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Vivara Participações S.A (VIVA3) Fair Value & Analysis

Consumer Cyclical · BR · Market cap R$5.4B

VP Vivara Participações S.A VIVA3 · SA
PriceR$21.63
Fair ValueR$44.79
Upside+107.1%
Quality60/100
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Healthy Growth
Solidly profitable · 19.0% net margin
Low debt · generates free cash flow
2.97% dividend yield
Ranks above peers (11/14)
Wide moat 67/100
Evidence: High Range R$30.60 – R$55.99 Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 26 days ago

Share price −2.4% over the past month.

A solid business, screening 107% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (R$30.60). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R$30.60 to R$55.99) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

R$35.34 R$15.76 Fair Value R$44.79 May 2021 Aug 2026

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

How to read this chart

60‑month range R$15.76 – R$35.34 · fair‑value band R$30.60 – R$55.99 · the R$21.63 price screens below the R$44.79 fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Vivara Participações S.A (VIVA3) currently trades at R$21.63, while our model-based Fair Value estimate is R$44.79, implying the stock looks roughly 107.1% undervalued today. The Quality Score stands at 60/100 (solid 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, Vivara Participações S.A generated revenue of R$3.1B at a net margin of 19.0%. Revenue grew 10.9% year over year. It earns a return on equity of 20.8%. Net debt stands at R$863M. Fundamentals as of Jul 14, 2026

Our scenario range runs from R$30.60 (bear case) to R$55.99 (bull case); at R$21.63, 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 40% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at 107%, VIVA3 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$23.58 R$45.85 R$85.41 80
Residual Income R$15.82 R$19.09 R$45.25 76
Rev-Margin DCF R$15.39 R$27.20 R$44.30 74
All 26 models by family
DCF Models
FCF DCF R$24.55 R$41.84 R$87.24 38
Owner Earnings R$43.01 R$90.98 R$184.63 31
5Y Revenue Exit R$15.39 R$26.66 R$44.92 39
5Y EBITDA Exit R$30.10 R$59.28 R$104.69 41
5Y P/E Exit R$36.86 R$77.16 R$128.20 38
10Y Revenue Exit R$17.75 R$31.09 R$49.08 36
10Y EBITDA Exit R$28.17 R$57.10 R$108.41 37
10Y P/E Exit R$32.76 R$69.04 R$129.94 35
Earnings-Based
Graham-Dodd R$17.92 R$116.90 R$163.58 54
Lynch FV R$34.01 R$48.58 R$63.16 50
PEG = 1.0 R$34.01 R$48.58 R$63.16 46
EPV R$25.36 R$29.32 R$32.74 59
Dividend Discount
Gordon GGM R$19.18 R$38.22 R$57.88 70
DDM Multi-Stage R$19.18 R$33.03 R$40.35 61
Multiples
P/E Multiple R$43.47 R$57.96 R$72.45 63
P/S Multiple R$11.58 R$15.45 R$19.31 58
P/B Multiple R$33.59 R$44.79 R$55.99 55
EV/EBIT R$41.66 R$55.46 R$69.25 53
EV/EBITDA R$33.72 R$44.87 R$56.01 54
EV/Revenue R$11.10 R$15.73 R$20.37 43
Asset-Based
NCAV (Graham) R$6.27 R$8.40 R$12.54 50
Growth DCF
Growth DCF R$23.58 R$45.85 R$85.41 80
Rev-Margin DCF R$15.39 R$27.20 R$44.30 74
Economic Profit
Residual Income R$15.82 R$19.09 R$45.25 76
ROIC Compounder R$30.76 R$43.47 R$60.87 72
Growth Earnings
Growth-Adj P/E R$48.74 R$69.63 R$90.52 68

Widest divergence: Growth Earnings (R$69.63) versus Asset-Based (R$8.40). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) R$3.1B
Revenue growth (YoY) +10.9%
Net margin 19.0%
Return on equity 20.8%
Free cash flow R$399M FY2025
P/E ratio 9.4
More key figures
Operating margin 16.4%
EPS (TTM) R$2.45
Dividend yield 3.0%
EPS growth (YoY) -29.7%
Net debt R$863M FY2025

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

Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 32

Profitability 71
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 12
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

Vivara Participações S.A. engages in the manufacture and sale of jewelry and other articles in Latin America. The company offers jewelry products, including rings, necklaces, alliances, toys, solitaires, earrings, chains, currents, pendants, and bracelets.

