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Panatlântica S.A (PATI3) Fair Value & Analysis

Basic Materials · BR · Market cap R$723M

PS Panatlântica S.A PATI3 · SA
PriceR$30.22
Fair ValueR$37.01
Upside+22.5%
Quality60/100
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Mixed Growth
Thin margins · 2.6% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Narrow moat 35/100
Evidence: High Range R$27.76 – R$46.26 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Share price −13.7% over the past month.

A solid business, screening 22% undervalued on our models.

What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from R$27.76 (bear) to R$46.26 (bull), base R$37.01. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

R$69.50 R$20.40 Fair Value R$37.01 Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range R$20.40 – R$69.50 · fair‑value band R$27.76 – R$46.26 · the R$30.22 price screens below the R$37.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Panatlântica S.A (PATI3) currently trades at R$30.22, while our model-based Fair Value estimate is R$37.01, implying the stock looks roughly 22.5% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Basic Materials 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, Panatlântica S.A generated revenue of R$1.9B at a net margin of 2.6%. Revenue declined 11.0% year over year. It earns a return on equity of 6.3%. Net debt stands at R$297M. Fundamentals as of Jul 17, 2026

Our scenario range runs from R$27.76 (bear case) to R$46.26 (bull case); at R$30.22, the current price sits within 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 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -7% fair-value upside, at 22%, PATI3 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 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
Highest evidence
Growth DCF R$46.70 R$75.57 R$115.66 80
Residual Income R$24.84 R$25.74 R$25.58 76
Rev-Margin DCF R$31.67 R$53.21 R$80.17 74
All 26 models by family
DCF Models
FCF DCF R$47.15 R$79.12 R$125.91 38
Owner Earnings R$6.50 R$14.50 R$26.21 31
5Y Revenue Exit R$31.67 R$53.00 R$80.50 39
5Y EBITDA Exit R$30.68 R$51.03 R$75.12 41
5Y P/E Exit R$29.08 R$47.83 R$68.07 38
10Y Revenue Exit R$36.32 R$57.06 R$86.05 36
10Y EBITDA Exit R$36.56 R$55.76 R$82.06 37
10Y P/E Exit R$35.60 R$53.66 R$76.84 35
Earnings-Based
Graham-Dodd R$14.80 R$61.22 R$83.42 54
Lynch FV R$15.44 R$22.05 R$28.67 50
PEG = 1.0 R$15.44 R$22.05 R$28.67 46
EPV R$9.98 R$12.30 R$14.24 59
Dividend Discount
Gordon GGM R$22.14 R$39.90 R$54.93 70
DDM Multi-Stage R$22.14 R$36.45 R$42.63 61
Multiples
P/E Multiple R$27.76 R$37.01 R$46.26 63
P/S Multiple R$27.76 R$37.01 R$46.26 58
P/B Multiple R$27.76 R$37.01 R$46.26 55
EV/EBIT R$27.83 R$39.45 R$51.08 53
EV/EBITDA R$23.56 R$33.77 R$43.98 54
EV/Revenue R$23.18 R$36.13 R$49.09 43
Asset-Based
NCAV (Graham) R$16.20 R$21.70 R$32.39 50
Growth DCF
Growth DCF R$46.70 R$75.57 R$115.66 80
Rev-Margin DCF R$31.67 R$53.21 R$80.17 74
Economic Profit
Residual Income R$24.84 R$25.74 R$25.58 76
ROIC Compounder R$9.98 R$12.30 R$14.24 72
Growth Earnings
Growth-Adj P/E R$23.58 R$33.68 R$43.78 68

Widest divergence: Growth DCF (R$53.21) versus Economic Profit (R$12.30). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) R$1.9B
Revenue growth (YoY) -11.0%
Net margin 2.6%
Return on equity 6.3%
Free cash flow R$122M FY2025
P/E ratio 14.9
More key figures
Operating margin 5.5%
EPS (TTM) R$2.03
EPS growth (YoY) -6.5%
Net debt R$297M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 35

Profitability 44
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
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

Panatlântica S.A. produces and sells steel products primarily in Brazil. The company's products include steel coils and sheets, including hot and cold rolled, zinc, galvalume, pre-painted, and pickled coils and sheets, LCG thick plates; cut strips/blanks, comprising hot-rolled, cold-rolled, zinc-plated, galvalume, pre-painted and pickled materials; …

