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Porto Seguro S.A (PSSA3) Fair Value & Analysis

Financial Services · BR · Market cap R$35.3B (≈ $6.9B) · ISIN BRPSSAACNOR7

What is Porto Seguro S.A really worth?

PS Porto Seguro S.A PSSA3 · SA
PriceR$51.24
Fair ValueR$47.21
Upside−7.9%
Quality59/100

A solid business, currently priced close to our fair value of R$47.21.

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Strengths

Low debt · generates free cash flow
Ranks above peers (10/15)

Risks

!Mixed Growth (revenue 5y +16.7 %/yr)
!Thin margins · 8.3% net margin
!Moderate moat 60/100
!Weak on valuation: 23 out of 100
Evidence: High Range R$35.41 – R$59.01

Fair value as of: Aug 22, 2026

From 6 valuation models · updated 14 days ago

Share price −5.5% 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 close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

R$55.45 R$13.79 Fair Value R$47.21 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range R$13.79 – R$55.45 · fair‑value band R$35.41 – R$59.01 · the R$51.24 price screens above the R$47.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Porto Seguro S.A (PSSA3) currently trades at R$51.24, while our model-based Fair Value estimate is R$47.21, implying the stock looks roughly 8.5% fairly valued today. The Quality Score stands at 59/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of R$45.34 per share, and 1 of the 6 models we run sit above the R$51.24 price. Bear case: the Asset-Based group reads lowest at R$16.45, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Porto Seguro S.A generated revenue of R$44.3B at a net margin of 8.3%. Revenue grew 9.9% year over year. It earns a return on equity of 25.2%. The balance sheet holds a net cash position of R$1.2B. Fundamentals as of Aug 22, 2026

Our scenario range runs from R$35.41 (bear case) to R$59.01 (bull case); at R$51.24, the current price sits within 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 8% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −8%, PSSA3 screens cheaper 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$3.84 per share, which is 8.1 % 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.

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
Gordon GGM R$17.05 R$35.44 R$56.23 66
DDM Multi-Stage R$17.05 R$29.89 R$37.20 66
Residual Income R$34.49 R$45.34 R$190.23 64
All 6 models by family
Dividend Discount
Gordon GGM R$17.05 R$35.44 R$56.23 66
DDM Multi-Stage R$17.05 R$29.89 R$37.20 66
Multiples
P/E Multiple R$51.43 R$68.57 R$85.71 63
P/B Multiple R$25.79 R$34.38 R$42.98 55
Asset-Based
NCAV (Graham) R$12.28 R$16.45 R$24.56 54
Economic Profit
Residual Income R$34.49 R$45.34 R$190.23 64

Widest divergence: Economic Profit (R$45.34) versus Asset-Based (R$16.45). Highest evidence: Gordon GGM (66).

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Key figures & financial health

P/E ratio 9.0
P/S ratio 0.72 P/E × margin
EPS (TTM) R$5.68 price ÷ EPS = P/E 9.0
Dividend yield 3.9% payout 35.0%
Net margin 7.9% FY2025
Return on equity 25.2% TTM
More key figures
Profitability
Return on assets (EBIT) 6.4% avg 5y
Operating margin 13.2% TTM
Growth
Revenue (TTM) R$44.3B TTM
Revenue growth (YoY) +9.9% 3y avg +20.5%
EPS growth (YoY) +36.3%
Balance sheet & cash flow
Free cash flow R$1.2B FY2025
Net cash R$1.2B FY2025

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 61

Profitability 63
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 80
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

Porto Seguro S.A., together with its subsidiaries, provides a range of insurance products and services in Brazil and Uruguay.