Full company description

Vivara Participações S.A. engages in the manufacture and sale of jewelry and other articles in Latin America. The company offers jewelry products, including rings, necklaces, alliances, toys, solitaires, earrings, chains, currents, pendants, and bracelets. It also provides watches; accessories, such as sunglasses, wallets and card holders, passport and watch holders, jewelry box, perfumes, cuff links, keychains, pens, and knives; and gift products comprising giftable kits, quiz, graduation, infantile, mother/grandmother, and customizable products. The company sells its products under the Vivara, Tag Heuer, Victorinox, Movado, Baume and Mercier, Bulova, Akium, Lacoste, Calvin Klein, Hugo Boss, Tommy Hilfiger, Olivia Burton, Festina, Adidas, Life By Vivara, Guess. Nautica, Porsche Design, Montblanc, and Festina brands. It offers its products through stores and kiosks, as well as through e-commerce. Vivara Participações S.A. was founded in 1962 and is headquartered in São Paulo, Brazil.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vivara Participações S.A reported revenue of R$3.0B in FY2025 versus R$1.5B in FY2021, a compound +19.9%/yr. Reported net income was R$620M in FY2025, compounding +20.0%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$3.0B
Latest YoY
+17.4%
Avg. growth/yr (3Y)
+18.0%
Avg. growth/yr (5Y)
+23.6%
Avg. growth/yr (9Y)
+13.7%
Revenue +19.9%/yr
FY21 R$1.5B
FY22 R$1.8B
FY23 R$2.2B
FY24 R$2.6B
FY25 R$3.0B
Net income +20.0%/yr
FY21 R$298M
FY22 R$361M
FY23 R$369M
FY24 R$653M
FY25 R$620M

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Cite: Fair Value Calculator (2026). "Vivara Participações S.A Fair Value". https://www.fairvalue-calculator.com/stock/VIVA3

Peer Group

Luxury Goods · 132 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 · Above median
Fair Value upside +107% · Top 25%
Return on equity (TTM) 21% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 11% · Above median
Dividend yield (TTM) 3.0% · Above median
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than 75% of peers
P/B 1.84× · Pricier than median
P/S (TTM) 1.76× · Pricier than median
P/FCF 2.7× · Cheaper 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 100 · sector 13
FUTURE 55 · sector 50
PAST 83 · sector 38
HEALTH 95 · sector 99
DIVIDEND 59 · sector 38

Insider activity: 35/100

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 Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 197.40 CHF 117.30 -41%
Christian Dior SE DIO €455.40 €502.30 +10%
Kering SA KER €248.50 €60.61 -76%
Tapestry, Inc TPR $140.73 $19.95 -86%
Chow Tai Fook Jewellery Group 1929 HK$11.82 HK$12.28 +4%
The Swatch Group UHRN CHF 40.95 CHF 21.48 -48%
Prada S.p.A 1913 HK$43.26 HK$64.05 +48%
Pandora A/S PNDORA kr 779.40 kr 1,424 +83%
Brunello Cucinelli S.p.A BC €80.32 €42.69 -47%
Kalyan Jewellers India Limited KALYANKJIL ₹546.60 ₹238.57 -56%

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Frequently asked questions

Is Vivara Participações S.A (VIVA3) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of R$44.79 versus a price of R$21.63, about +107% (undervalued).
What is the fair value of VIVA3?
Our model-based fair value for Vivara Participações S.A is R$44.79 (as of Jul 14, 2026), built from audited fundamentals. The current price is R$21.63.
What is the quality score of VIVA3?
Vivara Participações 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 Vivara Participações S.A (VIVA3)?
Vivara Participações S.A reported trailing-twelve-month revenue of about R$3.1B (latest available figure, as of Jul 14, 2026).
What is the net profit margin of VIVA3?
The net profit margin of Vivara Participações S.A is about 19.0%, meaning it keeps roughly 19.0% of revenue as net income. Based on the latest reported figures.
Does Vivara Participações S.A pay a dividend?
Vivara Participações S.A currently shows a dividend yield of about 3.40% relative to its recent price (as of Jul 14, 2026).

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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