Reported Earnings • May 20
First quarter 2026 earnings released: R$2.05 loss per share (vs R$4.53 profit in 1Q 2025) First quarter 2026 results: R$2.05 loss per share (down from R$4.53 profit in 1Q 2025). Revenue: R$99.9m (down 56% from 1Q 2025). Net loss: R$45.6m (down 316% from profit in 1Q 2025). Duyuru • Mar 31
Gafisa S.A., Annual General Meeting, Apr 29, 2026 Gafisa S.A., Annual General Meeting, Apr 29, 2026. Reported Earnings • Mar 31
Full year 2025 earnings released Full year 2025 results: Revenue: R$619.7m (down 39% from FY 2024). Net loss: R$544.5m (loss widened R$504.0m from FY 2024). New Risk • Mar 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R$47.8m (US$9.17m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$119m free cash flow). Share price has been highly volatile over the past 3 months (10.0% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (323% increase in shares outstanding). Market cap is less than US$10m (R$47.8m market cap, or US$9.17m). New Risk • Dec 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$119m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$119m free cash flow). Share price has been highly volatile over the past 3 months (10.0% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risk Market cap is less than US$100m (R$55.1m market cap, or US$10.3m). New Risk • Nov 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R$52.6m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 22% per year over the past 5 years. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Market cap is less than US$10m (R$52.6m market cap, or US$9.86m). Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$120.8m (down 45% from 3Q 2024). Net loss: R$92.1m (down 237% from profit in 3Q 2024). Duyuru • Oct 24
Gafisa S.A. to Report Q3, 2025 Results on Nov 13, 2025 Gafisa S.A. announced that they will report Q3, 2025 results on Nov 13, 2025 New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$13m free cash flow). Share price has been highly volatile over the past 3 months (8.9% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risk Market cap is less than US$100m (R$136.7m market cap, or US$25.3m). New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (R$154.0m market cap, or US$28.5m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: R$1.06 (vs R$29.11 loss in 2Q 2024) Second quarter 2025 results: EPS: R$1.06 (up from R$29.11 loss in 2Q 2024). Revenue: R$162.3m (down 9.0% from 2Q 2024). Net income: R$6.83m (up R$136.6m from 2Q 2024). Profit margin: 4.2% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 60% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: R$0.18 (vs R$0.30 in 1Q 2024) First quarter 2025 results: EPS: R$0.18. Revenue: R$226.8m (down 11% from 1Q 2024). Net income: R$21.1m (up 3.3% from 1Q 2024). Profit margin: 9.3% (up from 8.1% in 1Q 2024). Duyuru • Apr 01
Gafisa S.A., Annual General Meeting, Apr 29, 2025 Gafisa S.A., Annual General Meeting, Apr 29, 2025. Reported Earnings • Mar 31
Full year 2024 earnings released: R$0.44 loss per share (vs R$3.25 loss in FY 2023) Full year 2024 results: R$0.44 loss per share (improved from R$3.25 loss in FY 2023). Revenue: R$1.01b (down 8.3% from FY 2023). Net loss: R$40.6m (loss narrowed 79% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year and the company’s share price has also fallen by 51% per year. New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 83% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (83% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (R$182.0m market cap, or US$31.3m). New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 9.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (41% increase in shares outstanding). Market cap is less than US$100m (R$125.2m market cap, or US$21.6m). Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$178.3m (down 37% from 2Q 2023). Net income: R$4.09m (up R$95.1m from 2Q 2023). Profit margin: 2.3% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$253.7m (down 13% from 1Q 2023). Net income: R$20.5m (up R$54.5m from 1Q 2023). Profit margin: 8.1% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Fiscal Council Member Elias de Brito was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2023 earnings released: R$3.09 loss per share (vs R$2.22 loss in FY 2022) Full year 2023 results: R$3.09 loss per share (further deteriorated from R$2.22 loss in FY 2022). Revenue: R$1.10b (down 2.9% from FY 2022). Net loss: R$195.3m (loss widened 135% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 42% per year whereas the company’s share price has fallen by 46% per year. New Risk • Feb 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$496.3m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$42m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (R$496.3m market cap, or US$99.4m). New Risk • Nov 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$42m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$42m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Market cap is less than US$100m (R$342.7m market cap, or US$70.5m). Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$286.4m (down 19% from 3Q 2022). Net loss: R$88.7m (loss widened 80% from 3Q 2022). New Risk • Oct 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Minor Risk Market cap is less than US$100m (R$224.4m market cap, or US$44.4m). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$284.2m (up 8.0% from 2Q 2022). Net loss: R$91.0m (loss widened 201% from 2Q 2022). New Risk • Jun 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Reported Earnings • May 17
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$292.5m (up 50% from 1Q 2022). Net loss: R$34.0m (down R$34.1m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2022 earnings released: R$2.22 loss per share (vs R$2.47 profit in FY 2021) Full year 2022 results: R$2.22 loss per share (down from R$2.47 profit in FY 2021). Revenue: R$1.14b (up 39% from FY 2021). Net loss: R$83.2m (down 202% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Duyuru • Jan 12
