JHSF Participações S.A. (JHSF3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of JHSF Participações S.A. stock BRL 22.43, price BRL 10.00, upside +124.3%, quality 62 out of 100. Rating: strongly undervalued. Calculated from audited financials with 15 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 3, 2026.
How to read this chart
60‑month range R$2.61 – R$14.59 · fair‑value band R$12.78 – R$37.07 · the R$10.00 price screens below the R$22.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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JHSF Participações S.A., together with its subsidiaries, engages in the real estate business in Brazil and internationally. It operates through five segments: Recurring Income; Real Estate Business; Airport, Hotels and Restaurants; and Holding.
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The company is involved in the construction and operation of shopping centers; purchase and sale of residential and commercial properties; retail of fashion goods; leasing of commercial real estate; and development and operation of hotels, tourism activities, hospitality, and gastronomy, including bars, cafés, and restaurants.
It also engages in the provision of management services; and financing solutions, services, and real estate investment. JHSF Participações S.A. was founded in 1972 and is headquartered in São Paulo, Brazil.
Stock analysis
JHSF Participações S.A. (JHSF3) currently trades at R$10.00, while our model-based Fair Value estimate is R$22.43, implying the stock looks roughly 55% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R$80.30 per share, and 11 of the 15 models we run sit above the R$10.00 price.
Bear case: the Dividend Discount group reads lowest at R$4.22, and 4 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: R$12.78 (bear) to R$37.07 (bull), the price of R$10.00 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 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.
JHSF Participações S.A. reported revenue of R$3.5B in FY2025 versus R$2.0B in FY2021, a compound +14.7%/yr. Reported net income was R$1.9B in FY2025, compounding +17.2%/yr from FY2021.
Key figures
Market cap R$7.0B (≈ $1.3B) Small · P/E ratio 3.2 · P/S ratio 1.73 · EPS (TTM) R$3.10 · Dividend yield 3.6% · Net margin 52.6% · Return on equity 29.3% · Return on assets (EBIT) 7.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 85 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 58% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at 124%, JHSF3 screens cheaper than that median.
Fair Value models
BearR$12.78Fair Value R$22.43BullR$37.07
Price R$10.00 · Upside +124.3%
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$2.65 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.
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
+116.4%
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.
+21.6%
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.
+24.3%
Start year 2020 (pandemic). Over 10 years: +18.6% a year
Revenue growth 21 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.
+30.7%
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What shareholders gained per year (last 5 years), in BRL (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+19.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.3%
Dividend (yield on the price)3.6%
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.base effect: 23.7% / 33.8%
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.55% → 49%
2025 sits 200% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−22.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
−7.5%
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 −25.3% a year for the price and −10.5% for the forecasts.
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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 - Development · 489 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+124.3% · Top 25%
Profitability
Return on equity (12 months)29.3% · Top 25%
Return on assets10.2% · Top 25%
Net margin (12 months)52.6% · Top 25%
Operating margin (12 months)48.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)88.5% · Top 25%
Dividend yield (12 months)3.6% · Above median
Balance sheet
Debt / equity0.74× · Above median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (12 months)3.2× · Cheapest 25%
P/B1.04× · Pricier than median
P/S (12 months)1.73× · Pricier than median
Price / free cash flow (fiscal year)2.5× · Cheaper than median
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Is JHSF Participações S.A. (JHSF3) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of R$22.43 versus a price of R$10.00, about +124% upside (undervalued).
What is the fair value of JHSF3?
Our model-based fair value for JHSF Participações S.A. is R$22.43 (as of Nov 3, 2026), built from audited fundamentals. The current price: R$10.00.
What is the quality score of JHSF3?
JHSF Participações 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 JHSF Participações S.A. (JHSF3)?
Our model-based price target is the fair value of R$22.43 (as of Nov 3, 2026) from 15 valuation models. Cautious scenario R$12.78, optimistic scenario R$37.07. It is a calculation from audited fundamentals, not an analyst target.
What is the JHSF Participações S.A. stock forecast for 2026?
Our models put fair value at R$22.43, about +124% upside versus a price of R$10.00 (undervalued). Cautious scenario R$12.78, optimistic scenario R$37.07. The calculation is refreshed regularly with new filings.
What is the revenue of JHSF Participações S.A. (JHSF3)?
JHSF Participações S.A. reported trailing-twelve-month revenue of about R$4.1B (latest available figure, as of Nov 3, 2026).
Does JHSF Participações S.A. pay a dividend?
JHSF Participações S.A. currently shows a dividend yield of 3.56% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of JHSF Participações S.A. (JHSF3)?
JHSF Participações S.A. has a dividend yield of 3.6%.
What growth is priced into JHSF Participações S.A. (JHSF3)?
For today's price to be fair in a discounted-cash-flow model, JHSF Participações S.A. would have to grow free cash flow by -22.8 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.3 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of JHSF3 use?