Full company description

Porto Seguro S.A., together with its subsidiaries, provides a range of insurance products and services in Brazil and Uruguay. It offers auto, residential, travel, cell phone, life, motorcycle, notebook and tablet, photo and video, smart and games, bike, real estate, green card, bail, and moving insurance products, as well as reinsurance, combined protection, professional civil liability, machines and equipment, events, agribusiness, and taxi insurance. The company also engages in the management and market of capitalization bonds; granting loans and financing for consumption and working capital; operation of credit cards; management of consortium groups for the acquisition of movable and immovable properties; distribution of investment fund units; maintenance, development and licensing of programs; installation of heating systems, natural gas and liquefied petroleum gas; operation of oncology, hematology, and radiotherapy centers; sale and distribution of automotive parts; and administration and management of securities portfolios, investment funds, and financial resources. In addition, it provides technical insurance brokerage services; services for obtaining credit and consumer financing; technical support for software and other information technology services; intermediation and agency services for services and businesses; debt collection and credit information services; administrative advisory services to physicians and health insurance companies; consulting and advisory services in occupational health, workplace safety, ergonomics, and outpatient services; electronic protection and monitoring related services; and telemarketing and general customer services. The company was founded in 1945 and is based in São Paulo, Brazil. Porto Seguro S.A. operates as a subsidiary of Porto Seguro Itaú Unibanco Participações S.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Porto Seguro S.A reported revenue of R$42.7B in FY2025 versus R$22.3B in FY2021, a compound +17.7%/yr. Reported net income was R$3.4B in FY2025, compounding +21.6%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
R$42.7B
Latest YoY
+30.8%
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.
+20.5%
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.
+16.7%
Avg. revenue growth/yr (25Y) 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.
+13.6%
Value creation/yr (5Y, in BRL) Earnings growth per share (CAGR 5 years, EBIT basis) 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.
+21.8% (17.9 + 3.9)
Revenue +17.7%/yr
FY21 R$22.3B
FY22 R$24.4B
FY23 R$33.8B
FY24 R$32.7B
FY25 R$42.7B
Net income +21.6%/yr
FY21 R$1.5B
FY22 R$1.1B
FY23 R$2.3B
FY24 R$2.6B
FY25 R$3.4B
Character of growth · EPS growth decomposed (2014-2025) +12.8 % p.a.
Revenue per share +9.3 %

of which total revenue +9.4 % · buybacks/dilution +0.0 %

EBIT margin +3.3 %
Tax rate +0.1 %
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). "Porto Seguro S.A Fair Value". https://www.fairvalue-calculator.com/stock/PSSA3

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Insurance - Diversified · 83 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 −8% · Above median
Return on equity (TTM) 25% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 8% · Below median
Operating margin (TTM) 13% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 3.9% · Above median
Debt / equity 0.36× · Higher than median

Valuation Multiples vs Insurance - Diversified median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 2.25× · Pricier than 75% of peers
P/S (TTM) 0.80× · Cheaper than median
P/FCF 5.6× · Pricier than median
EV/EBITDA 7.4× · Pricier than median
PEG 0.39× · Cheaper 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
VALUE23 · sector 11
FUTURE50 · sector 31
PAST100 · sector 49
HEALTH82 · sector 89
DIVIDEND77 · sector 72

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 Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
Berkshire Hathaway Inc BRKB80 1.67 THB 1.48 THB −11%
Allianz SE ALV €453.00 €266.04 −41%
Zurich Insurance Group ZURN CHF 596.00 CHF 335.07 −44%
AXA SA CS €43.61 €39.90 −9%
Assicurazioni Generali S.p.A G €44.11 €10.92 −75%
Sun Life Financial Inc SLF C$108.85 C$57.05 −48%
American International Group AIG $76.14 $80.91 +6%
The Hartford Insurance Group HIG $137.38 $133.10 −3%
Arch Capital Group ACGL $98.76 $124.45 +26%
Swiss Life Holding SLHN CHF 919.00 CHF 425.23 −54%

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Frequently asked questions

Is Porto Seguro S.A (PSSA3) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of R$47.21 versus a price of R$51.24, about −8% upside (fairly valued).
What is the fair value of PSSA3?
Our model-based fair value for Porto Seguro S.A is R$47.21 (as of Aug 22, 2026), built from audited fundamentals. The current price: R$51.24.
What is the quality score of PSSA3?
Porto Seguro 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 Porto Seguro S.A (PSSA3)?
Porto Seguro S.A reported trailing-twelve-month revenue of about R$44.3B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of PSSA3?
The net profit margin of Porto Seguro S.A is about 8.3%, meaning it keeps roughly 8.3% of revenue as net income. Based on the latest reported figures.
Does Porto Seguro S.A pay a dividend?
Porto Seguro S.A currently shows a dividend yield of about 3.87% relative to its recent price (as of Aug 22, 2026).
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