HBR Realty Empreendimentos Imobiliários S.A (HBRE3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of HBR Realty Empreendimentos Imobiliários S.A BRL 2.48, price BRL 2.61, upside -4.8%, quality 58 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 24, 2026.
How to read this chart
60‑month range R$1.93 – R$13.28 · fair‑value band R$1.09 – R$4.67 · the R$2.61 price screens above the R$2.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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HBR Realty Empreendimentos Imobiliários S.A. engages in the developments, leasing, and management of real estate assets in Brazil. 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.
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HBR Realty Empreendimentos Imobiliários S.A. engages in the developments, leasing, and management of real estate assets in Brazil. 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$2.61, while our model-based Fair Value estimate is R$2.48, implying the stock looks roughly 5.1% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$21.75 per share, and 14 of the 16 models we run sit above the R$2.61 price.
Bear case: the Economic Profit group reads lowest at R$11.15, and 2 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: R$1.09 (bear) to R$4.67 (bull), the price of R$2.61 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 58/100 (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$269M (≈ $52.2M) · P/E ratio 9.0 · P/S ratio 0.46 · EPS (TTM) R$0.2900 · Net margin 5.2% · Return on equity 3.7% · Return on assets (EBIT) 7.0% · Operating margin 45.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 33% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −5%, HBRE3 screens cheaper than that median.
Fair Value models
Bear R$1.09Fair Value R$2.48Bull R$4.67
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.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 ⓘ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.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%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+9.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about +6.4% a year for the price.
Compare HBR Realty Empreendimentos Imobiliários 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 · 547 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−5% · Below median
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Above median
Net margin (TTM)5% · Below median
Operating margin (TTM)45% · Above median
Growth and dividend
Revenue growth63% · Top 25%
Dividend yield (TTM)49.0% · 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 Sep 24, 2026, our model estimates a fair value of R$2.48 versus a price of R$2.61, about −5% upside (fairly valued).
What is the fair value of HBRE3?
Our model-based fair value for HBR Realty Empreendimentos Imobiliários S.A is R$2.48 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$2.61.
What is the quality score of HBRE3?
HBR Realty Empreendimentos Imobiliários S.A has a Quality Score of 58/100. 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$2.48 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario R$1.09, optimistic scenario R$4.67. 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$2.48, about −5% upside versus a price of R$2.61 (fairly valued). Cautious scenario R$1.09, optimistic scenario R$4.67. 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$551M (latest available figure, as of Sep 24, 2026).
What growth is priced into HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
For today's price to be fair in a discounted-cash-flow model, HBR Realty Empreendimentos Imobiliários S.A would have to grow free cash flow by +9.9 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +47.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HBRE3 use?
Our models discount HBR Realty Empreendimentos Imobiliários S.A at 11.2 %: a base by market capitalisation (nano), damped by beta 0.37, 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 HBR Realty Empreendimentos Imobiliários S.A that is +9.9 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has HBR Realty Empreendimentos Imobiliários S.A (HBRE3) delivered so far?
Over the past 5 years revenue at HBR Realty Empreendimentos Imobiliários S.A grew +47.1 % a year. The price currently implies +9.9 % per year free-cash-flow growth a 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into HBR Realty Empreendimentos Imobiliários S.A (+9.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The free-cash-flow yield on the price is 40.22 %: that much free cash flow HBR Realty Empreendimentos Imobiliários S.A produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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$2.48 per share (as of Sep 24, 2026), against a price of R$2.61. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is HBR Realty Empreendimentos Imobiliários S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HBRE3 trades above its calculated fair value: price R$2.61, fair value R$2.48, a gap of about −5% (fairly valued). 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$2.61); the fair value is what the company's own numbers justify (R$2.48). For HBR Realty Empreendimentos Imobiliários S.A the two are R$0.1260 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$269M (market capitalisation, as of Sep 24, 2026). Per share that is R$2.61; our models calculate a fair value of R$2.48 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$1.09, base R$2.48, optimistic R$4.67 per share (as of Sep 24, 2026, price R$2.61). 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 9.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$2.48 is built from several models across several years. Other multiples: P/S 0.1, EV/EBITDA 8.7.
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 Sep 24, 2026): return on equity 3.7%, debt of 0.82 per unit of equity. They feed the Quality Score of 58/100, 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$2.61, about 33% below its 52-week high of R$3.87 and 29% above the low of R$2.03 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$2.48 is for.
Which stocks are comparable to HBR Realty Empreendimentos Imobiliários S.A?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.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 HBR Realty Empreendimentos Imobiliários S.A stock attractive at the current price?
The data as of Sep 24, 2026: price R$2.61, calculated fair value R$2.48 (−5%), Quality Score 58/100, 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 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$2.48, 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 13.0 % above its aggregate fair value. HBR Realty Empreendimentos Imobiliários 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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The closing price on Sep 23, 2026 was R$2.61. Our model-based fair value is R$2.48, about −5% upside (fairly valued). 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 model range is unusually wide (R$1.09 to R$4.67). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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.
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$269M (≈ $52.2M). 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 0.46 (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
Earnings per share at HBR Realty Empreendimentos Imobiliários S.A are R$0.2900 (price ÷ EPS = P/E 9.0). 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 5.2% (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 HBR Realty Empreendimentos Imobiliários S.A (HBRE3)?
The return on equity (ROE) of HBR Realty Empreendimentos Imobiliários S.A is 3.7% (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 45.3% (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 +63.3% 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 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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