Helbor Empreendimentos S.A (HBOR3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Helbor Empreendimentos S.A stock BRL 1.20, price BRL 1.45, that is 17.2% below the price, quality 39 out of 100. Rating: overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range R$1.24 – R$6.32 · fair‑value band R$1.08 – R$1.80 · the R$1.45 price screens above the R$1.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Helbor Empreendimentos S.A. engages in the real estate development business in Brazil. Its portfolio includes apartments, condominium houses, commercial buildings, urbanized lots, and hotel units, as well as provides project management services.
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The company was formerly known as Helbor Empreendimentos Imobiliarios Ltda. The company was founded in 1977 and is headquartered in Mogi das Cruzes, Brazil.
Stock analysis
Helbor Empreendimentos S.A (HBOR3) currently trades at R$1.45, while our model-based Fair Value estimate is R$1.20, 17% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of R$7.61 per share, and 3 of the 10 models we run sit above the R$1.45 price.
Bear case: the Dividend Discount group reads lowest at R$0.1350, and 7 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: R$1.08 (bear) to R$1.80 (bull), the price of R$1.45 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 39/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Helbor Empreendimentos S.A reported revenue of R$1.1B in FY2025 versus R$948M in FY2021, a compound +4.5%/yr. Reported net income was R$11.3M in FY2025, compounding −42.2%/yr from FY2021.
Key figures
Market cap R$345M (≈ $62.6M) Micro · P/E ratio 48.3 · P/S ratio 0.17 · EPS (TTM) R$0.0300 · Dividend yield 9.1% · Net margin 0.4% · Return on equity 2.3% · Return on assets (EBIT) 3.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (medium confidence).
What moves the price
The share trades about 65% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −17%, HBOR3 screens richer than that median.
Fair Value models
BearR$1.08Fair Value R$1.20BullR$1.80
Price R$1.45 · Downside -17.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.2%
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.
+7.6%
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.
+3.0%
Start year 2020 (pandemic). Over 10 years: −1.5% a year
Revenue growth 21 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.
+12.0%
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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.
−20.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.3%
Dividend (yield on the price)9.1%
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.−29.3% vs −28.8%, 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.11% → 12%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 11.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
Compare Helbor Empreendimentos 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.Real Estate Services · 472 stocks
Beats the industry median on 3/15 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−17.2% · Below median
Profitability
Return on equity (12 months)2.3% · Below median
Return on assets1.4% · Below median
Net margin (12 months)3.4% · Below median
Operating margin (12 months)6.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)−25.5% · Bottom 25%
Dividend yield (12 months)9.1% · Top 25%
Balance sheet
Debt / equity0.92× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is Helbor Empreendimentos S.A (HBOR3) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of R$1.20 versus a price of R$1.45, about 17% lower (overvalued).
What is the fair value of HBOR3?
Our model-based fair value for Helbor Empreendimentos S.A is R$1.20 (as of Nov 8, 2026), built from audited fundamentals. The current price: R$1.45.
What is the quality score of HBOR3?
Helbor Empreendimentos S.A has a Quality Score of 39/100. 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 Helbor Empreendimentos S.A (HBOR3)?
Our model-based price target is the fair value of R$1.20 (as of Nov 8, 2026) from 12 valuation models. Cautious scenario R$1.08, optimistic scenario R$1.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Helbor Empreendimentos S.A stock forecast for 2026?
Our models put fair value at R$1.20, about 17% lower versus a price of R$1.45 (overvalued). Cautious scenario R$1.08, optimistic scenario R$1.80. The calculation is refreshed regularly with new filings.
What is the revenue of Helbor Empreendimentos S.A (HBOR3)?
Helbor Empreendimentos S.A reported trailing-twelve-month revenue of about R$1.1B (latest available figure, as of Nov 8, 2026).
Does Helbor Empreendimentos S.A pay a dividend?
Helbor Empreendimentos S.A currently shows a dividend yield of 9.10% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Helbor Empreendimentos S.A (HBOR3) and when is the ex-dividend date?
Helbor Empreendimentos S.A pays a dividend of R$0.132 per share a year, a dividend yield of 9.1%. The last ex-dividend date was Apr 27, 2026. A dividend has been paid every year since 2021. Free cash flow covers the dividend 0.39 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Helbor Empreendimentos S.A (HBOR3)?
For today's price to be fair in a discounted-cash-flow model, Helbor Empreendimentos S.A would have to grow free cash flow by more than 80 % per year for five years (discount rate 15.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.0 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HBOR3 use?
Our models discount Helbor Empreendimentos S.A at 15.9 %: a base by market capitalisation (micro), damped by beta 1.04, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Helbor Empreendimentos S.A that is more than 80 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (15.9 %) and the same formula as our fair value.
How much growth has Helbor Empreendimentos S.A (HBOR3) delivered so far?
