IRB-Brasil Resseguros S.A. (IRBR3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of IRB-Brasil Resseguros S.A. stock BRL 46.22, price BRL 58.01, that is 20.3% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 4 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 6, 2026.
How to read this chart
60‑month range R$17.92 – R$141.45 · fair‑value band R$46.22 – R$49.52 · the R$58.01 price screens above the R$46.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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IRB-Brasil Resseguros S.A. provides reinsurance solutions in Brazil and internationally. It offers reinsurance solutions for casualty, cargo and marine, agricultural risks, property, life and health, oil and gas, financial lines, surety, and mortgage.
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IRB-Brasil Resseguros S.A. was founded in 1939 and is headquartered in Rio de Janeiro, Brazil.
Stock analysis
IRB-Brasil Resseguros S.A. (IRBR3) currently trades at R$58.01, while our model-based Fair Value estimate is R$46.22, 20% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$75.99 per share, and 2 of the 4 models we run sit above the R$58.01 price.
Bear case: the Economic Profit group reads lowest at R$46.22, and 2 of the 4 models stay below the price. Data coverage for this calculation is high.
Scenario range: R$46.22 (bear) to R$49.52 (bull), the price of R$58.01 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 63/100 (solid quality), in the Financial Services sector.
IRB-Brasil Resseguros S.A. reported revenue of R$1.2B in FY2025 versus R$6.3B in FY2021, a compound −33.5%/yr. Reported net income was R$391M in FY2025.
Key figures
Market cap R$4.7B (≈ $854M) Small · P/E ratio 17.8 · P/S ratio 0.96 · EPS (TTM) R$3.25 · Dividend yield 1.1% · Net margin 4.9% · Return on equity 4.6% · Return on assets (EBIT) −0.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 7% fair-value upside, at −20%, IRBR3 screens richer than that median.
Fair Value models
BearR$46.22Fair Value R$46.22BullR$49.52
Price R$58.01 · Downside -20.3%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (R$2.26 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. 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.
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.
−30.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−31.8%
Dividend (yield on the price)1.1%
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.−31.8% vs −12.8%, slowing
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.−33% → 49%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little 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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Compare IRB-Brasil Resseguros 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.Insurance - Reinsurance · 22 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−20.3% · Below median
Profitability
Return on equity (12 months)4.6% · Bottom 25%
Return on assets2.5% · Below median
Net margin (12 months)4.9% · Bottom 25%
Operating margin (12 months)−4.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−23.0% · Bottom 25%
Dividend yield (12 months)1.1% · Bottom 25%
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Insurance - Reinsurance median · lower = cheaper
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Is IRB-Brasil Resseguros S.A. (IRBR3) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of R$46.22 versus a price of R$58.01, about 20% lower (overvalued).
What is the fair value of IRBR3?
Our model-based fair value for IRB-Brasil Resseguros S.A. is R$46.22 (as of Nov 6, 2026), built from audited fundamentals. The current price: R$58.01.
What is the quality score of IRBR3?
IRB-Brasil Resseguros S.A. has a Quality Score of 63/100. 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 IRB-Brasil Resseguros S.A. (IRBR3)?
Our model-based price target is the fair value of R$46.22 (as of Nov 6, 2026) from 4 valuation models. Cautious scenario R$46.22, optimistic scenario R$49.52. It is a calculation from audited fundamentals, not an analyst target.
What is the IRB-Brasil Resseguros S.A. stock forecast for 2026?
Our models put fair value at R$46.22, about 20% lower versus a price of R$58.01 (overvalued). Cautious scenario R$46.22, optimistic scenario R$49.52. The calculation is refreshed regularly with new filings.
Does IRB-Brasil Resseguros S.A. pay a dividend?
IRB-Brasil Resseguros S.A. currently shows a dividend yield of 1.07% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of IRB-Brasil Resseguros S.A. (IRBR3) and when is the ex-dividend date?
IRB-Brasil Resseguros S.A. pays a dividend of R$0.619 per share a year, a dividend yield of 1.1%. The last ex-dividend date was Jul 1, 2026. The payout ratio is 19.0% of earnings. Free cash flow covers the dividend 4.19 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into IRB-Brasil Resseguros S.A. (IRBR3)?
For today's price to be fair in a discounted-cash-flow model, IRB-Brasil Resseguros S.A. would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -26.1 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of IRBR3 use?
Our models discount IRB-Brasil Resseguros S.A. at 13.1 %: a base by market capitalisation (small), damped by beta 0.67, 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 IRB-Brasil Resseguros S.A. that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has IRB-Brasil Resseguros S.A. (IRBR3) delivered so far?
Over the past 5 years revenue at IRB-Brasil Resseguros S.A. grew -26.1 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 IRB-Brasil Resseguros S.A. (IRBR3) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into IRB-Brasil Resseguros S.A. (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IRB-Brasil Resseguros S.A. (IRBR3)?