Our models discount JHSF Participações S.A. at 12.7 %: a base by market capitalisation (small), damped by beta 0.44, 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 JHSF Participações S.A. that is -22.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has JHSF Participações S.A. (JHSF3) delivered so far?
Over the past 5 years revenue at JHSF Participações S.A. grew +24.3 % a year. The price currently implies free-cash-flow growth of -22.8 % 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 JHSF Participações S.A. (JHSF3) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into JHSF Participações S.A. (-22.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JHSF Participações S.A. (JHSF3)?
The free-cash-flow yield on the price is 39.40 %: that much free cash flow JHSF Participações S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JHSF Participações S.A. (JHSF3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JHSF Participações S.A. it is R$22.43 per share (as of Nov 3, 2026), against a price of R$10.00. It is the blended result of 15 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is JHSF Participações S.A. stock overvalued or undervalued in 2026?
As of Nov 3, 2026, JHSF3 trades below its calculated fair value: price R$10.00, fair value R$22.43, a gap of about +124% (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 JHSF3?
No. The price is what the market pays today (R$10.00); the fair value is what the company's own numbers justify (R$22.43). For JHSF Participações S.A. the two are R$12.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is JHSF Participações S.A. worth?
The market values JHSF Participações S.A. at about R$7.0B (market capitalisation, as of Nov 3, 2026). Per share that is R$10.00; our models calculate a fair value of R$22.43 per share.
What do the bullish and bearish scenarios say about JHSF3?
Our models span a range for JHSF Participações S.A.: cautious scenario R$12.78, base R$22.43, optimistic R$37.07 per share (as of Nov 3, 2026, price R$10.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JHSF3?
JHSF Participações S.A. trades at a price-to-earnings ratio of 3.2 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$22.43 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 4.8 (reported for FY2025: 3.6). Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings, FY2025 ex one-offs: 5.5. Other multiples: PEG 4.7, P/B 1.0, P/S 1.7, EV/EBITDA 4.0.
What is the PEG ratio of JHSF3?
The PEG ratio of JHSF Participações S.A. is 4.72 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of JHSF Participações S.A. (JHSF3)?
Balance-sheet figures for JHSF Participações S.A. (as of Nov 3, 2026): return on equity 29.3%, debt of 0.74 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is JHSF3 from its 52-week high?
JHSF Participações S.A. trades at R$10.00, about 31% below its 52-week high of R$14.59 and 58% above the low of R$6.32 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R$22.43 is for.
Which stocks are comparable to JHSF Participações S.A.?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, DLF 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 JHSF Participações S.A. stock attractive at the current price?
The data as of Nov 3, 2026: price R$10.00, calculated fair value R$22.43 (+124%), Quality Score 62/100, from 15 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 JHSF3 calculated?
We run JHSF Participações S.A. through 15 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$22.43 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 13.0% above its aggregate fair value. JHSF Participações S.A. currently trades 55% 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 JHSF Participações S.A. (JHSF3)?
The closing price on Nov 6, 2026 was R$10.00. Our model-based fair value is R$22.43, about +124% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JHSF Participações S.A. right now?
The price is below even our cautious bear case (R$12.78). The market is more pessimistic than our downside scenario. The model range is unusually wide (R$12.78 to R$37.07). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of JHSF Participações S.A. (JHSF3) come from?
Earnings per share at JHSF Participações S.A. grew +27.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.5 %, EBIT margin −2.9 %, tax rate +6.3 %, residual (interest, one-offs) +11.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of JHSF Participações S.A.
How large is the market capitalisation of JHSF Participações S.A. (JHSF3)?
The market capitalisation of JHSF Participações S.A. is R$7.0B (≈ $1.3B). 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 JHSF Participações S.A. (JHSF3)?
The price-to-sales ratio of JHSF Participações S.A. is 1.73 (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 JHSF Participações S.A. (JHSF3)?
Earnings per share at JHSF Participações S.A. are R$3.10 (price ÷ EPS = P/E 3.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JHSF Participações S.A. (JHSF3)?
The dividend yield of JHSF Participações S.A. is 3.6% (payout 11.5%). 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 JHSF Participações S.A. (JHSF3)?
The net margin of JHSF Participações S.A. is 52.6% (last twelve months), excl. one-off gain FY2025 40.5%. 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 JHSF Participações S.A. (JHSF3)?
The return on equity (ROE) of JHSF Participações S.A. is 29.3% (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 JHSF Participações S.A. (JHSF3)?
On an EBIT basis the return on assets of JHSF Participações S.A. is 7.9% (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 JHSF Participações S.A. (JHSF3)?
The operating margin of JHSF Participações S.A. is 48.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JHSF Participações S.A. (JHSF3)?
Revenue at JHSF Participações S.A. is growing +88.5% versus a year earlier (3y avg +21.6%). 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 JHSF Participações S.A. (JHSF3)?
Earnings per share at JHSF Participações S.A. are growing +90.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JHSF Participações S.A. (JHSF3) carry?
The net debt of JHSF Participações S.A. is R$2.2B (fiscal year 2025, ≈ 0.8 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 3, 2026