Full company description

Panatlântica S.A. produces and sells steel products primarily in Brazil. The company's products include steel coils and sheets, including hot and cold rolled, zinc, galvalume, pre-painted, and pickled coils and sheets, LCG thick plates; cut strips/blanks, comprising hot-rolled, cold-rolled, zinc-plated, galvalume, pre-painted and pickled materials; delaminated strips; special profiles, and profiles; and tiles and accessories comprising trapezoidal and corrugated roofing surfaces. It also provides services, such as cross section and longitudinal services. The company was formerly known as Acos Laminados Panatlantica S.A. and changed its name to Panatlântica S.A. in April 1987. Panatlântica S.A. was founded in 1952 and is headquartered in Gravataí, Brazil. Panatlântica S.A. operates as a subsidiary of L.P. Acos Participacoes LTDA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Panatlântica S.A reported revenue of R$1.9B in FY2025 versus R$2.7B in FY2021, a compound −7.8%/yr. Reported net income was R$49.9M in FY2025, compounding −35.8%/yr from FY2021.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
R$1.9B
Latest YoY
−8.6%
Avg. growth/yr (3Y) 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.
−6.1%
Avg. growth/yr (5Y) 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.
+6.1%
Avg. growth/yr (25Y) 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.
+12.5%
Revenue −7.8%/yr
FY21 R$2.7B
FY22 R$2.3B
FY23 R$1.9B
FY24 R$2.1B
FY25 R$1.9B
Net income −35.8%/yr
FY21 R$293M
FY22 R$55.7M
FY23 R$13.4M
FY24 R$84.7M
FY25 R$49.9M
Character of growth · EPS growth decomposed (2014-2025) +14.3 % p.a.
Revenue per share +11.6 pp

of which total revenue +12.5 pp · buybacks/dilution −0.9 pp

EBIT margin +2.1 pp
Tax rate −0.6 pp
Residual (interest, one-offs) +1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Panatlântica S.A Fair Value". https://www.fairvalue-calculator.com/stock/PATI3

Peer Group

Steel · 378 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 60 · Top 25%
Fair Value upside +23% · Above median
Return on equity (TTM) 6% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -11% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.25× · Higher than median

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 14.9× · Cheaper than median
P/B 0.97× · Cheaper than median
P/S (TTM) 0.39× · Cheaper than median
P/FCF 1.2× · Pricier than median
EV/EBITDA 9.1× · Pricier than median

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 63 · sector 19
FUTURE 0 · sector 4
PAST 25 · sector 15
HEALTH 88 · sector 95
DIVIDEND 0 · sector 41

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 Steel stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Tata Steel Limited TTST $0.2010 $0.2000 -0%
JSW Steel Limited JSWSTEEL ₹1,227 ₹1,140 -7%
Baoshan Iron & Steel Co 600019 ¥5.89 ¥8.07 +37%
China Steel Corporation 2002A 38.55 TWD 8.74 TWD -77%
POSCO Holdings 005490 313,500 KRW 155,270 KRW -50%
Companhia Siderúrgica Nacional, SID 13,670 ARS 15,940 ARS +17%
Jindal Steel Limited JINDALSTEL ₹1,028 ₹545.12 -47%
Lloyds Metals and Energy Limited LLOYDSME ₹1,844 ₹1,098 -40%
Gerdau S.A GGBN 83.50 MXN 42.64 MXN -49%
Ternium S.A TXR 17,780 ARS 27,210 ARS +53%

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Frequently asked questions

Is Panatlântica S.A (PATI3) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of R$37.01 versus a price of R$30.22, about +22% (undervalued).
What is the fair value of PATI3?
Our model-based fair value for Panatlântica S.A is R$37.01 (as of Jul 17, 2026), built from audited fundamentals. The current price is R$30.22.
What is the quality score of PATI3?
Panatlântica S.A has a Quality Score of 60/100. 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 Panatlântica S.A (PATI3)?
Panatlântica S.A reported trailing-twelve-month revenue of about R$1.9B (latest available figure, as of Jul 17, 2026).
What is the net profit margin of PATI3?
The net profit margin of Panatlântica S.A is about 2.6%, meaning it keeps roughly 2.6% 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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