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STOCK COMPARISON

IRB-Brasil Resseguros S.A. vs Merchant Express Class A: Fair Value & Quality

Both stocks run through our valuation models. Here is how IRB-Brasil Resseguros S.A. (IRBR3) and Merchant Express Class A (001965) compare, as of Aug 14, 2026.

As of Aug 14, 2026, Fair Value Calculator sees IRB-Brasil Resseguros S.A. as the more attractively valued of the two: IRB-Brasil Resseguros S.A. trades at BRL 49.13 versus a fair value of BRL 71.46 (+45%), while Merchant Express Class A trades at ¥9.20 versus ¥10.25 (+11%).
IRB-Brasil Resseguros S.A.
IRBR3.SA · BRL · Financials
+45%
upside to fair value
undervalued
PriceBRL 49.13
Fair ValueBRL 71.46
Quality55/100
Merchant Express Class A
001965.SHE · CNY · Industrials
+11%
upside to fair value
undervalued
Price¥9.20
Fair Value¥10.25
Quality59/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

IRB-Brasil Resseguros S.A.Merchant Express Class A
Valuation
13.4×P/E (TTM)15.0×
0.90×P/S (TTM)4.77×
0.88×P/B0.91×
8.1×EV/EBITDA16.3×
1.1%Dividend yield3.8%
BRL 0.59Dividend per share¥0.37
Profitability
7%Net margin33%
-4%Operating margin20%
7%Return on equity6%
2%Return on assets1%
Growth
-7%Revenue growth (YoY)27%
—Avg. growth/yr (3Y)17.2%
-26.1%Avg. growth/yr (5Y)13.6%
Balance & size
0.05×Debt / equity0.65×
$897MMarket cap$10B
weakGrowth qualityhealthy

IRB-Brasil Resseguros S.A. leads: 7 to 5 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

IRB-Brasil Resseguros S.A.of which business quality 54 · market factors 51 Merchant Express Class Aof which business quality 57 · market factors 45
ProfitabilityMargins and returns on capital today
37
34
Quality GrowthAre margins and returns improving?
84
48
CashflowEarnings quality: real cash, not paper profit
59
85
Fin. StrengthBalance sheet, leverage, solvency risk
39
33
InvestmentDisciplined investing over empire-building
86
55
Low VolatilityCalm price path (market factor)
76
92
MomentumPrice trend over the last 3–12 months (market factor)
42
31
52W MomentumDistance to the 52-week high (market factor)
38
16
Net IssuanceBuybacks instead of dilution
40
94

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

IRB-Brasil Resseguros S.A.

MultiplesBRL 72.25
Asset-BasedBRL 43.61
Economic ProfitBRL 54.61

1 of 4 models see the stock below the current price.

Merchant Express Class A

DCF Models¥12.99
Earnings-Based¥10.25
Dividend Discount¥11.63
Multiples¥7.50
Asset-Based¥7.32
Growth DCF¥8.98
Economic Profit¥9.16
Growth Earnings¥15.42

8 of 23 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

IRB-Brasil Resseguros S.A.
Bear BRL 53.60Fair Value BRL 71.46Bull BRL 89.33
BRL 49.13 = current price (white tick)
Merchant Express Class A
Bear ¥4.24Fair Value ¥10.25Bull ¥13.33
¥9.20 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

IRB-Brasil Resseguros S.A. · Financials

Quality score55 · above median
Fair value upside+45% · Top 25%

Merchant Express Class A · Industrials

Quality score59 · above median
Fair value upside+11% · above median

Bottom line

As of Aug 14, 2026, Fair Value Calculator sees IRB-Brasil Resseguros S.A. as the more attractively valued of the two: IRB-Brasil Resseguros S.A. trades at BRL 49.13 versus a fair value of BRL 71.46 (+45%), while Merchant Express Class A trades at ¥9.20 versus ¥10.25 (+11%).

Merchant Express Class A has the higher quality score (59/100).

See the full analysis →
IRB-Brasil Resseguros S.A. · Merchant Express Class A

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.