MULT3 · B3 · Shopping malls
Multiplan
We own 55 shares · in the portfolio for 5 days
- Since we bought
- −6.6%
- Ibovespa, same period
- −4.4%
At the close of 30 Oct 2026. Includes dividends declared since purchase.
Why we own it
Rents are adjusted for inflation, and its return on equity (about 21%) is far above its main listed peer.
What could go wrong
- Consumer spending weakens.
- Higher rates raise the cost of its debt.
What would make us sell
Written before we bought. A falling price is not on this list.
- A lasting fall in occupancy or tenant sales.
- Net debt above 2.5 times EBITDA.
Twelve months against the Ibovespa
| Date | Multiplan | Ibovespa |
|---|---|---|
| 31 Oct 2025 | 0.0% | 0.0% |
| 5 Nov 2025 | +4.3% | +2.5% |
| 10 Nov 2025 | +5.7% | +3.8% |
| 13 Nov 2025 | +7.1% | +5.1% |
| 18 Nov 2025 | +8.5% | +4.7% |
| 24 Nov 2025 | +6.8% | +3.8% |
| 27 Nov 2025 | +8.9% | +5.9% |
| 2 Dec 2025 | +10.6% | +7.7% |
| 5 Dec 2025 | +1.8% | +5.2% |
| 10 Dec 2025 | +5.2% | +6.4% |
| 15 Dec 2025 | +4.6% | +8.7% |
| 18 Dec 2025 | −0.7% | +5.6% |
| 23 Dec 2025 | +0.0% | +7.3% |
| 30 Dec 2025 | +0.1% | +7.7% |
| 6 Jan 2026 | +1.7% | +9.4% |
| 9 Jan 2026 | +5.3% | +9.2% |
| 14 Jan 2026 | +5.2% | +10.4% |
| 19 Jan 2026 | +7.4% | +10.2% |
| 22 Jan 2026 | +12.8% | +17.4% |
| 27 Jan 2026 | +17.7% | +21.7% |
| 30 Jan 2026 | +20.9% | +21.3% |
| 4 Feb 2026 | +20.8% | +21.5% |
| 9 Feb 2026 | +23.8% | +24.5% |
| 12 Feb 2026 | +22.3% | +25.6% |
| 19 Feb 2026 | +24.7% | +26.1% |
| 24 Feb 2026 | +28.0% | +28.1% |
| 27 Feb 2026 | +29.2% | +26.2% |
| 4 Mar 2026 | +23.5% | +24.0% |
| 9 Mar 2026 | +19.1% | +21.0% |
| 12 Mar 2026 | +13.7% | +19.9% |
| 17 Mar 2026 | +13.3% | +20.6% |
| 20 Mar 2026 | +9.9% | +17.8% |
| 25 Mar 2026 | +16.7% | +24.0% |
| 30 Mar 2026 | +12.6% | +22.1% |
| 2 Apr 2026 | +18.4% | +25.8% |
| 8 Apr 2026 | +23.0% | +28.5% |
| 13 Apr 2026 | +24.9% | +32.4% |
| 16 Apr 2026 | +27.3% | +31.6% |
| 22 Apr 2026 | +24.6% | +29.0% |
| 27 Apr 2026 | +20.2% | +26.8% |
| 30 Apr 2026 | +17.4% | +25.3% |
| 6 May 2026 | +19.8% | +25.5% |
| 11 May 2026 | +14.7% | +21.6% |
| 14 May 2026 | +10.6% | +19.3% |
| 19 May 2026 | +7.7% | +16.5% |
| 22 May 2026 | +9.5% | +17.8% |
| 27 May 2026 | +10.2% | +17.5% |
| 1 Jun 2026 | +8.4% | +15.2% |
| 5 Jun 2026 | +4.9% | +13.0% |
| 10 Jun 2026 | +3.8% | +12.8% |
| 15 Jun 2026 | +4.5% | +14.0% |
| 18 Jun 2026 | +4.3% | +12.5% |
| 23 Jun 2026 | +6.4% | +14.5% |
| 26 Jun 2026 | +10.7% | +15.9% |
| 1 Jul 2026 | +7.7% | +14.8% |
| 6 Jul 2026 | +7.7% | +15.3% |
| 9 Jul 2026 | +8.1% | +15.5% |
| 14 Jul 2026 | +10.5% | +18.1% |
| 17 Jul 2026 | +6.4% | +16.2% |
