Company Valuation: Gafisa S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,306 677.7 374.7 658.8 136.8 59.71
Change - -48.13% -44.7% 75.81% -79.24% -56.34%
Enterprise Value (EV) 1 1,833 1,808 2,057 2,414 1,677 1,645
Change - -1.37% 13.76% 17.35% -30.54% -1.92%
P/E -10.2x 7.4x -4.45x -3.17x -2.7x -0.08x
PBR 0.84x 0.37x 0.29x 0.39x 0.07x 0.04x
PEG - -0x 0x -0.1x 0x -0x
Capitalization / Revenue 1.48x 0.83x 0.33x 0.6x 0.14x 0.1x
EV / Revenue 2.07x 2.21x 1.81x 2.19x 1.66x 2.65x
EV / EBITDA -674x 50x -101x -36x -23.2x -4.47x
EV / EBIT -255x 99.2x -40.2x -28.2x -19.4x -4.28x
EV / FCF -4.84x -3.1x -1.73x 78.7x -29.6x 6.9x
FCF Yield -20.6% -32.3% -57.7% 1.27% -3.38% 14.5%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -76.57 48.91 -44.44 -65.76 -8.74 -67.89
Distribution rate - - - - - -
Net sales 1 884 818.3 1,136 1,104 1,012 619.7
EBITDA 1 -2.721 36.16 -20.46 -67.02 -72.36 -368.3
EBIT 1 -7.191 18.23 -51.22 -85.65 -86.33 -383.8
Net income 1 -76.52 81.26 -83.17 -195.3 -40.58 -544.5
Net Debt 1 526.8 1,131 1,682 1,755 1,540 1,585
Reference price 2 783.0000 361.8000 198.0000 208.4000 23.6000 5.3500
Nbr of stocks (in thousands) 1,669 1,873 1,893 3,161 5,795 11,161
Announcement Date 3/16/21 3/19/22 3/28/23 3/26/24 3/27/25 3/27/26
1BRL in Million2BRL
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 10.41M
60.56x - - - 66.91B
13.75x4.48x12.05x3.68% 38.77B
5.61x0.73x1.51x8.77% 27.39B
8.05x1.45x8.04x4.4% 26.72B
17.28x3.88x15.6x1.42% 26.39B
13.18x3.02x14.44x2.65% 24.19B
9.11x3.35x7.66x-.--% 21.58B
10.19x2x8.23x4.12% 20.23B
7.95x0.88x3.21x2.81% 20.44B
Average 16.19x 2.47x 8.84x 3.48% 27.26B
Weighted average by Cap. 23.09x 2.62x 9.15x 3.61%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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