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Cury Construtora e Incorporadora S.A (CURY3) Fair Value & Analysis

Real Estate · BR · Market cap R$10.2B (≈ $2.0B) · ISIN BRCURYACNOR3

What is Cury Construtora e Incorporadora S.A really worth?

CC Cury Construtora e Incorporadora S.A CURY3 · SA
PriceR$32.80
Fair ValueR$55.80
Upside+70.1%
Quality69/100

A solid business, trading 41% below our fair value of R$55.80.

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Strengths

Healthy Growth (revenue 5y +36.4 %/yr)
Solidly profitable · 18.4% net margin
Moderate debt · generates free cash flow
Ranks above peers (10/14)
Wide moat 83/100

For context

·11.76% dividend yield
Evidence: High Range R$40.20 – R$78.96

Fair value as of: Aug 23, 2026

From 16 valuation models · updated 13 days ago

Share price +3.3% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (R$40.20). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R$40.20 to R$78.96) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

R$41.67 R$3.98 Fair Value R$55.80 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range R$3.98 – R$41.67 · fair‑value band R$40.20 – R$78.96 · the R$32.80 price screens below the R$55.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Cury Construtora e Incorporadora S.A (CURY3) currently trades at R$32.80, while our model-based Fair Value estimate is R$55.80, implying the stock looks roughly 41.2% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of R$97.25 per share, and 13 of the 16 models we run sit above the R$32.80 price. Bear case: the Economic Profit group reads lowest at R$19.59, and 3 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Cury Construtora e Incorporadora S.A generated revenue of R$5.8B at a net margin of 18.4%. Revenue grew 32.6% year over year. It earns a return on equity of 73.7%. Net debt stands at R$119M. Fundamentals as of Aug 23, 2026

Our scenario range runs from R$40.20 (bear case) to R$78.96 (bull case); at R$32.80, 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 21% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 70%, CURY3 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$39.52 R$61.85 R$132.95 75
Growth DCF R$37.20 R$68.70 R$132.36 74
5Y EBITDA Exit R$53.96 R$99.51 R$189.03 71
All 16 models by family
DCF Models
FCF DCF R$39.52 R$61.85 R$132.95 75
5Y Revenue Exit R$43.07 R$77.50 R$149.85 69
5Y EBITDA Exit R$53.96 R$99.51 R$189.03 71
10Y Revenue Exit R$41.06 R$97.25 R$135.44 65
10Y EBITDA Exit R$50.78 R$120.69 R$245.24 63
Dividend Discount
Gordon GGM R$40.31 R$83.81 R$132.96 66
DDM Multi-Stage R$40.31 R$70.67 R$87.96 66
Multiples
P/S Multiple R$40.38 R$53.84 R$67.30 58
P/B Multiple R$6.73 R$8.97 R$11.21 55
EV/EBIT R$71.91 R$95.68 R$119.45 66
EV/EBITDA R$57.14 R$75.99 R$94.84 67
EV/Revenue R$39.92 R$56.78 R$73.64 53
Asset-Based
NCAV (Graham) R$2.24 R$3.01 R$4.49 54
Growth DCF
Growth DCF R$37.20 R$68.70 R$132.36 74
Rev-Margin DCF R$43.51 R$88.51 R$173.64 68
Economic Profit
Residual Income R$16.52 R$19.59 R$108.29 64

Widest divergence: DCF Models (R$97.25) versus Asset-Based (R$3.01). Highest evidence: FCF DCF (75).

