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Refinaria de Petróleos de Manguinhos S.A (RPMG3) Fair Value & Analysis

Energy · BR · Market cap R$79.2M (≈ $15.2M) · ISIN BRRPMGACNOR9

What is Refinaria de Petróleos de Manguinhos S.A really worth?

RD Refinaria de Petróleos de Manguinhos S.A RPMG3 · SA
PriceR$0.8500
Fair ValueR$1.19
Upside+39.6%
Quality37/100

Below-average quality, trading 28% below our fair value of R$1.19.

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Strengths

Negative equity (buybacks among others) · generates free cash flow

Risks

!Mixed Growth (revenue 5y +42.6 %/yr)
!Loss-making · -19.2% net margin
!Mixed vs. peers (5/10)
!Narrow moat 0/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range R$0.8564 – R$1.52

Fair value as of: Aug 14, 2026

From 8 valuation models · updated 18 days ago

Fair value updated Aug 14, 2026, revised from R$1.25 to R$1.19 (−5.0%) since Jul 17, 2026. Share price −26.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

R$6.32 R$0.8500 Fair Value R$1.19 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range R$0.8500 – R$6.32 · fair‑value band R$0.8564 – R$1.52 · the R$0.8500 price screens below the R$1.19 fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Refinaria de Petróleos de Manguinhos S.A (RPMG3) currently trades at R$0.8500, while our model-based Fair Value estimate is R$1.19, implying the stock looks roughly 28.4% undervalued today. The Quality Score stands at 37/100 (below-average quality), in the Energy sector. How firm this estimate is: it rests on 8 models at a data quality of 91/100, which puts the evidence level at low.

Over the trailing twelve months, Refinaria de Petróleos de Manguinhos S.A generated revenue of R$8.6B at a net margin of −19.2%. Revenue grew 77.0% year over year. The balance sheet holds a net cash position of R$93.1M. Fundamentals as of Aug 14, 2026

Our scenario range runs from R$0.8564 (bear case) to R$1.52 (bull case); at R$0.8500, 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 73% below its 52-week high, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −56% fair-value upside, at 40%, RPMG3 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF R$17.65 R$24.19 R$43.27 78
Growth DCF R$16.62 R$25.25 R$40.62 77
5Y Revenue Exit R$15.80 R$25.61 R$46.06 70
All 8 models by family
DCF Models
FCF DCF R$17.65 R$24.19 R$43.27 78
5Y Revenue Exit R$15.80 R$25.61 R$46.06 70
10Y Revenue Exit R$16.03 R$31.28 R$40.40 66
Dividend Discount
Gordon GGM R$1.82 R$3.04 R$3.95 68
DDM Multi-Stage R$1.82 R$2.89 R$3.27 67
Multiples
EV/Revenue R$13.87 R$19.22 R$24.58 54
Growth DCF
Growth DCF R$16.62 R$25.25 R$40.62 77
Rev-Margin DCF R$16.56 R$29.08 R$53.85 69

Widest divergence: DCF Models (R$25.61) versus Dividend Discount (R$2.89). Highest evidence: FCF DCF (78).

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Key figures & financial health

EPS (TTM) R$−24.50
Net margin −14.9% FY2024
Return on assets (EBIT) −14.4% avg 5y
Operating margin −21.7% TTM
Revenue (TTM) R$8.6B TTM
Revenue growth (YoY) +77.0% 3y avg +46.7%
More key figures
Balance sheet & cash flow
Free cash flow R$92.9M FY2024
Net cash R$93.1M FY2024

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 37 · Market factors (momentum, volatility) 15

Profitability 14
Margins and returns on capital today
Quality Growth 83
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Refinaria de Petróleos de Manguinhos S.A. refines petroleum products in Brazil. The company also offers gasoline A, Diesel A S10, and Marine Diesel. It also exports its products. The company was incorporated in 1946 and is headquartered in Rio de Janeiro, Brazil. Refinaria de Petróleos de Manguinhos S.A. is a subsidiary of XOROQUE Participações S.A.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Refinaria de Petróleos de Manguinhos S.A reported revenue of R$7.0B in FY2024 versus R$1.5B in FY2020, a compound +47.0%/yr. Reported net income was −R$1.0B in FY2024.

Growth Quality 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
R$7.0B
Latest YoY
+38.5%
Avg. revenue 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.
+46.7%
Avg. revenue 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.
+42.6%
Avg. revenue growth/yr (24Y) 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.
+11.6%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed
Revenue +47.0%/yr
FY20 R$1.5B
FY21 R$2.2B
FY22 R$5.0B
FY23 R$5.0B
FY24 R$7.0B
Net income
FY20 −R$433M
FY21 −R$434M
FY22 −R$936M
FY23 −R$979M
FY24 −R$1.0B

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Cite: Fair Value Calculator (2026). "Refinaria de Petróleos de Manguinhos S.A Fair Value". https://www.fairvalue-calculator.com/stock/RPMG3

Peer Group

Oil & Gas Refining & Marketing · 116 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 37 · Bottom 25%
Fair Value upside +40% · Top 25%
Return on assets −13% · Bottom 25%
Net margin (TTM) −19% · Bottom 25%
Operating margin (TTM) −22% · Bottom 25%
Revenue growth 77% · Top 25%
Dividend yield (TTM) 18.5% · Top 25%

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/FCF 0.2× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE87 · sector 14
FUTURE100 · sector 14
PAST0 · sector 33
HEALTH100 · sector 85
DIVIDEND100 · sector 55

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Values & ESG

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

Oil & gas

Similar stocks

10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,314 ₹835.66 −36%
Valero Energy Corporation VLO $352.36 $127.32 −64%
Marathon Petroleum Corporation MPC $368.83 $133.18 −64%
Phillips 66 PSX $242.23 $99.41 −59%
Neste Oyj NESTE €31.28 €3.83 −88%
Formosa Petrochemical Corporation 6505 75.80 TWD 15.32 TWD −80%
HF Sinclair Corporation DINO $87.93 $44.96 −49%
Bharat Petroleum Corporation BPCL ₹318.00 ₹846.81 +166%
SK Innovation Co 096770 122,400 KRW 53,541 KRW −56%
Sunoco LP, SUN $75.55 $53.36 −29%

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Frequently asked questions

Is Refinaria de Petróleos de Manguinhos S.A (RPMG3) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of R$1.19 versus a price of R$0.8500, about +40% upside (undervalued).
What is the fair value of RPMG3?
Our model-based fair value for Refinaria de Petróleos de Manguinhos S.A is R$1.19 (as of Aug 14, 2026), built from audited fundamentals. The current price: R$0.8500.
What is the quality score of RPMG3?
Refinaria de Petróleos de Manguinhos S.A has a Quality Score of 37/100. 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 Refinaria de Petróleos de Manguinhos S.A (RPMG3)?
Refinaria de Petróleos de Manguinhos S.A reported trailing-twelve-month revenue of about R$8.6B (latest available figure, as of Aug 14, 2026).
What is the net profit margin of RPMG3?
The net profit margin of Refinaria de Petróleos de Manguinhos S.A is about −19.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
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