Over the past 5 years revenue at Helbor Empreendimentos S.A grew +3.0 % a year. The price currently implies free-cash-flow growth of more than 80 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Helbor Empreendimentos S.A (HBOR3) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Helbor Empreendimentos S.A (more than 80 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Helbor Empreendimentos S.A (HBOR3)?
The free-cash-flow yield on the price is 3.52 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Helbor Empreendimentos S.A produces per unit of market value. When it exceeds the discount rate of our models (15.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Helbor Empreendimentos S.A (HBOR3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Helbor Empreendimentos S.A it is R$1.20 per share (as of Nov 8, 2026), against a price of R$1.45. It is the blended result of 12 valuation models in 5 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Helbor Empreendimentos S.A stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HBOR3 trades above its calculated fair value: price R$1.45, fair value R$1.20, a gap of about −17% (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 HBOR3?
No. The price is what the market pays today (R$1.45); the fair value is what the company's own numbers justify (R$1.20). For Helbor Empreendimentos S.A the two are R$0.2500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Helbor Empreendimentos S.A worth?
The market values Helbor Empreendimentos S.A at about R$345M (market capitalisation, as of Nov 8, 2026). Per share that is R$1.45; our models calculate a fair value of R$1.20 per share.
What do the bullish and bearish scenarios say about HBOR3?
Our models span a range for Helbor Empreendimentos S.A: cautious scenario R$1.08, base R$1.20, optimistic R$1.80 per share (as of Nov 8, 2026, price R$1.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HBOR3?
Helbor Empreendimentos S.A trades at a price-to-earnings ratio of 48.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$1.20 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 7.7. Other multiples: PEG 6.4, P/B 0.2, P/S 2.6, EV/EBITDA 108.1.
What is the PEG ratio of HBOR3?
The PEG ratio of Helbor Empreendimentos S.A is 6.42 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Helbor Empreendimentos S.A (HBOR3)?
Balance-sheet figures for Helbor Empreendimentos S.A (as of Nov 8, 2026): return on equity 2.3%, debt of 0.92 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is HBOR3 from its 52-week high?
Helbor Empreendimentos S.A trades at R$1.45, about 65% below its 52-week high of R$4.12 and 4% above the low of R$1.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$1.20 is for.
Which stocks are comparable to Helbor Empreendimentos S.A?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 Helbor Empreendimentos S.A stock attractive at the current price?
The data as of Nov 8, 2026: price R$1.45, calculated fair value R$1.20 (−17%), Quality Score 39/100, from 12 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 HBOR3 calculated?
We run Helbor Empreendimentos S.A through 12 models from 5 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$1.20 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Helbor Empreendimentos S.A 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 Helbor Empreendimentos S.A (HBOR3)?
The closing price on Nov 6, 2026 was R$1.45. Our model-based fair value is R$1.20, about 17% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Helbor Empreendimentos S.A right now?
Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Helbor Empreendimentos S.A (HBOR3) come from?
Earnings per share at Helbor Empreendimentos S.A grew −20.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −11.3 %, EBIT margin −0.1 %, tax rate −3.1 %, residual (interest, one-offs) −7.2 %. 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 Helbor Empreendimentos S.A
How large is the market capitalisation of Helbor Empreendimentos S.A (HBOR3)?
The market capitalisation of Helbor Empreendimentos S.A is R$345M (≈ $62.6M). 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 Helbor Empreendimentos S.A (HBOR3)?
The price-to-sales ratio of Helbor Empreendimentos S.A is 0.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Helbor Empreendimentos S.A (HBOR3)?
Earnings per share at Helbor Empreendimentos S.A are R$0.0300 (price ÷ EPS = P/E 48.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Helbor Empreendimentos S.A (HBOR3)?
The dividend yield of Helbor Empreendimentos S.A is 9.1%. 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 Helbor Empreendimentos S.A (HBOR3)?
The net margin of Helbor Empreendimentos S.A is 0.4% (last twelve months). 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 Helbor Empreendimentos S.A (HBOR3)?
The return on equity (ROE) of Helbor Empreendimentos S.A is 2.3% (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 Helbor Empreendimentos S.A (HBOR3)?
On an EBIT basis the return on assets of Helbor Empreendimentos S.A is 3.1% (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 Helbor Empreendimentos S.A (HBOR3)?
The operating margin of Helbor Empreendimentos S.A is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Helbor Empreendimentos S.A (HBOR3)?
Revenue at Helbor Empreendimentos S.A is growing −25.5% versus a year earlier (3y avg +7.6%). 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 Helbor Empreendimentos S.A (HBOR3)?
Earnings per share at Helbor Empreendimentos S.A are growing −64.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Helbor Empreendimentos S.A (HBOR3) carry?
The net debt of Helbor Empreendimentos S.A is R$1.8B (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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Nov 8, 2026