HBR Realty Empreendimentos Imobiliários S.A (HBRE3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of HBR Realty Empreendimentos Imobiliários S.A stock BRL 4.43, price BRL 1.82, upside +143.4%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 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 4, 2026.
How to read this chart
60‑month range R$1.76 – R$13.06 · fair‑value band R$1.94 – R$8.32 · the R$1.82 price screens below the R$4.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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HBR Realty Empreendimentos Imobiliários S.A. engages in the developments, leasing, and management of real estate assets in Brazil.
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It operates convenience centers, corporate buildings, shopping centers, hotels, and parking lots, as well as provides self-storage units, +Box, built to suit rent agreements, and sale lease back services. The company was founded in 2011 and is headquartered in Mogi das Cruzes, Brazil.
Stock analysis
HBR Realty Empreendimentos Imobiliários S.A (HBRE3) currently trades at R$1.82, while our model-based Fair Value estimate is R$4.43, implying the stock looks roughly 59% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R$14.00 per share, and 14 of the 16 models we run sit above the R$1.82 price.
Bear case: the Asset-Based group reads lowest at R$5.61, and 2 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: R$1.94 (bear) to R$8.32 (bull), the price of R$1.82 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 59/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HBR Realty Empreendimentos Imobiliários S.A reported revenue of R$533M in FY2025 versus R$87.9M in FY2021, a compound +56.9%/yr. Reported net income was R$27.5M in FY2025, compounding −35.2%/yr from FY2021.
Key figures
Market cap R$187M (≈ $34.0M) Micro · P/E ratio 4.7 · P/S ratio 0.34 · EPS (TTM) R$0.3900 · Net margin 6.5% · Return on equity 4.0% · Return on assets (EBIT) 7.0% (5-year average) · Operating margin 49.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (medium confidence).
What moves the price
The share trades about 53% below its 52-week high and 3% 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 143%, HBRE3 screens cheaper than that median.
Fair Value models
BearR$1.94Fair Value R$4.43BullR$8.32
Price R$1.82 · Upside +143.4%
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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+226.8%
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.
+55.8%
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.
+47.1%
Start year 2020 (pandemic)
Revenue growth 9 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.
+30.9%
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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.
+1.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)0.0%
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.113% → 63%
Compare HBR Realty Empreendimentos Imobiliários S.A with another stock
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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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+143.4% · Top 25%
Profitability
Return on equity (12 months)4.0% · Below median
Return on assets1.9% · Below median
Net margin (12 months)23.0% · Above median
Operating margin (12 months)49.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)11.4% · Above median
Dividend yield (12 months)55.2% · Top 25%
Balance sheet
Debt / equity0.82× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is HBR Realty Empreendimentos Imobiliários S.A (HBRE3) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of R$4.43 versus a price of R$1.82, about +143% upside (undervalued).
What is the fair value of HBRE3?
Our model-based fair value for HBR Realty Empreendimentos Imobiliários S.A is R$4.43 (as of Nov 4, 2026), built from audited fundamentals. The current price: R$1.82.
What is the quality score of HBRE3?
HBR Realty Empreendimentos Imobiliários S.A has a Quality Score of 59/100. 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Our model-based price target is the fair value of R$4.43 (as of Nov 4, 2026) from 16 valuation models. Cautious scenario R$1.94, optimistic scenario R$8.32. It is a calculation from audited fundamentals, not an analyst target.
What is the HBR Realty Empreendimentos Imobiliários S.A stock forecast for 2026?
Our models put fair value at R$4.43, about +143% upside versus a price of R$1.82 (undervalued). Cautious scenario R$1.94, optimistic scenario R$8.32. The calculation is refreshed regularly with new filings.
What is the revenue of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
HBR Realty Empreendimentos Imobiliários S.A reported trailing-twelve-month revenue of about R$558M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HBR Realty Empreendimentos Imobiliários S.A it is R$4.43 per share (as of Nov 4, 2026), against a price of R$1.82. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is HBR Realty Empreendimentos Imobiliários S.A stock overvalued or undervalued in 2026?