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Key figures & financial health

P/E ratio 9.5
P/S ratio 1.71 P/E × margin
EPS (TTM) R$3.46 price ÷ EPS = P/E 9.5
Dividend yield 11.8% payout 111%
Net margin 18.1% FY2025
Return on equity 73.7% TTM
More key figures
Profitability
Return on assets (EBIT) 18.5% avg 5y
Operating margin 25.6% TTM
Growth
Revenue (TTM) R$5.8B TTM
Revenue growth (YoY) +32.6% 3y avg +33.7%
EPS growth (YoY) +33.5%
Balance sheet & cash flow
Free cash flow R$713M FY2025
Net debt R$119M FY2025 · ≈ 0.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 66 · Market factors (momentum, volatility) 53

Profitability 82
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 45
Distance to the 52-week high (market factor)
Net Issuance 76
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

Cury Construtora e Incorporadora S.A. operates in real estate businesses in Brazil. The company engages in selling real estate units; credit analysis services; residential real estate developments; rental of own properties; and provision of services relating to construction, supervision, studies, and projects, in addition to the execution of any …

Full company description

Cury Construtora e Incorporadora S.A. operates in real estate businesses in Brazil. The company engages in selling real estate units; credit analysis services; residential real estate developments; rental of own properties; and provision of services relating to construction, supervision, studies, and projects, in addition to the execution of any construction works and civil engineering. It also provides construction, management, real estate administration, and electrical and hydraulic installation services. The company was founded in 1963 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

Cury Construtora e Incorporadora S.A reported revenue of R$5.4B in FY2025 versus R$1.7B in FY2021, a compound +32.8%/yr. Reported net income was R$976M in FY2025, compounding +34.3%/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$5.4B
Latest YoY
+37.5%
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.
+33.7%
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.
+36.4%
Avg. revenue growth/yr (13Y) 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.
+20.4%
Value creation/yr (5Y, in BRL) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+55.1% (43.3 + 11.8)
Revenue +32.8%/yr
FY21 R$1.7B
FY22 R$2.3B
FY23 R$2.9B
FY24 R$3.9B
FY25 R$5.4B
Net income +34.3%/yr
FY21 R$300M
FY22 R$330M
FY23 R$482M
FY24 R$650M
FY25 R$976M
Character of growth · EPS growth decomposed (2014-2025) +11.7 % p.a.
Revenue per share +9.1 %

of which total revenue +18.9 % · buybacks/dilution −8.3 %

EBIT margin +2.8 %
Tax rate −0.5 %
Residual (interest, one-offs) +0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Cury Construtora e Incorporadora S.A Fair Value". https://www.fairvalue-calculator.com/stock/CURY3

Peer Group

Real Estate - Development · 567 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 67 · Top 25%
Fair Value upside +70% · Above median
Return on equity (TTM) 74% · Top 25%
Return on assets 16% · Top 25%
Net margin (TTM) 18% · Above median
Operating margin (TTM) 26% · Top 25%
Revenue growth 33% · Top 25%
Dividend yield (TTM) 11.8% · Top 25%
Debt / equity 0.85× · Higher than 75% of peers

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

P/E (TTM) 9.5× · Cheaper than median
P/B 7.38× · Pricier than 75% of peers
P/S (TTM) 1.76× · Pricier than median
P/FCF 2.8× · Pricier than median
EV/EBITDA 6.9× · 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
VALUE100 · sector 45
FUTURE100 · sector 0
PAST100 · sector 11
HEALTH58 · sector 85
DIVIDEND100 · sector 53

Insider activity: 40/100

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

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%

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Frequently asked questions

Is Cury Construtora e Incorporadora S.A (CURY3) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of R$55.80 versus a price of R$32.80, about +70% upside (undervalued).
What is the fair value of CURY3?
Our model-based fair value for Cury Construtora e Incorporadora S.A is R$55.80 (as of Aug 23, 2026), built from audited fundamentals. The current price: R$32.80.
What is the quality score of CURY3?
Cury Construtora e Incorporadora S.A has a Quality Score of 69/100. 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 Cury Construtora e Incorporadora S.A (CURY3)?
Cury Construtora e Incorporadora S.A reported trailing-twelve-month revenue of about R$5.8B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of CURY3?
The net profit margin of Cury Construtora e Incorporadora S.A is about 18.4%, meaning it keeps roughly 18.4% of revenue as net income. Based on the latest reported figures.
Does Cury Construtora e Incorporadora S.A pay a dividend?
Cury Construtora e Incorporadora S.A currently shows a dividend yield of about 11.76% relative to its recent price (as of Aug 23, 2026).
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