Multiplan Empreendimentos Imobiliarios SA MLTTY

Real EstateReal Estate OperationsBrazil

Last close 15.43 USD on Nov 3, 2026, +55.9% year to date

Quant rating

Quant rating A Rank 1 of 61 in Real Estate

Growth B 10 of 61
Valuation C 31 of 61
Quality A 1 of 61
Revisions C 27 of 61
Momentum A 1 of 61

Wall Street consensus Buy (2.18)Average target 6.70 USD −56.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.3B
Enterprise value: 3.2B
52-week range: 10.00 – 15.45
3-year range: 6.65 – 15.45
Dividend yield: 3.38%
Beta (5 years): –
Shares outstanding: 513M
Next earnings: Feb 3, 2027

About the company

Multiplan Empreendimentos Imobiliarios SA is a Brazil-based company primarily engaged in the real estate sector. The Company's activities are divided into four business segments: Rental, Real estate, Projects and Management. The Rental division focuses on leasing of shopping malls and their parking lots. The Real estate division includes sale of properties, such as multifamily homes, built in the surroundings of shopping malls. The Projects division specializes in the planning, development and construction of commercial centers for lease. The Management division primarily offers management services to storeowners. The Company holds and administers numerous shopping malls in Brazil, such as BH Shopping, BarraShopping, RibeiraoShopping, MorumbiShopping, ParkShopping, DiamondMall, Shopping Analia Franco, BarraShopping Sul, New York City Center and Shopping Santa Ursula.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	500	412	418	340	231	–
Revenue growth	21.4%	−1.5%	23.0%	47.0%	11.1%	19.2%
EPS (basic, normalized)	0.44	0.41	0.35	0.25	0.15	–
EPS growth	6.8%	19.2%	41.1%	59.2%	–	–
Gross margin	81.7%	82.8%	85.2%	81.0%	77.2%	81.6%
Net margin	41.7%	52.7%	50.3%	42.8%	35.2%	44.5%
ROE	19.1%	21.3%	15.1%	11.9%	7.2%	14.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	179
Current ratio	1.96x
Long-term debt (mil)	957
Net debt (mil)	859
Total equity (mil)	1,346
Net debt / equity	0.64x
Net debt / EBITDA	2.39x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	500	+21.4%	6.3x	359	+31.0%	8.8x	0.44	+6.8%	35.0x
2026	556	+11.1%	5.7x	412	+14.7%	7.6x	0.49	+10.9%	31.6x
2027	494	−11.1%	6.4x	380	−7.7%	8.3x	0.48	−2.0%	32.2x
2028	520	+5.2%	6.1x	408	+7.2%	7.7x	0.54	+13.8%	28.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	556	+2.6%	+8.8%	+19.0%	0.49	−0.1%	+14.1%	+20.1%
2027	494	−0.1%	−0.3%	−0.2%	0.48	−1.7%	+0.3%	−2.6%
2028	520	0.0%	+0.2%	+1.8%	0.54	−1.7%	−0.3%	−2.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	524	540	545	936	526	694	618	902	827	638
Sales mean (mil)	472	498	500	758	524	592	566	778	634	698
Surprise	+10.8%	+8.4%	+9.0%	+23.5%	+0.3%	+17.3%	+9.1%	+16.0%	+30.5%	−8.6%
EPS reported	0.45	0.50	0.49	0.99	0.48	0.53	0.45	0.86	0.64	0.86
EPS mean	0.41	0.44	0.44	0.62	0.38	0.44	0.47	0.73	0.49	0.53
Surprise	+10.8%	+13.9%	+11.8%	+59.8%	+28.0%	+20.3%	−3.9%	+17.4%	+31.7%	+60.8%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MLTTY Multiplan Empreendimentos Imobiliarios SA	2.3B	2.39x	41.7%	1.76x	31.6x	32.2x	7.6x	8.3x
TAGYY TAG Immobilien AG	2.4B	7.54x	19.1%	0.66x	3.8x	3.5x	17.5x	16.0x
WIHLY Wihlborgs Fastigheter AB	2.2B	10.36x	51.0%	0.85x	9.3x	8.6x	16.9x	14.3x
NMRK Newmark Group Inc	2.2B	3.25x	3.8%	1.50x	6.4x	5.9x	6.1x	5.8x
HNLGY Hang Lung Group Ltd	2.1B	–	–	–	–	–	–	–
FBGBY Fabege AB	2.1B	–	−9.3%	0.54x	39.8x	42.6x	22.0x	21.7x
Mean		5.89x	21.3%	1.06x	18.2x	18.6x	14.0x	13.2x
Median		5.40x	19.1%	0.85x	9.3x	8.6x	16.9x	14.3x