As of Nov 4, 2026, HBRE3 trades below its calculated fair value: price R$1.82, fair value R$4.43, a gap of about +143% (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 HBRE3?
No. The price is what the market pays today (R$1.82); the fair value is what the company's own numbers justify (R$4.43). For HBR Realty Empreendimentos Imobiliários S.A the two are R$2.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is HBR Realty Empreendimentos Imobiliários S.A worth?
The market values HBR Realty Empreendimentos Imobiliários S.A at about R$187M (market capitalisation, as of Nov 4, 2026). Per share that is R$1.82; our models calculate a fair value of R$4.43 per share.
What do the bullish and bearish scenarios say about HBRE3?
Our models span a range for HBR Realty Empreendimentos Imobiliários S.A: cautious scenario R$1.94, base R$4.43, optimistic R$8.32 per share (as of Nov 4, 2026, price R$1.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HBRE3?
HBR Realty Empreendimentos Imobiliários S.A trades at a price-to-earnings ratio of 4.7 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$4.43 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 6.4. Other multiples: P/B 0.1, P/S 1.2, EV/EBITDA 31.2.
How solid is the balance sheet of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Balance-sheet figures for HBR Realty Empreendimentos Imobiliários S.A (as of Nov 4, 2026): return on equity 4.0%, debt of 0.82 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is HBRE3 from its 52-week high?
HBR Realty Empreendimentos Imobiliários S.A trades at R$1.82, about 53% below its 52-week high of R$3.87 and 3% above the low of R$1.76 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$4.43 is for.
Which stocks are comparable to HBR Realty Empreendimentos Imobiliários 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 HBR Realty Empreendimentos Imobiliários S.A stock attractive at the current price?
The data as of Nov 4, 2026: price R$1.82, calculated fair value R$4.43 (+143%), Quality Score 59/100, from 16 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 HBRE3 calculated?
We run HBR Realty Empreendimentos Imobiliários S.A through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$4.43 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. HBR Realty Empreendimentos Imobiliários S.A currently trades 59% 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The closing price on Nov 6, 2026 was R$1.82. Our model-based fair value is R$4.43, about +143% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HBR Realty Empreendimentos Imobiliários S.A right now?
The price is below even our cautious bear case (R$1.94). The market is more pessimistic than our downside scenario. The model range is unusually wide (R$1.94 to R$8.32). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of HBR Realty Empreendimentos Imobiliários S.A
How large is the market capitalisation of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The market capitalisation of HBR Realty Empreendimentos Imobiliários S.A is R$187M (≈ $34.0M). 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The price-to-sales ratio of HBR Realty Empreendimentos Imobiliários S.A is 0.34 (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Earnings per share at HBR Realty Empreendimentos Imobiliários S.A are R$0.3900 (price ÷ EPS = P/E 4.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The net margin of HBR Realty Empreendimentos Imobiliários S.A is 6.5% (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The return on equity (ROE) of HBR Realty Empreendimentos Imobiliários S.A is 4.0% (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
On an EBIT basis the return on assets of HBR Realty Empreendimentos Imobiliários S.A is 7.0% (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The operating margin of HBR Realty Empreendimentos Imobiliários S.A is 49.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Revenue at HBR Realty Empreendimentos Imobiliários S.A is growing +11.4% versus a year earlier (3y avg +55.8%). 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Earnings per share at HBR Realty Empreendimentos Imobiliários S.A are growing −62.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HBR Realty Empreendimentos Imobiliários S.A (HBRE3) generate?
The free cash flow of HBR Realty Empreendimentos Imobiliários S.A is R$108M (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3) carry?
The net debt of HBR Realty Empreendimentos Imobiliários S.A is R$1.7B (fiscal year 2025, ≈ 15.4 yrs of FCF). 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 4, 2026