The free-cash-flow yield on the price is 4.47 %: that much free cash flow IRB-Brasil Resseguros S.A. produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IRB-Brasil Resseguros S.A. (IRBR3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IRB-Brasil Resseguros S.A. it is R$46.22 per share (as of Nov 6, 2026), against a price of R$58.01. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is IRB-Brasil Resseguros S.A. stock overvalued or undervalued in 2026?
As of Nov 6, 2026, IRBR3 trades above its calculated fair value: price R$58.01, fair value R$46.22, a gap of about −20% (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 IRBR3?
No. The price is what the market pays today (R$58.01); the fair value is what the company's own numbers justify (R$46.22). For IRB-Brasil Resseguros S.A. the two are R$11.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is IRB-Brasil Resseguros S.A. worth?
The market values IRB-Brasil Resseguros S.A. at about R$4.7B (market capitalisation, as of Nov 6, 2026). Per share that is R$58.01; our models calculate a fair value of R$46.22 per share.
What do the bullish and bearish scenarios say about IRBR3?
Our models span a range for IRB-Brasil Resseguros S.A.: cautious scenario R$46.22, base R$46.22, optimistic R$49.52 per share (as of Nov 6, 2026, price R$58.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRBR3?
IRB-Brasil Resseguros S.A. trades at a price-to-earnings ratio of 17.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$46.22 is built from several models across several years. Other multiples: P/B 0.9, P/S 1.0, EV/EBITDA 8.9.
How solid is the balance sheet of IRB-Brasil Resseguros S.A. (IRBR3)?
Balance-sheet figures for IRB-Brasil Resseguros S.A. (as of Nov 6, 2026): return on equity 4.6%, debt of 0.05 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is IRBR3 from its 52-week high?
IRB-Brasil Resseguros S.A. trades at R$58.01, about 18% below its 52-week high of R$71.12 and 25% above the low of R$46.47 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$46.22 is for.
Which stocks are comparable to IRB-Brasil Resseguros S.A.?
From the same area (Financial Services) we also value MUV2, Swiss Re AG, Hannover Rück SE, Reinsurance Group, 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 IRB-Brasil Resseguros S.A. stock attractive at the current price?
The data as of Nov 6, 2026: price R$58.01, calculated fair value R$46.22 (−20%), Quality Score 63/100, from 4 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 IRBR3 calculated?
We run IRB-Brasil Resseguros S.A. through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R$46.22 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. IRB-Brasil Resseguros 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 IRB-Brasil Resseguros S.A. (IRBR3)?
The closing price on Nov 6, 2026 was R$58.01. Our model-based fair value is R$46.22, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IRB-Brasil Resseguros S.A. right now?
The price sits above even our optimistic bull case (R$49.52). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (R$46.22 to R$49.52), unusually little disagreement for a valuation. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of IRB-Brasil Resseguros S.A.
How large is the market capitalisation of IRB-Brasil Resseguros S.A. (IRBR3)?
The market capitalisation of IRB-Brasil Resseguros S.A. is R$4.7B (≈ $854M). 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 IRB-Brasil Resseguros S.A. (IRBR3)?
The price-to-sales ratio of IRB-Brasil Resseguros S.A. is 0.96 (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 IRB-Brasil Resseguros S.A. (IRBR3)?
Earnings per share at IRB-Brasil Resseguros S.A. are R$3.25 (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IRB-Brasil Resseguros S.A. (IRBR3)?
The dividend yield of IRB-Brasil Resseguros S.A. is 1.1% (payout 19.0%). 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 IRB-Brasil Resseguros S.A. (IRBR3)?
The net margin of IRB-Brasil Resseguros S.A. is 4.9% (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 IRB-Brasil Resseguros S.A. (IRBR3)?
The return on equity (ROE) of IRB-Brasil Resseguros S.A. is 4.6% (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 IRB-Brasil Resseguros S.A. (IRBR3)?
On an EBIT basis the return on assets of IRB-Brasil Resseguros S.A. is −0.8% (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 IRB-Brasil Resseguros S.A. (IRBR3)?
The operating margin of IRB-Brasil Resseguros S.A. is −4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IRB-Brasil Resseguros S.A. (IRBR3)?
Revenue at IRB-Brasil Resseguros S.A. is growing −23.0% versus a year earlier. 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 IRB-Brasil Resseguros S.A. (IRBR3)?
Earnings per share at IRB-Brasil Resseguros S.A. are growing −30.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IRB-Brasil Resseguros S.A. (IRBR3) carry?
The net debt of IRB-Brasil Resseguros S.A. is R$266M (fiscal year 2025, ≈ 1.3 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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Broad data
Nov 6, 2026