IRB-Brasil Resseguros S.A. (IRBR3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of IRB-Brasil Resseguros S.A. BRL 46.10, price BRL 59.46, upside -22.5%, quality 54 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$17.92 – R$147.50 · the R$59.46 price screens above the R$46.10 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. Dashed = 300-day average. As of Sep 24, 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. 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$59.46, while our model-based Fair Value estimate is R$46.10, implying the stock looks roughly 29.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R$62.61 per share, and 2 of the 4 models we run sit above the R$59.46 price.
Bear case: the Asset-Based group reads lowest at R$43.61, and 2 of the 4 models stay below the price. Evidence for this calculation is high.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
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$4.9B (≈ $945M) · P/E ratio 13.9 · P/S ratio 4.38 · EPS (TTM) R$4.29 · Dividend yield 1.0% · Net margin 31.6% · Return on equity 6.7% · Return on assets (EBIT) −0.8%.
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 6% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 24% fair-value upside, at −22%, IRBR3 screens richer than that median.
Fair Value models
Bear R$46.10Fair Value R$46.10Bull R$46.10
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$2.69 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.33/100
Revenue growth is weak, negative or inconsistent.
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.
−26.1%
Start year 2020 (pandemic). Over 10 years: −8.9% a year
Revenue growth 16 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.
−3.5%
’11
’12
’13
’14
’15
’16
’17
’18
’19
’20
’21
’25
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.
−30.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−31.8%
Dividend (yield on the price)1.0%
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.−32% vs −13%, 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%
Start year 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 %
Yearly growth needed for the next five years to justify today's price.
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 · 28 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−23% · Bottom 25%
Profitability
Return on equity (TTM)7% · Bottom 25%
Return on assets2% · Below median
Net margin (TTM)7% · Bottom 25%
Operating margin (TTM)−4% · Bottom 25%
Growth and dividend
Revenue growth−7% · Below median
Dividend yield (TTM)1.0% · 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 Sep 24, 2026, our model estimates a fair value of R$46.10 versus a price of R$59.46, about −22% upside (overvalued).
What is the fair value of IRBR3?
Our model-based fair value for IRB-Brasil Resseguros S.A. is R$46.10 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$59.46.
What is the quality score of IRBR3?
IRB-Brasil Resseguros S.A. has a Quality Score of 54/100. 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$46.10 (as of Sep 24, 2026) from 4 valuation models. 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$46.10, about −22% upside versus a price of R$59.46 (overvalued). 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 about 1.04% relative to its recent price (as of Sep 24, 2026).
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 Sep 24, 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 0.69, 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 a year over ten years, 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 less than minus 40 % 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 IRB-Brasil Resseguros S.A. (IRBR3) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into IRB-Brasil Resseguros S.A. (less than minus 40 % 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 IRB-Brasil Resseguros S.A. (IRBR3)?
The free-cash-flow yield on the price is 4.33 %: 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$46.10 per share (as of Sep 24, 2026), against a price of R$59.46. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is IRB-Brasil Resseguros S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IRBR3 trades above its calculated fair value: price R$59.46, fair value R$46.10, a gap of about −22% (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$59.46); the fair value is what the company's own numbers justify (R$46.10). For IRB-Brasil Resseguros S.A. the two are R$13.36 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$4.9B (market capitalisation, as of Sep 24, 2026). Per share that is R$59.46; our models calculate a fair value of R$46.10 per share.
What is the P/E ratio of IRBR3?
IRB-Brasil Resseguros S.A. trades at a price-to-earnings ratio of 13.9 (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$46.10 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.2, EV/EBITDA 2.0.
How solid is the balance sheet of IRB-Brasil Resseguros S.A. (IRBR3)?
Balance-sheet figures for IRB-Brasil Resseguros S.A. (as of Sep 24, 2026): return on equity 6.7%, debt of 0.05 per unit of equity. They feed the Quality Score of 54/100, 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$59.46, about 6% below its 52-week high of R$63.43 and 32% above the low of R$44.93 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$46.10 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 Sep 24, 2026: price R$59.46, calculated fair value R$46.10 (−22%), Quality Score 54/100, 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 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$46.10, 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. 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 Sep 23, 2026 was R$59.46. Our model-based fair value is R$46.10, about −22% upside (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$46.10). The favourable scenario is already priced in. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. 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$4.9B (≈ $945M). 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 4.38 (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 IRB-Brasil Resseguros S.A. (IRBR3)?
Earnings per share at IRB-Brasil Resseguros S.A. are R$4.29 (price ÷ EPS = P/E 13.9). 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 1.0% (payout 14.4%). 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 31.6% (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 IRB-Brasil Resseguros S.A. (IRBR3)?
The return on equity (ROE) of IRB-Brasil Resseguros S.A. is 6.7% (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 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 −4.2% (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 −6.8% 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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