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Construtora Tenda S.A (TEND3) Fair Value & Analysis

Real Estate · BR · Market cap R$3.9B

CT Construtora Tenda S.A TEND3 · SA
PriceR$33.63
Fair ValueR$68.22
Upside+102.9%
Quality48/100
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Mixed Growth
Solidly profitable · 13.4% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (8/14)
Wide moat 67/100
Evidence: High Range R$33.72 – R$142.32 Share as image

Fair value as of: Jul 20, 2026

From 26 valuation models · updated 21 days ago

Share price +1.2% over the past month.

Below-average quality, screening 103% undervalued on our models.

What matters now

  • The model range is unusually wide (R$33.72 to R$142.32). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (48/100) 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$37.41 R$3.47 Fair Value R$68.22 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range R$3.47 – R$37.41 · fair‑value band R$33.72 – R$142.32 · the R$33.63 price screens below the R$68.22 fair value. Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Construtora Tenda S.A (TEND3) currently trades at R$33.63, while our model-based Fair Value estimate is R$68.22, implying the stock looks roughly 102.9% undervalued today. The Quality Score stands at 48/100 (below-average 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, Construtora Tenda S.A generated revenue of R$4.5B at a net margin of 13.4%. Revenue grew 36.9% year over year. It earns a return on equity of 47.1%. Net debt stands at R$1.3B. Fundamentals as of Jul 20, 2026

Our scenario range runs from R$33.72 (bear case) to R$142.32 (bull case); at R$33.63, 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 4% below its 52-week high and 75% 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 103%, TEND3 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$12.35 R$29.96 R$62.45 80
Residual Income R$35.08 R$58.52 R$1,040 76
Rev-Margin DCF R$20.53 R$50.52 R$95.49 74
All 26 models by family
DCF Models
FCF DCF R$13.36 R$26.67 R$63.96 38
Owner Earnings R$47.15 R$113.56 R$247.85 31
5Y Revenue Exit R$20.53 R$47.32 R$99.97 39
5Y EBITDA Exit R$29.34 R$66.36 R$134.49 41
5Y P/E Exit R$45.68 R$112.34 R$199.44 38
10Y Revenue Exit R$17.03 R$47.79 R$85.49 36
10Y EBITDA Exit R$24.27 R$64.14 R$138.85 37
10Y P/E Exit R$35.52 R$94.45 R$198.89 35
Earnings-Based
Graham-Dodd R$28.07 R$195.73 R$274.68 54
Lynch FV R$58.48 R$83.54 R$108.60 50
PEG = 1.0 R$58.48 R$83.54 R$108.60 46
EPV R$28.66 R$34.36 R$39.28 59
Dividend Discount
Gordon GGM R$5.08 R$10.12 R$15.33 70
DDM Multi-Stage R$5.08 R$8.75 R$10.68 61
Multiples
P/E Multiple R$68.10 R$90.80 R$113.51 63
P/S Multiple R$31.69 R$42.26 R$52.82 58
P/B Multiple R$29.37 R$39.17 R$48.96 55
EV/EBIT R$52.13 R$71.99 R$91.84 53
EV/EBITDA R$37.00 R$51.82 R$66.64 54
EV/Revenue R$22.13 R$34.81 R$47.48 43
Asset-Based
NCAV (Graham) R$4.90 R$6.56 R$9.79 50
Growth DCF
Growth DCF R$12.35 R$29.96 R$62.45 80
Rev-Margin DCF R$20.53 R$50.52 R$95.49 74
Economic Profit
Residual Income R$35.08 R$58.52 R$1,040 76
ROIC Compounder R$37.17 R$56.57 R$83.32 72
Growth Earnings
Growth-Adj P/E R$81.33 R$116.19 R$151.04 68

Widest divergence: Growth Earnings (R$116.19) versus Asset-Based (R$6.56). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) R$4.5B
Revenue growth (YoY) +36.9%
Net margin 13.4%
Return on equity 47.1%
Free cash flow R$171M FY2025
P/E ratio 6.4
More key figures
Operating margin 17.4%
EPS (TTM) R$4.92
EPS growth (YoY) +125%
Net debt R$1.3B FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 45 · Market factors (momentum, volatility) 74

Profitability 57
Margins and returns on capital today
Quality Growth 89
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 50
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

Construtora Tenda S.A. operates as a construction company for homes in Brazil. It operates through On-Site and Off-Site segments.

Full company description

Construtora Tenda S.A. operates as a construction company for homes in Brazil. It operates through On-Site and Off-Site segments. The company also engages in the execution and management of civil construction works; development of real estate; purchase and sale of real estate and land; provision of civil construction management services; and intermediation and marketing of consortium shares. Construtora Tenda S.A. was founded in 1969 is headquartered in São Paulo, Brazil.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Construtora Tenda S.A reported revenue of R$4.3B in FY2025 versus R$2.5B in FY2021, a compound +14.2%/yr. Reported net income was R$506M in FY2025.

Growth Quality 85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
R$4.3B
Latest YoY
+31.4%
Avg. growth/yr (3Y)
+21.4%
Avg. growth/yr (5Y)
+13.6%
Avg. growth/yr (21Y)
+24.3%
Revenue +14.2%/yr
FY21 R$2.5B
FY22 R$2.4B
FY23 R$2.9B
FY24 R$3.3B
FY25 R$4.3B
Net income
FY21 −R$191M
FY22 −R$547M
FY23 −R$95.8M
FY24 R$106M
FY25 R$506M

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Cite: Fair Value Calculator (2026). "Construtora Tenda S.A Fair Value". https://www.fairvalue-calculator.com/stock/TEND3

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 47 · Below median
Fair Value upside +103% · Top 25%
Return on equity (TTM) 47% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Above median
Operating margin (TTM) 17% · Above median
Revenue growth 37% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.79× · Higher than 75% of peers

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

P/E (TTM) 6.4× · Cheaper than 75% of peers
P/B 3.23× · Pricier than 75% of peers
P/S (TTM) 0.86× · Pricier than median
P/FCF 4.5× · Pricier than 75% of peers
EV/EBITDA 7.0× · 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 100 · sector 48
FUTURE 100 · sector 0
PAST 100 · sector 10
HEALTH 60 · sector 84
DIVIDEND 0 · sector 38

Insider activity: 30/100

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 20, 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 Construtora Tenda S.A (TEND3) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of R$68.22 versus a price of R$33.63, about +103% (undervalued).
What is the fair value of TEND3?
Our model-based fair value for Construtora Tenda S.A is R$68.22 (as of Jul 20, 2026), built from audited fundamentals. The current price is R$33.63.
What is the quality score of TEND3?
Construtora Tenda 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 Construtora Tenda S.A (TEND3)?
Construtora Tenda S.A reported trailing-twelve-month revenue of about R$4.5B (latest available figure, as of Jul 20, 2026).
What is the net profit margin of TEND3?
The net profit margin of Construtora Tenda S.A is about 13.4%, meaning it keeps roughly 13.4% 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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