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Jereissati Participações S.A. (IGTI11) Fair Value & Analysis

Real Estate · BR · Market cap R$25.7B (≈ $5.0B) · ISIN BRIGTICDAM16

What is Jereissati Participações S.A. really worth?

JP Jereissati Participações S.A. IGTI11 · SA
PriceR$26.57
Fair ValueR$5.81
Upside−78.1%
Quality59/100

A solid business, but trading 357% above our fair value of R$5.81.

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Strengths

Highly profitable · 46.6% net margin
Moderate debt · generates free cash flow
Wide moat 74/100

Risks

!Expensive Growth (revenue 5y +17.1 %/yr)
!Mixed vs. peers (6/14)
!Weak on dividend: 16 out of 100
Evidence: High Range R$3.34 – R$7.51

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 9 days ago

Share price +3.9% 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 sits above even our optimistic bull case (R$7.51). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (R$3.34 to R$7.51) 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$29.91 R$13.95 Fair Value R$5.81 Nov 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

57‑month range R$13.95 – R$29.91 · fair‑value band R$3.34 – R$7.51 · the R$26.57 price screens above the R$5.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Jereissati Participações S.A. (IGTI11) currently trades at R$26.57, while our model-based Fair Value estimate is R$5.81, implying the stock looks roughly 357.2% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of R$12.66 per share, and 0 of the 24 models we run sit above the R$26.57 price. Bear case: the Asset-Based group reads lowest at R$3.23, and 24 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Jereissati Participações S.A. generated revenue of R$1.5B at a net margin of 46.6%. Revenue grew 14.3% year over year. It earns a return on equity of 15.4%. Net debt stands at R$3.9B. Fundamentals as of Aug 27, 2026

Our scenario range runs from R$3.34 (bear case) to R$7.51 (bull case); at R$26.57, the current price sits above 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 13% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −78%, IGTI11 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly R$0.1103 per share, which is 1.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (R$0.1800 to R$15.72). Read the values as a conservative anchor, not as a price target.
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
EPV best evidence R$6.11 R$7.74 R$9.16 74
5Y EBITDA Exit R$5.36 R$12.41 R$20.81 72
Residual Income R$4.52 R$5.43 R$11.21 71
All 24 models by family
DCF Models
FCF DCF R$0.2700 R$2.59 R$6.21 70
5Y Revenue Exit R$0.1800 R$1.76 69
5Y EBITDA Exit R$5.36 R$12.41 R$20.81 72
5Y P/E Exit R$3.26 R$8.43 R$13.96 67
10Y Revenue Exit R$0.5800 R$2.28 64
10Y EBITDA Exit R$3.49 R$9.15 R$17.01 64
10Y P/E Exit R$2.15 R$6.36 R$11.71 60
Earnings-Based
Graham-Dodd R$4.10 R$13.65 R$18.27 64
Lynch FV R$3.09 R$4.42 R$5.74 61
PEG = 1.0 R$3.09 R$4.42 R$5.74 57
EPV best evidence R$6.11 R$7.74 R$9.16 74
Dividend Discount
Gordon GGM R$1.90 R$3.95 R$6.26 66
DDM Multi-Stage R$1.90 R$3.24 R$4.14 66
Multiples
P/E Multiple R$9.49 R$12.66 R$15.82 63
P/S Multiple R$2.31 R$3.08 R$3.85 58
P/B Multiple R$7.68 R$10.25 R$12.81 55
EV/EBIT R$10.87 R$15.72 R$20.56 65
EV/EBITDA R$9.41 R$13.76 R$18.12 67
Asset-Based
NCAV (Graham) R$2.41 R$3.23 R$4.81 54
Growth DCF
Growth DCF R$0.3200 R$2.36 R$5.31 70
Rev-Margin DCF R$0.2100 R$1.74 69
Economic Profit
Residual Income R$4.52 R$5.43 R$11.21 71
ROIC Compounder R$6.47 R$9.33 R$12.99 71
Growth Earnings
Growth-Adj P/E R$8.04 R$11.48 R$14.93 67

