43.75 74
Economic Profit
Residual Income R$8.15 R$9.55 R$15.67 76
ROIC Compounder R$12.05 R$15.00 R$18.68 72
Growth Earnings
Growth-Adj P/E R$14.66 R$20.95 R$27.23 68

Widest divergence: DCF Models (R$26.36) versus Asset-Based (R$5.88). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 9.9 as of Jul 16, 2026
P/S ratio 0.67 P/E × margin
EPS (TTM) R$0.7300 price ÷ EPS = P/E 9.9
Net margin 6.7% FY2025
Return on equity 13.9% TTM
Return on assets (EBIT) 17.4% avg 5y
More key figures
Profitability
Operating margin 12.6% TTM
Growth
Revenue (TTM) R$1.9B TTM
Revenue growth (YoY) -35.9% 3y avg +0.6%
EPS growth (YoY) -1.4%
Balance sheet & cash flow
Free cash flow R$165M FY2025
Net cash R$98.3M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 57 · Market factors (momentum, volatility) 52

Profitability 58
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 37
Distance to the 52-week high (market factor)
Net Issuance 28
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

Dexxos Participações S.A. engages in the production and sale of thermosetting resins to the reconstituted wood panels industry in Brazil. The company operates through the Chemicals and Steel Tubes segments.

Full company description

Dexxos Participações S.A. engages in the production and sale of thermosetting resins to the reconstituted wood panels industry in Brazil. The company operates through the Chemicals and Steel Tubes segments. It is also involved in the production of formaldehyde and hexamine; resale of methanol and other chemical products; and manufacture of steel tubes for the civil construction, infrastructure, automobile, petroleum, and gas markets. The company was formerly known as GPC Participações S.A. and changed its name to Dexxos Participações S.A. in June 2021. Dexxos Participações S.A. was founded in 1929 and is headquartered in Rio de Janeiro, Brazil.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dexxos Participações S.A reported revenue of R$2.1B in FY2025 versus R$1.8B in FY2021, a compound +4.8%/yr. Reported net income was R$144M in FY2025, compounding −7.0%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$2.1B
Latest YoY
+18.0%
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.
+0.6%
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.
+16.5%
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.
+6.6%
Value creation/yr (5Y, in BRL) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+0.9% (0.9 + 0.0)
Revenue +4.8%/yr
FY21 R$1.8B
FY22 R$2.1B
FY23 R$1.7B
FY24 R$1.8B
FY25 R$2.1B
Net income −7.0%/yr
FY21 R$192M
FY22 R$150M
FY23 R$181M
FY24 R$144M
FY25 R$144M

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Cite: Fair Value Calculator (2026). "Dexxos Participações S.A Fair Value". https://www.fairvalue-calculator.com/stock/DEXP3

Peer Group

Chemicals · 347 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 55 · Above median
Fair Value upside +140% · Top 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth -36% · Bottom 25%
Dividend yield (TTM) 11.7% · Top 25%
Debt / equity 0.25× · Higher than median

Valuation Multiples vs Chemicals median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 0.87× · Cheaper than median
P/S (TTM) 0.45× · Cheaper than median
P/FCF 1.0× · Cheaper than median
EV/EBITDA 3.5× · Cheaper 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
VALUE100 · sector 0
FUTURE0 · sector 20
PAST56 · sector 20
HEALTH88 · sector 94
DIVIDEND100 · sector 31

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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Frequently asked questions

Is Dexxos Participações S.A (DEXP3) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of R$17.23 versus a price of R$7.18, about +140% (undervalued).
What is the fair value of DEXP3?
Our model-based fair value for Dexxos Participações S.A is R$17.23 (as of Aug 13, 2026), built from audited fundamentals. The current price: R$7.18.
What is the quality score of DEXP3?
Dexxos Participações S.A has a Quality Score of 55/100. 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 Dexxos Participações S.A (DEXP3)?
Dexxos Participações S.A reported trailing-twelve-month revenue of about R$1.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of DEXP3?
The net profit margin of Dexxos Participações S.A is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. 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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