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JHSF Participações S.A (JHSF3) Fair Value & Analysis

Real Estate · BR · Market cap R$7.4B

JP JHSF Participações S.A JHSF3 · SA
PriceR$10.79
Fair ValueR$27.88
Upside+158.4%
Quality64/100
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Expensive Growth
Highly profitable · 53.0% net margin
Moderate debt · generates free cash flow
Ranks above peers (12/15)
Wide moat 81/100
Evidence: High Range R$20.91 – R$101.94 Share as image

Fair value as of: Jul 12, 2026

From 15 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from R$27.63 to R$27.88 (+0.9%) since Jun 26, 2026. Share price +4.3% over the past month.

A solid business, screening 158% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (R$20.91). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (R$20.91 to R$101.94). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (64/100) 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.
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Price vs Fair Value (5 years)

R$13.94 R$2.66 Fair Value R$27.88 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range R$2.66 – R$13.94 · fair‑value band R$20.91 – R$101.94 · the R$10.79 price screens below the R$27.88 fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

JHSF Participações S.A (JHSF3) currently trades at R$10.79, while our model-based Fair Value estimate is R$27.88, implying the stock looks roughly 158.4% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, JHSF Participações S.A generated revenue of R$3.6B at a net margin of 53.0%. Revenue grew 33.3% year over year. It earns a return on equity of 27.9%. Net debt stands at R$2.2B. Fundamentals as of Jul 12, 2026

Our scenario range runs from R$20.91 (bear case) to R$101.94 (bull case); at R$10.79, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 138% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 158%, JHSF3 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF R$54.75 R$109.08 R$205.51 80
Residual Income R$19.86 R$29.08 R$245.57 76
Gordon GGM R$3.29 R$6.56 R$9.94 70
All 15 models by family
DCF Models
FCF DCF R$57.11 R$99.31 R$209.97 38
5Y Revenue Exit R$32.49 R$57.11 R$96.50 39
5Y EBITDA Exit R$38.27 R$69.92 R$117.84 41
10Y Revenue Exit R$39.10 R$68.82 R$108.62 36
10Y EBITDA Exit R$43.90 R$79.02 R$138.03 37
Dividend Discount
Gordon GGM R$3.29 R$6.56 R$9.94 70
DDM Multi-Stage R$3.29 R$5.67 R$6.93 61
Multiples
P/S Multiple R$25.44 R$33.92 R$42.40 58
P/B Multiple R$15.16 R$20.21 R$25.27 55
EV/EBIT R$39.91 R$53.86 R$67.82 53
EV/EBITDA R$31.37 R$42.48 R$53.59 54
EV/Revenue R$21.13 R$31.03 R$40.92 43
Asset-Based
NCAV (Graham) R$5.05 R$6.77 R$10.11 50
Growth DCF
Growth DCF R$54.75 R$109.08 R$205.51 80
Economic Profit
Residual Income R$19.86 R$29.08 R$245.57 76

Widest divergence: Growth DCF (R$109.08) versus Dividend Discount (R$5.67). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) R$3.6B
Revenue growth (YoY) +33.3%
Net margin 53.0%
Return on equity 27.9%
Free cash flow R$2.8B FY2025
P/E ratio 3.5
More key figures
Operating margin 40.8%
EPS (TTM) R$3.16
EPS growth (YoY) +5.2%
Net debt R$2.2B FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 72

Profitability 57
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 13
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$3.5B
Latest YoY
+116.4%
Avg. growth/yr (3Y)
+21.6%
Avg. growth/yr (5Y)
+24.3%
Avg. growth/yr (21Y)
+30.7%
Revenue +14.7%/yr
FY21 R$2.0B
FY22 R$1.9B
FY23 R$1.6B
FY24 R$1.6B
FY25 R$3.5B
Net income +17.2%/yr
FY21 R$1.0B
FY22 R$642M
FY23 R$453M
FY24 R$854M
FY25 R$1.9B

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Cite: Fair Value Calculator (2026). "JHSF Participações S.A Fair Value". https://www.fairvalue-calculator.com/stock/JHSF3

Peer Group

Real Estate - Development · 588 stocks

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.

Quality Score 66 · Top 25%
Fair Value upside +158% · Top 25%
Return on equity (TTM) 28% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 53% · Top 25%
Operating margin (TTM) 41% · Top 25%
Revenue growth 33% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.74× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 3.5× · Cheaper than 75% of peers
P/B 0.22× · Cheaper than 75% of peers
P/S (TTM) 0.40× · Cheaper than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 1.6× · Cheaper than 75% of peers
PEG 4.72× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 48
FUTURE 100 · sector 0
PAST 100 · sector 10
HEALTH 63 · sector 84
DIVIDEND 0 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is JHSF Participações S.A (JHSF3) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of R$27.88 versus a price of R$10.79, about +158% (undervalued).
What is the fair value of JHSF3?
Our model-based fair value for JHSF Participações S.A is R$27.88 (as of Jul 12, 2026), built from audited fundamentals. The current price is R$10.79.
What is the quality score of JHSF3?
JHSF Participações S.A has a Quality Score of 64/100. 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 revenue of JHSF Participações S.A (JHSF3)?
JHSF Participações S.A reported trailing-twelve-month revenue of about R$3.6B (latest available figure, as of Jul 12, 2026).
What is the net profit margin of JHSF3?
The net profit margin of JHSF Participações S.A is about 53.0%, meaning it keeps roughly 53.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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