Mills Estruturas e Serviços de Engenharia S.A (MILS3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Mills Estruturas e Serviços de Engenharia S.A BRL 23.19, price BRL 15.94, upside +45.5%, quality 44 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$4.03 – R$15.94 · fair‑value band R$10.85 – R$34.66 · the R$15.94 price screens below the R$23.19 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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Mills Locação, Serviços e Logística S.A. operates as a machinery and equipment rental company in Brazil. It rents, sells, imports, and exports steel and aluminum tubular structures, shoring and access equipment for civil construction works, and reusable concrete forms.
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Mills Locação, Serviços e Logística S.A. operates as a machinery and equipment rental company in Brazil. It rents, sells, imports, and exports steel and aluminum tubular structures, shoring and access equipment for civil construction works, and reusable concrete forms. The company also develops related engineering projects and provides supervisory and optional assembly services. Additionally, it sells, rents, and distributes elevating work platforms, related parts, new, and used cars. It also offers heavy machinery, backhoe, compact rollers, skid steer loaders, tugs, generators, compressors, crawler and agricultural tractors, excavators, wheel loaders, motor graders, forklifts, and pallet trucks. Further, it provides freight, maintenance, training, telemetry, remote operation, and consulting services and solutions. The company was formerly known as Mills Estruturas e Serviços de Engenharia S.A. and changed its name to Mills Locação, Serviços e Logística S.A. in July 2022. Mills Locação, Serviços e Logística S.A. was founded in 1952 and is based in Rio de Janeiro, Brazil.
Stock analysis
Mills Estruturas e Serviços de Engenharia S.A (MILS3) currently trades at R$15.94, while our model-based Fair Value estimate is R$23.19, implying the stock looks roughly 31.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of R$30.29 per share, and 20 of the 24 models we run sit above the R$15.94 price.
Bear case: the Asset-Based group reads lowest at R$4.63, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: R$10.85 (bear) to R$34.66 (bull), the price of R$15.94 sits inside 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 44/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Mills Estruturas e Serviços de Engenharia S.A reported revenue of R$1.8B in FY2025 versus R$738M in FY2021, a compound +25.6%/yr. Reported net income was R$301M in FY2025, compounding +30.9%/yr from FY2021.
Key figures
Market cap R$3.8B (≈ $745M) · P/E ratio 8.9 · P/S ratio 1.45 · EPS (TTM) R$1.80 · Dividend yield 2.5% · Net margin 16.4% · Return on equity 26.3% · Return on assets (EBIT) 13.6%.
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 at its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −13% fair-value upside, at 45%, MILS3 screens cheaper than that median.
Fair Value models
Bear R$10.85Fair Value R$23.19Bull R$34.66
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$1.02 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.86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+16.7%
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.
+18.9%
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.
+29.4%
Start year 2020 (pandemic). Over 10 years: +12.3% a year
Revenue growth 18 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.
+13.4%
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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.
+22.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.4%
Dividend (yield on the price)2.5%
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.20% vs 10%, picking up
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.3% → 34%
Start year 2020 (pandemic)
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).
+36.2%
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.
+10.1%
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 +31.9% a year for the price and +6.6% 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.Rental & Leasing Services · 93 stocks
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Cite: Fair Value Calculator (2026). "Mills Estruturas e Serviços de Engenharia S.A Fair Value". https://www.fairvalue-calculator.com/stock/MILS3
Frequently asked questions
Is Mills Estruturas e Serviços de Engenharia S.A (MILS3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$23.19 versus a price of R$15.94, about +45% upside (undervalued).
What is the fair value of MILS3?
Our model-based fair value for Mills Estruturas e Serviços de Engenharia S.A is R$23.19 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$15.94.
What is the quality score of MILS3?
Mills Estruturas e Serviços de Engenharia S.A has a Quality Score of 44/100. 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Our model-based price target is the fair value of R$23.19 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario R$10.85, optimistic scenario R$34.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Mills Estruturas e Serviços de Engenharia S.A stock forecast for 2026?
Our models put fair value at R$23.19, about +45% upside versus a price of R$15.94 (undervalued). Cautious scenario R$10.85, optimistic scenario R$34.66. The calculation is refreshed regularly with new filings.
What is the revenue of Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Mills Estruturas e Serviços de Engenharia S.A reported trailing-twelve-month revenue of about R$1.9B (latest available figure, as of Sep 24, 2026).
Does Mills Estruturas e Serviços de Engenharia S.A pay a dividend?
Mills Estruturas e Serviços de Engenharia S.A currently shows a dividend yield of about 2.53% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
For today's price to be fair in a discounted-cash-flow model, Mills Estruturas e Serviços de Engenharia S.A would have to grow free cash flow by +36.2 % 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 +29.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MILS3 use?
