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General Shopping e Outlets do Brasil S.A (GSHP3) Fair Value & Analysis

Real Estate · BR · Market cap R$7.1M

GS General Shopping e Outlets do Brasil S.A GSHP3 · SA
PriceR$3.59
Fair ValueR$6.32
Upside+76.1%
Quality45/100
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Expensive Growth
Negative equity (buybacks among others) · negative free cash flow
Mixed vs. peers (3/7)
Moderate moat 58/100
Evidence: Medium Range R$4.74 – R$7.90 Share as image

Fair value as of: Jul 18, 2026

From 6 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from R$9.45 to R$6.32 (−33.1%) since Jun 26, 2026. Share price −5.0% over the past month.

Below-average quality, screening 76% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (R$4.74). 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.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

R$65.00 R$2.68 Fair Value R$6.32 Jun 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range R$2.68 – R$65.00 · fair‑value band R$4.74 – R$7.90 · the R$3.59 price screens below the R$6.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

General Shopping e Outlets do Brasil S.A (GSHP3) currently trades at R$3.59, while our model-based Fair Value estimate is R$6.32, implying the stock looks roughly 76.1% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Real Estate 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: medium), always confirm before acting.

Trailing-twelve-month revenue stands at R$192M. Revenue grew 4.2% year over year. Net debt stands at R$2.2B. Fundamentals as of Jul 18, 2026

Our scenario range runs from R$4.74 (bear case) to R$7.90 (bull case); at R$3.59, 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 28% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at 76%, GSHP3 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-Adj P/E R$237.00 R$338.57 R$440.15 68
P/E Multiple R$310.32 R$413.77 R$517.21 63
P/S Multiple R$150.73 R$200.97 R$251.21 58
All 6 models by family
Earnings-Based
Graham-Dodd R$80.39 R$219.39 R$287.70 54
Lynch FV R$43.36 R$61.95 R$80.53 50
PEG = 1.0 R$43.36 R$61.95 R$80.53 46
Multiples
P/E Multiple R$310.32 R$413.77 R$517.21 63
P/S Multiple R$150.73 R$200.97 R$251.21 58
Growth Earnings
Growth-Adj P/E R$237.00 R$338.57 R$440.15 68

Widest divergence: Growth Earnings (R$338.57) versus Earnings-Based (R$61.95). Highest evidence: Growth-Adj P/E (68).

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Key figures & financial health

Revenue (TTM) R$192M
Revenue growth (YoY) +4.2%
Net margin -200%
Free cash flow −R$54.7M FY2025
Operating margin 36.5%
EPS (TTM) R$-205.20
More key figures
EPS growth (YoY) +687%
Net debt R$2.2B FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 36 · Market factors (momentum, volatility) 42

Profitability 27
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 24
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

General Shopping e Outlets do Brasil S.A. owns and manages various shopping centers in Brazil. The company leases commercial, advertising, and promotional space; plans, manages, and operates shopping centers and parking lots; and plans and leases electrical and water supply equipment.

Full company description

General Shopping e Outlets do Brasil S.A. owns and manages various shopping centers in Brazil. The company leases commercial, advertising, and promotional space; plans, manages, and operates shopping centers and parking lots; and plans and leases electrical and water supply equipment. It also provides access provider services to communications networks, multimedia communication, and voice over internet protocol services; real estate projects and rental of security equipment and video cameras; and develops real estate properties and projects. In addition, the company engages in the development and management of retail and wholesale companies, as well as the acquisition, creation, and management of companies in the retail sector, master franchises, and franchising companies; and the purchase, sale, and lease of equipment for generation, transmission, and distribution of energy, as well as provision of installation, maintenance, and consulting services. Further, it purchases, sells, leases, urbanizes, mortgages, develops, builds, and manages its own and third party real estate or jointly owned real estate properties; and leases water exploration, treatment, and distribution equipment. The company was formerly known as General Shopping Brasil S.A. The company was founded in 1989 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

General Shopping e Outlets do Brasil S.A reported revenue of R$190M in FY2025 versus R$131M in FY2021, a compound +9.9%/yr. Reported net income was R$22.2M in FY2025.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$190M
Latest YoY
+5.4%
Avg. 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.
+7.3%
Avg. 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.
+15.7%
Avg. 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.
+8.0%
Revenue +9.9%/yr
FY21 R$131M
FY22 R$154M
FY23 R$161M
FY24 R$180M
FY25 R$190M
Net income
FY21 −R$256M
FY22 −R$86.8M
FY23 R$93.2M
FY24 −R$815M
FY25 R$22.2M

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Cite: Fair Value Calculator (2026). "General Shopping e Outlets do Brasil S.A Fair Value". https://www.fairvalue-calculator.com/stock/GSHP3

Peer Group

Real Estate - Diversified · 137 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 45 · Below median
Fair Value upside +76% · Top 25%
Return on assets -0% · Bottom 25%
Operating margin (TTM) 37% · Above median
Revenue growth 4% · Below median

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.

VALUE 100 · sector 46
FUTURE 21 · sector 32
PAST 0 · sector 17
HEALTH 100 · sector 75
DIVIDEND 0 · sector 45

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is General Shopping e Outlets do Brasil S.A (GSHP3) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of R$6.32 versus a price of R$3.59, about +76% (undervalued).
What is the fair value of GSHP3?
Our model-based fair value for General Shopping e Outlets do Brasil S.A is R$6.32 (as of Jul 18, 2026), built from audited fundamentals. The current price is R$3.59.
What is the quality score of GSHP3?
General Shopping e Outlets do Brasil 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 revenue of General Shopping e Outlets do Brasil S.A (GSHP3)?
General Shopping e Outlets do Brasil S.A reported trailing-twelve-month revenue of about R$192M (latest available figure, as of Jul 18, 2026).

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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