Widest divergence: Multiples (R$12.66) versus Growth DCF (R$0.2100). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 152.3 as of Jun 8, 2026
P/S ratio 59.7 P/E × margin
EPS (TTM) R$0.1630 price ÷ EPS = P/E 152.3
Dividend yield 0.8% payout 127%
Net margin 39.2% FY2025
Return on equity 15.4% TTM
More key figures
Profitability
Return on assets (EBIT) 7.8% avg 5y
Operating margin 102% TTM
Growth
Revenue (TTM) R$1.5B TTM
Revenue growth (YoY) +14.3% 3y avg +13.5%
EPS growth (YoY) +121%
Balance sheet & cash flow
Free cash flow R$329M FY2025
Net debt R$3.9B FY2025 · ≈ 11.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 51 · Market factors (momentum, volatility) 60

Profitability 44
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 69
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

Iguatemi S.A., together with its subsidiaries, engages in the commercial exploration and planning of shopping centers in Brazil. The company is also involved in the purchase of parking lots, and sale of real estate. In addition, it provides economic, financial and tax advisory, and consultancy services.

Full company description

Iguatemi S.A., together with its subsidiaries, engages in the commercial exploration and planning of shopping centers in Brazil. The company is also involved in the purchase of parking lots, and sale of real estate. In addition, it provides economic, financial and tax advisory, and consultancy services. The company was formerly known as Jereissati Participações S.A. and changed its name to Iguatemi S.A. in November 2021. Iguatemi S.A. was founded in 1946 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

Jereissati Participações S.A. reported revenue of R$1.5B in FY2025 versus R$858M in FY2021, a compound +14.7%/yr. Reported net income was R$582M in FY2025, compounding +24.9%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$1.5B
Latest YoY
+20.3%
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.
+13.5%
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.
+17.1%
Avg. revenue growth/yr (16Y) 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.
−9.4%
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.
+27.0% (26.2 + 0.8)
Revenue +14.7%/yr
FY21 R$858M
FY22 R$1.0B
FY23 R$1.2B
FY24 R$1.2B
FY25 R$1.5B
Net income +24.9%/yr
FY21 R$239M
FY22 R$7.6M
FY23 R$305M
FY24 R$400M
FY25 R$582M

IGTI11 screens 357% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Jereissati Participações S.A. Fair Value". https://www.fairvalue-calculator.com/stock/IGTI11

Peer Group

Real Estate Services · 523 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 57 · Above median
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 47% · Top 25%
Operating margin (TTM) 102% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 0.8% · Bottom 25%
Debt / equity 0.77× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 152.3× · Pricier than 75% of peers
P/B 5.52× · Pricier than 75% of peers
P/S (TTM) 16.79× · Pricier than 75% of peers
P/FCF 15.3× · Pricier than 75% of peers
EV/EBITDA 25.6× · Pricier than 75% of peers

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
VALUE0 · sector 30
FUTURE72 · sector 11
PAST61 · sector 17
HEALTH62 · sector 84
DIVIDEND16 · sector 63

VALUE 0: the price sits above our fair-value range.

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 Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Jereissati Participações S.A. (IGTI11) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of R$5.81 versus a price of R$26.57, about −78% upside (overvalued).
What is the fair value of IGTI11?
Our model-based fair value for Jereissati Participações S.A. is R$5.81 (as of Aug 27, 2026), built from audited fundamentals. The current price: R$26.57.
What is the quality score of IGTI11?
Jereissati Participações S.A. has a Quality Score of 59/100. 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 Jereissati Participações S.A. (IGTI11)?
Jereissati Participações S.A. reported trailing-twelve-month revenue of about R$1.5B (latest available figure, as of Aug 27, 2026).
What is the net profit margin of IGTI11?
The net profit margin of Jereissati Participações S.A. is about 46.6%, meaning it keeps roughly 46.6% of revenue as net income. Based on the latest reported figures.
Does Jereissati Participações S.A. pay a dividend?
Jereissati Participações S.A. currently shows a dividend yield of about 0.78% relative to its recent price (as of Aug 27, 2026).
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