Albali Fundo de Investimento acquired 80.37% in Hotel Fasano Itaim from Gafisa S.A. (BOVESPA:GFSA3) for BRL 330 million. Albali Fundo de Investimento acquired 80.37% in Hotel Fasano Itaim from Gafisa S.A. (BOVESPA:GFSA3) for BRL 330 million on January 10, 2023. In the transaction Cescon Barrieu acted as legal advisor to Gafisa S.A. in the transaction.Albali Fundo de Investimento completed the acquisition on 80.37% in Hotel Fasano Itaim from Gafisa S.A. (BOVESPA:GFSA3) for BRL 330 million on January 10, 2023. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Fiscal Council Member Elias de Brito was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 16% share price gain to R$8.36, the stock trades at a trailing P/E ratio of 12.5x. Average forward P/E is 9x in the Consumer Durables industry in Brazil. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to R$9.21, the stock trades at a trailing P/E ratio of 13.8x. Average forward P/E is 8x in the Consumer Durables industry in Brazil. Total loss to shareholders of 81% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: R$263.3m (up 1.6% from 2Q 2021). Net loss: R$30.2m (down 331% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 42%, compared to a 18% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 158% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 16% share price gain to R$1.49, the stock trades at a trailing P/E ratio of 7.3x. Average forward P/E is 7x in the Consumer Durables industry in Brazil. Total loss to shareholders of 71% over the past three years. Price Target Changed • Aug 02
Price target decreased to R$3.00 Down from R$5.50, the current price target is provided by 1 analyst. New target price is 148% above last closing price of R$1.21. Stock is down 68% over the past year. The company posted earnings per share of R$0.27 last year. Board Change • Aug 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Fiscal Council Member Elias de Brito was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 26
Price target decreased to R$5.50 Down from R$10.75, the current price target is provided by 1 analyst. New target price is 231% above last closing price of R$1.66. Stock is down 64% over the past year. The company posted earnings per share of R$0.27 last year. Board Change • Apr 26
High number of new directors Director Nelson de Queiroz Tanure was the last director to join the board, commencing their role in 2020. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 15% share price gain to R$1.99, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 8x in the Consumer Durables industry in Brazil. Total loss to shareholders of 70% over the past three years. Buying Opportunity • Feb 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be R$2.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Feb 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be R$2.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improved over the past week After last week's 15% share price gain to R$1.96, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 18% share price gain to R$2.29, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total loss to shareholders of 83% over the past three years. Reported Earnings • Nov 23
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: R$0.02 (up from R$0.39 loss in 3Q 2020). Revenue: R$166.8m (up 12% from 3Q 2020). Net income: R$6.19m (up R$62.7m from 3Q 2020). Profit margin: 3.7% (up from net loss in 3Q 2020). Revenue missed analyst estimates by 44%. Over the next year, revenue is expected to shrink by 13% compared to a 26% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS R$0.044 (vs R$0.20 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$259.2m (up 209% from 2Q 2020). Net income: R$13.1m (up R$36.7m from 2Q 2020). Profit margin: 5.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 30
Price target decreased to R$5.50 Down from R$10.75, the current price target is provided by 1 analyst. New target price is 40% above last closing price of R$3.92. Stock is down 36% over the past year. Reported Earnings • Mar 19
Full year 2020 earnings released: R$0.26 loss per share (vs R$0.38 loss in FY 2019) The company reported a decent full year result with improved revenues, although losses increased and control over costs was weaker. Full year 2020 results: Revenue: R$884.0m (up 121% from FY 2019). Net loss: R$76.5m (loss widened 194% from FY 2019). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 02
New 90-day high: R$4.94 The company is up 30% from its price of R$3.81 on 03 November 2020. The Brazilian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: R$4.80 The company is up 2.0% from its price of R$4.70 on 10 September 2020. The Brazilian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 9.0% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: R$0.39 loss per share The company reported a mediocre third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: R$148.6m (up 67% from 3Q 2019). Net loss: R$56.5m (loss widened R$54.8m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 31
New 90-day low: R$3.81 The company is down 34% from its price of R$5.80 on 31 July 2020. The Brazilian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 13% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: R$4.19 The company is down 38% from its price of R$6.71 on 01 July 2020. The Brazilian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 3.0% over the same period. Duyuru • Sep 10
Gafisa S.A. (BOVESPA:GFSA3) announced an agreement to acquire certain real estate assets of Calçada SA. Gafisa S.A. (BOVESPA:GFSA3) announced an agreement to acquire certain real estate assets of Calçada SA on September 3, 2020. Duyuru • Aug 20
Gafisa S.A. (BOVESPA:GFSA3) made a proposal to acquire Tecnisa S.A. (BOVESPA:TCSA3). Gafisa S.A. (BOVESPA:GFSA3) made a proposal to acquire Tecnisa S.A. (BOVESPA:TCSA3) on August 19, 2020. Post completion, Tecnisa and Gafisa will be merged together. Part of the transaction includes Gafisa’s request to alter Tecnisa’s Bylaws and management.