Technical analysis

1M+28.6%
3M+41.6%
1Y+66.5%
3Y+37.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Multiplan Empreendimentos Imobiliarios SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	500	412	418	340	231	208
Cost of revenue	91.4	70.7	61.8	64.6	52.7	55.0
Gross profit	409	341	357	275	179	153
Selling, general & administrative expenses	60.9	56.4	73.1	64.6	54.5	45.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	5.1	3.9	4.5	4.3	4.1	4.4
Interest expense (income), operating	0	0	−4.0	−3.1	2.0	1.0
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	2.0	4.2	2.9	7.6	8.2	−118
Operating income	341	277	280	202	110	221
Net interest income (expense)	−102	−34.9	−49.5	−43.5	−10.0	−16.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.1	3.7	2.7	−2.3	−10.5	1.8
Net income before taxes	242	246	233	156	89.3	206
Provision for taxes	34.1	28.5	22.8	10.8	8.0	20.5
Minority interest	0	0	0	0	0.1	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	208	217	210	146	81.3	186
Extraordinary items	–	–	–	–	–	–
Net income	208	217	210	146	81.3	186
EBIT, normalized	351	291	276	199	116	231
EBITDA, normalized	356	295	281	203	120	235
Basic EPS, normalized	0.44	0.41	0.35	0.25	0.15	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Multiplan Empreendimentos Imobiliarios SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	141	193	242	194	140	236
Receivables	178	126	122	109	111	103
Total inventory	27.7	24.3	29.3	20.1	11.9	3.1
Prepaid expenses	1.0	1.1	0.7	1.3	0.8	0.5
Other current assets	16.7	11.8	15.4	12.0	12.5	11.7
Total current assets	364	356	409	337	276	354
Property, plant & equipment	17.6	16.1	20.3	19.3	18.9	20.7
Goodwill	55.4	49.1	62.5	57.4	54.5	58.4
Intangibles	19.3	14.4	15.7	13.5	11.8	12.0
Long-term investments	1,748	1,443	1,694	1,474	1,403	1,461
Note receivable	44.8	25.5	13.9	11.5	15.8	15.5
Other long-term assets	153	121	162	145	135	112
Total assets	2,402	2,025	2,378	2,058	1,914	2,034
Liabilities
Accounts payable	55.1	47.6	46.0	26.6	24.7	26.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	9.3	6.0	5.1	4.3	1.2	8.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	133	93.7	97.0	87.3	77.1	76.4
Other current liabilities	93.5	103	141	127	87.0	80.5
Total current liabilities	291	250	289	245	190	192
Long-term debt	860	785	556	473	466	525
Minority interest	0	0	0	0	0.5	0.6
Other liabilities	101	76.1	104	94.1	116	117
Total liabilities	1,252	1,111	949	813	772	835
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	577	511	616	565	536	575
Additional paid-in capital	−3.0	−3.4	149	135	128	137
Retained earnings (accumulated deficit)	725	540	778	632	537	543
Treasury stock	−121	−110	−86.1	−62.0	−35.0	−29.4
Other equity	−27.4	−24.3	−27.5	−25.3	−24.0	−25.7
Total equity	1,150	914	1,429	1,245	1,142	1,199
Total liabilities & shareholders' equity	2,402	2,025	2,378	2,058	1,914	2,034

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Multiplan Empreendimentos Imobiliarios SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	242	246	233	156	89.3	206
Depreciation, depletion & amortization	25.2	22.4	35.1	39.1	36.1	42.7
Deferred taxes	–	–	–	–	–	–
Non-cash items	114	42.5	55.3	65.2	52.6	−80.6
Changes in working capital	−115	−69.4	−78.7	−32.9	−52.0	−70.2
Cash from operations	267	241	245	228	126	98.0
Investing activities
Capital expenditures	−7.6	−6.1	−5.4	−4.8	−3.9	−4.1
Other investing cash flows	−2.1	−124	−72.2	−171	−138	203
Cash from investing	−9.7	−130	−77.6	−176	−142	199
Financing activities
Financing cash flow items	−20.9	−22.0	−30.2	−26.3	−13.3	−16.1
Cash dividends paid	−89.8	−83.1	−79.2	−39.4	−42.6	−28.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−121	−23.0	−30.3	−86.5	−48.4	−23.4
Cash from financing	−232	−128	−140	−152	−104	−68.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	25.8	−17.4	27.5	−100	−120	229
Free cash flow	260	235	239	223	122	93.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.