Our models discount Mills Estruturas e Serviços de Engenharia S.A at 12.7 %: a base by market capitalisation (small), damped by beta 0.05, 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 Mills Estruturas e Serviços de Engenharia S.A that is +36.2 % per year a year over ten years, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Mills Estruturas e Serviços de Engenharia S.A (MILS3) delivered so far?
Over the past 5 years revenue at Mills Estruturas e Serviços de Engenharia S.A grew +29.4 % a year. The price currently implies +36.2 % 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Mills Estruturas e Serviços de Engenharia S.A (+36.2 % 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The free-cash-flow yield on the price is 2.52 %: that much free cash flow Mills Estruturas e Serviços de Engenharia 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mills Estruturas e Serviços de Engenharia S.A it is R$23.19 per share (as of Sep 24, 2026), against a price of R$15.94. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Mills Estruturas e Serviços de Engenharia S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MILS3 trades below its calculated fair value: price R$15.94, fair value R$23.19, a gap of about +45% (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 MILS3?
No. The price is what the market pays today (R$15.94); the fair value is what the company's own numbers justify (R$23.19). For Mills Estruturas e Serviços de Engenharia S.A the two are R$7.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mills Estruturas e Serviços de Engenharia S.A worth?
The market values Mills Estruturas e Serviços de Engenharia S.A at about R$3.8B (market capitalisation, as of Sep 24, 2026). Per share that is R$15.94; our models calculate a fair value of R$23.19 per share.
What do the bullish and bearish scenarios say about MILS3?
Our models span a range for Mills Estruturas e Serviços de Engenharia S.A: cautious scenario R$10.85, base R$23.19, optimistic R$34.66 per share (as of Sep 24, 2026, price R$15.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MILS3?
Mills Estruturas e Serviços de Engenharia S.A trades at a price-to-earnings ratio of 8.9 (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$23.19 is built from several models across several years. Other multiples: PEG 0.6, P/B 0.5, P/S 0.4, EV/EBITDA 2.2.
What is the PEG ratio of MILS3?
The PEG ratio of Mills Estruturas e Serviços de Engenharia S.A is 0.55 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Balance-sheet figures for Mills Estruturas e Serviços de Engenharia S.A (as of Sep 24, 2026): return on equity 26.3%, debt of 1.08 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is MILS3 from its 52-week high?
Mills Estruturas e Serviços de Engenharia S.A trades at R$15.94, at its 52-week high of R$15.94 and 47% above the low of R$10.86 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$23.19 is for.
Which stocks are comparable to Mills Estruturas e Serviços de Engenharia S.A?
From the same area (Industrials) we also value United Rentals, Inc, Sunbelt Rentals Holdings, AerCap Holdings, U-Haul Holding, 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 Mills Estruturas e Serviços de Engenharia S.A stock attractive at the current price?
The data as of Sep 24, 2026: price R$15.94, calculated fair value R$23.19 (+45%), Quality Score 44/100, from 24 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 MILS3 calculated?
We run Mills Estruturas e Serviços de Engenharia S.A through 24 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$23.19, 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. Mills Estruturas e Serviços de Engenharia S.A currently trades 45 % 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The closing price on Sep 23, 2026 was R$15.94. Our model-based fair value is R$23.19, about +45% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mills Estruturas e Serviços de Engenharia S.A right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (R$10.85 to R$34.66). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Mills Estruturas e Serviços de Engenharia S.A
How large is the market capitalisation of Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The market capitalisation of Mills Estruturas e Serviços de Engenharia S.A is R$3.8B (≈ $745M). 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The price-to-sales ratio of Mills Estruturas e Serviços de Engenharia S.A is 1.45 (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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Earnings per share at Mills Estruturas e Serviços de Engenharia S.A are R$1.80 (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The dividend yield of Mills Estruturas e Serviços de Engenharia S.A is 2.5% (payout 22.4%). 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The net margin of Mills Estruturas e Serviços de Engenharia S.A is 16.4% (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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The return on equity (ROE) of Mills Estruturas e Serviços de Engenharia S.A is 26.3% (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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
On an EBIT basis the return on assets of Mills Estruturas e Serviços de Engenharia S.A is 13.6% (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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
The operating margin of Mills Estruturas e Serviços de Engenharia S.A is 41.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Revenue at Mills Estruturas e Serviços de Engenharia S.A is growing +11.8% versus a year earlier (3y avg +18.9%). 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 Mills Estruturas e Serviços de Engenharia S.A (MILS3)?
Earnings per share at Mills Estruturas e Serviços de Engenharia S.A are growing +185% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mills Estruturas e Serviços de Engenharia S.A (MILS3) carry?
The net debt of Mills Estruturas e Serviços de Engenharia S.A is R$1.4B (fiscal year 2025, ≈ 14.9 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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