Iguatemi S.A. (IGTI4) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Iguatemi S.A. BRL 3.92, price BRL 11.89, upside -67.0%, quality 62 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
42‑month range R$6.91 – R$13.40 · fair‑value band R$2.06 – R$6.66 · the R$11.89 price screens above the R$3.92 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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Iguatemi S.A., together with its subsidiaries, engages in the commercial exploration and planning of shopping centers in Brazil. The company is also involved in the purchase of parking lots, and sale of real estate. In addition, it provides economic, financial and tax advisory, and consultancy services.
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Iguatemi S.A., together with its subsidiaries, engages in the commercial exploration and planning of shopping centers in Brazil. The company is also involved in the purchase of parking lots, and sale of real estate. In addition, it provides economic, financial and tax advisory, and consultancy services. The company was formerly known as Jereissati Participações S.A. and changed its name to Iguatemi S.A. in November 2021. Iguatemi S.A. was founded in 1946 and is headquartered in São Paulo, Brazil.
Stock analysis
Iguatemi S.A. (IGTI4) currently trades at R$11.89, while our model-based Fair Value estimate is R$3.92, implying the stock looks roughly 203.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$8.01 per share, and 4 of the 16 models we run sit above the R$11.89 price.
Bear case: the Asset-Based group reads lowest at R$2.58, and 12 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: R$2.06 (bear) to R$6.66 (bull), the price of R$11.89 sits above 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 62/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Iguatemi S.A. reported revenue of R$1.5B in FY2025 versus R$1.0B in FY2022, a compound +13.5%/yr. Reported net income was R$582M in FY2025, compounding +325.4%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap R$14.3B (≈ $2.8B) · P/E ratio 18.4 · P/S ratio 7.21 · EPS (TTM) R$0.5800 · Dividend yield 1.5% · Net margin 39.2% · Return on equity 15.4% · Return on assets (EBIT) 8.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −67%, IGTI4 screens richer than that median.
Fair Value models
Bear R$2.06Fair Value R$3.92Bull R$6.66
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$0.4243 per share) are deliberately not added.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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.3%
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.
+13.5%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
≈ +57.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+56.0%
Dividend (yield on the price)1.5%
Profit margin 2022 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.49% → 76%
⚠ Approximate: the rate leans on 2025, which sits 94% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+30.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about +26.0% a year for the price and +5.2% for the forecasts.
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 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−67% · Bottom 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)47% · Top 25%
Operating margin (TTM)102% · Top 25%
Growth and dividend
Revenue growth14% · Above median
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.77× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (TTM)18.4× · Pricier than median
P/B0.60× · Cheaper than median
P/S (TTM)1.82× · Pricier than median
P/FCF8.5× · Pricier than median
EV/EBITDA5.5× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)72· sector 12
PAST (return on equity)61· sector 16
HEALTH (low debt)62· sector 83
DIVIDEND (yield)29· sector 64
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Iguatemi S.A. Fair Value". https://www.fairvalue-calculator.com/stock/IGTI4
Frequently asked questions
Is Iguatemi S.A. (IGTI4) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$3.92 versus a price of R$11.89, about −67% upside (overvalued).
What is the fair value of IGTI4?
Our model-based fair value for Iguatemi S.A. is R$3.92 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$11.89.
What is the quality score of IGTI4?
Iguatemi S.A. has a Quality Score of 62/100. 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 Iguatemi S.A. (IGTI4)?
Our model-based price target is the fair value of R$3.92 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario R$2.06, optimistic scenario R$6.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Iguatemi S.A. stock forecast for 2026?
Our models put fair value at R$3.92, about −67% upside versus a price of R$11.89 (overvalued). Cautious scenario R$2.06, optimistic scenario R$6.66. The calculation is refreshed regularly with new filings.
What is the revenue of Iguatemi S.A. (IGTI4)?
Iguatemi S.A. reported trailing-twelve-month revenue of about R$1.5B (latest available figure, as of Sep 24, 2026).
Does Iguatemi S.A. pay a dividend?
Iguatemi S.A. currently shows a dividend yield of about 1.47% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Iguatemi S.A. (IGTI4)?
For today's price to be fair in a discounted-cash-flow model, Iguatemi S.A. would have to grow free cash flow by +30.1 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +13.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IGTI4 use?
