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Smartfit Escola de Ginástica e Dança S.A (SMFT3) Fair Value & Analysis

Consumer Cyclical · BR · Market cap R$12.9B

SE Smartfit Escola de Ginástica e Dança S.A SMFT3 · SA
PriceR$18.15
Fair ValueR$22.90
Upside+26.2%
Quality48/100
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Expensive Growth
Thin margins · 9.0% net margin
Moderate debt · negative free cash flow
Ranks above peers (8/13)
Moderate moat 57/100
Evidence: High Range R$17.17 – R$31.98 Share as image

Fair value as of: Jul 16, 2026

From 16 valuation models · updated 25 days ago

Share price −6.7% over the past month.

Below-average quality, screening 26% undervalued on our models.

What matters now

  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R$17.17 to R$31.98) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

R$29.27 R$9.06 Fair Value R$22.90 Jul 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range R$9.06 – R$29.27 · fair‑value band R$17.17 – R$31.98 · the R$18.15 price screens below the R$22.90 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Smartfit Escola de Ginástica e Dança S.A (SMFT3) currently trades at R$18.15, while our model-based Fair Value estimate is R$22.90, implying the stock looks roughly 26.2% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical 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, Smartfit Escola de Ginástica e Dança S.A generated revenue of R$7.7B at a net margin of 9.0%. Revenue grew 25.3% year over year. It earns a return on equity of 12.1%. Net debt stands at R$6.1B. Fundamentals as of Jul 16, 2026

Our scenario range runs from R$17.17 (bear case) to R$31.98 (bull case); at R$18.15, 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 33% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at 26%, SMFT3 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
Residual Income R$8.35 R$9.81 R$22.95 76
ROIC Compounder R$22.13 R$35.31 R$46.78 72
Gordon GGM R$0.0200 R$0.0400 R$0.0600 70
All 16 models by family
Earnings-Based
Graham-Dodd R$7.08 R$49.35 R$69.26 54
Lynch FV R$25.48 R$36.40 R$47.32 50
PEG = 1.0 R$25.48 R$36.40 R$47.32 46
EPV R$15.23 R$19.18 R$22.64 59
Dividend Discount
Gordon GGM R$0.0200 R$0.0400 R$0.0600 70
DDM Multi-Stage R$0.0200 R$0.0300 R$0.0400 61
Multiples
P/E Multiple R$17.17 R$22.90 R$28.62 63
P/S Multiple R$10.62 R$14.16 R$17.70 58
P/B Multiple R$13.27 R$17.69 R$22.11 55
EV/EBIT R$28.86 R$41.31 R$53.76 53
EV/EBITDA R$42.18 R$59.07 R$75.96 54
EV/Revenue R$1.43 R$5.67 R$9.92 43
Asset-Based
NCAV (Graham) R$4.61 R$6.18 R$9.23 50
Economic Profit
Residual Income R$8.35 R$9.81 R$22.95 76
ROIC Compounder R$22.13 R$35.31 R$46.78 72
Growth Earnings
Growth-Adj P/E R$33.83 R$48.33 R$62.83 68

Widest divergence: Growth Earnings (R$48.33) versus Dividend Discount (R$0.0300). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) R$7.7B
Revenue growth (YoY) +25.3%
Net margin 9.0%
Return on equity 12.1%
Free cash flow −R$288M FY2025
P/E ratio 18.9
More key figures
Operating margin 23.8%
EPS (TTM) R$1.11
EPS growth (YoY) +37.8%
Net debt R$6.1B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 40

Profitability 33
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 16
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 66
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

Smartfit Escola de Ginástica e Dança S.A. operates a network of Smart Fit gyms in Latin America. The company offers digital fitness services under the Queima Diária brand.

Full company description

Smartfit Escola de Ginástica e Dança S.A. operates a network of Smart Fit gyms in Latin America. The company offers digital fitness services under the Queima Diária brand. It operates through owned and franchised units in Brazil, Mexico, Colombia, Chile, Peru, Argentina, Paraguay, Uruguay, Panama, Costa Rica, Dominican Republic, Ecuador, Guatemala, El Salvador and Honduras under the Smart Fit and Bio Ritmo brands. Smartfit Escola de Ginástica e Dança S.A. was founded in 1996 and is based in São Paulo, Brazil.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Smartfit Escola de Ginástica e Dança S.A reported revenue of R$7.2B in FY2025 versus R$1.7B in FY2021, a compound +43.5%/yr. Reported net income was R$639M in FY2025.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$7.2B
Latest YoY
+29.8%
Avg. growth/yr (3Y)
+35.2%
Avg. growth/yr (5Y)
+42.0%
Avg. growth/yr (9Y)
+30.9%
Revenue +43.5%/yr
FY21 R$1.7B
FY22 R$2.9B
FY23 R$4.2B
FY24 R$5.6B
FY25 R$7.2B
Net income
FY21 −R$635M
FY22 −R$89.4M
FY23 R$1.0B
FY24 R$436M
FY25 R$639M

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Cite: Fair Value Calculator (2026). "Smartfit Escola de Ginástica e Dança S.A Fair Value". https://www.fairvalue-calculator.com/stock/SMFT3

Peer Group

Leisure · 192 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 48 · Below median
Fair Value upside +26% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 6% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 24% · Top 25%
Revenue growth 25% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.16× · Higher than 75% of peers

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 18.9× · Cheaper than median
P/B 2.27× · Pricier than median
P/S (TTM) 1.68× · Pricier than median
EV/EBITDA 6.9× · Cheaper 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 68 · sector 14
FUTURE 100 · sector 18
PAST 48 · sector 19
HEALTH 42 · sector 94
DIVIDEND 0 · sector 51

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 Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Amer Sports, Inc AS $36.44 $16.16 -56%
Hasbro, Inc HAS $81.55 $83.38 +2%
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Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%

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Frequently asked questions

Is Smartfit Escola de Ginástica e Dança S.A (SMFT3) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of R$22.90 versus a price of R$18.15, about +26% (undervalued).
What is the fair value of SMFT3?
Our model-based fair value for Smartfit Escola de Ginástica e Dança S.A is R$22.90 (as of Jul 16, 2026), built from audited fundamentals. The current price is R$18.15.
What is the quality score of SMFT3?
Smartfit Escola de Ginástica e Dança S.A has a Quality Score of 48/100. 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 Smartfit Escola de Ginástica e Dança S.A (SMFT3)?
Smartfit Escola de Ginástica e Dança S.A reported trailing-twelve-month revenue of about R$7.7B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of SMFT3?
The net profit margin of Smartfit Escola de Ginástica e Dança S.A is about 9.0%, meaning it keeps roughly 9.0% 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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