| 22 Jul 2026 | +8.1% | +18.7% |
| 27 Jul 2026 | +6.5% | +17.2% |
| 30 Jul 2026 | +5.3% | +18.5% |
| 4 Aug 2026 | +8.4% | +19.0% |
| 7 Aug 2026 | +3.7% | +15.4% |
| 12 Aug 2026 | +1.7% | +12.0% |
| 17 Aug 2026 | −0.3% | +11.5% |
| 20 Aug 2026 | −1.7% | +12.3% |
| 25 Aug 2026 | +2.7% | +16.7% |
| 28 Aug 2026 | +2.1% | +17.5% |
| 2 Sep 2026 | +9.8% | +23.8% |
| 8 Sep 2026 | +13.2% | +25.3% |
| 11 Sep 2026 | +12.2% | +25.2% |
| 16 Sep 2026 | +12.1% | +24.1% |
| 21 Sep 2026 | +17.6% | +24.8% |
| 24 Sep 2026 | +16.2% | +23.0% |
| 29 Sep 2026 | +14.4% | +22.9% |
| 2 Oct 2026 | +23.9% | +28.5% |
| 7 Oct 2026 | +37.7% | +36.6% |
| 13 Oct 2026 | +43.4% | +38.3% |
| 16 Oct 2026 | +39.8% | +37.4% |
| 21 Oct 2026 | +40.0% | +38.1% |
| 26 Oct 2026 | +5.4% | +18.1% |
| 29 Oct 2026 | −5.0% | +13.1% |
| 30 Oct 2026 | −5.3% | +12.3% |
Valuation
- Price to earningsPrice ÷ last 12 months’ earnings per share
- 9.4×
- Price to bookPrice ÷ equity per share
- 1.9×
- EV to EBITDA
- 7.4×
- PEG ratio
- 1.26
- Dividend yieldLast 12 months
- 4.6%
- Market value
- R$ 13.0 bn
Profitability
- Return on equity
- 20.5%
- Return on assets
- 10.5%
- Gross margin
- 82.5%
- EBITDA margin
- 73.9%
- Net margin
- 43.4%
Growth
- Revenue, latest quarter vs a year ago
- +18.2%
- Earnings, latest quarter vs a year ago
- +7.4%
- Revenue, last full year
- +7.6%
- Earnings, last full year
- −14.9%
Balance sheet
- Cash
- R$ 506.8 mn
- Total debt
- R$ 5.1 bn
- Net debt to EBITDA
- 1.9×
- Debt to equity
- 0.75
- Current ratio
- 1.64
Risk, last 12 months
- Total returnIncluding dividends
- −5.3%
- VolatilityAnnualised, daily returns
- 43%
- Largest fall from a peak
- −35.3%
- Beta to the Ibovespa1.0 moves with the index
- 1.47
- Below its 12-month high
- −35.3%
Dividends
- Paid per share, last 12 months
- R$ 1.1613
Five years of results
| Year | Revenue | Net income | Earnings per share | Equity | Return on equity |
|---|---|---|---|---|---|
| 2025 | R$ 2.7 bn | R$ 1.1 bn | R$ 2.32 | R$ 6.3 bn | 18.1% |
| 2024 | R$ 2.5 bn | R$ 1.3 bn | R$ 2.40 | R$ 5.6 bn | 23.8% |
| 2023 | R$ 2.0 bn | R$ 1.0 bn | R$ 1.75 | R$ 6.9 bn | 14.7% |
| 2022 | R$ 1.8 bn | R$ 769.4 mn | R$ 1.31 | R$ 6.6 bn | 11.7% |
| 2021 | R$ 1.3 bn | R$ 452.7 mn | R$ 0.76 | R$ 6.4 bn | 7.1% |
Annual consolidated statements as reported to the CVM, via brapi.
Company profile
- Sector
- Construção e Imobiliário
- Industry
- Exploração de Imóveis
- Employees
- 70,416
- Website
- www.multiplan.com.br
Data as of the close of 30 Oct 2026. Market data from brapi.dev; financial statements as filed with the CVM. Ratios are provider estimates and may differ from company reports.