Our models discount Iguatemi S.A. at 10.7 %: a base by market capitalisation (large), damped by beta 0.07, 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 Iguatemi S.A. that is +30.1 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Iguatemi S.A. (IGTI4) delivered so far?
Over the past 3 years revenue at Iguatemi S.A. grew +13.5 % a year. The price currently implies +30.1 % 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 Iguatemi S.A. (IGTI4) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Iguatemi S.A. (+30.1 % 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 Iguatemi S.A. (IGTI4)?
The free-cash-flow yield on the price is 2.29 %: that much free cash flow Iguatemi S.A. produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Iguatemi S.A. (IGTI4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Iguatemi S.A. it is R$3.92 per share (as of Sep 24, 2026), against a price of R$11.89. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Iguatemi S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IGTI4 trades above its calculated fair value: price R$11.89, fair value R$3.92, a gap of about −67% (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 IGTI4?
No. The price is what the market pays today (R$11.89); the fair value is what the company's own numbers justify (R$3.92). For Iguatemi S.A. the two are R$7.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Iguatemi S.A. worth?
The market values Iguatemi S.A. at about R$14.3B (market capitalisation, as of Sep 24, 2026). Per share that is R$11.89; our models calculate a fair value of R$3.92 per share.
What do the bullish and bearish scenarios say about IGTI4?
Our models span a range for Iguatemi S.A.: cautious scenario R$2.06, base R$3.92, optimistic R$6.66 per share (as of Sep 24, 2026, price R$11.89). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IGTI4?
Iguatemi S.A. trades at a price-to-earnings ratio of 18.4 (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$3.92 is built from several models across several years. Other multiples: P/B 0.6, P/S 1.8, EV/EBITDA 5.5.
How solid is the balance sheet of Iguatemi S.A. (IGTI4)?
Balance-sheet figures for Iguatemi S.A. (as of Sep 24, 2026): return on equity 15.4%, debt of 0.77 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is IGTI4 from its 52-week high?
Iguatemi S.A. trades at R$11.89, about 11% below its 52-week high of R$13.40 and 22% above the low of R$9.78 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$3.92 is for.
Which stocks are comparable to Iguatemi S.A.?
From the same area (Real Estate) we also value CBRE Group, Vonovia SE, Cellnex Telecom, S.A, KE Holdings, 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 Iguatemi S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price R$11.89, calculated fair value R$3.92 (−67%), Quality Score 62/100, 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 IGTI4 calculated?
We run Iguatemi 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$3.92, 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 14.1 % above its aggregate fair value. Iguatemi 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 Iguatemi S.A. (IGTI4)?
The closing price on Sep 23, 2026 was R$11.89. Our model-based fair value is R$3.92, about −67% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Iguatemi S.A. right now?
The price sits above even our optimistic bull case (R$6.66). The favourable scenario is already priced in. The model range is unusually wide (R$2.06 to R$6.66). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Iguatemi S.A.
How large is the market capitalisation of Iguatemi S.A. (IGTI4)?
The market capitalisation of Iguatemi S.A. is R$14.3B (≈ $2.8B). 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 Iguatemi S.A. (IGTI4)?
The price-to-sales ratio of Iguatemi S.A. is 7.21 (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 Iguatemi S.A. (IGTI4)?
Earnings per share at Iguatemi S.A. are R$0.5800 (price ÷ EPS = P/E 18.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Iguatemi S.A. (IGTI4)?
The dividend yield of Iguatemi S.A. is 1.5% (payout 30.2%). 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 Iguatemi S.A. (IGTI4)?
The net margin of Iguatemi S.A. is 39.2% (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 Iguatemi S.A. (IGTI4)?
The return on equity (ROE) of Iguatemi S.A. is 15.4% (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 Iguatemi S.A. (IGTI4)?
On an EBIT basis the return on assets of Iguatemi S.A. is 8.6% (avg 4y). 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 Iguatemi S.A. (IGTI4)?
The operating margin of Iguatemi S.A. is 102% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Iguatemi S.A. (IGTI4)?
Revenue at Iguatemi S.A. is growing +14.3% versus a year earlier (3y avg +13.5%). 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 Iguatemi S.A. (IGTI4)?
Earnings per share at Iguatemi S.A. are growing +121% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Iguatemi S.A. (IGTI4) carry?
The net debt of Iguatemi S.A. is R$3.9B (fiscal year 2025, ≈ 11.9 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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