On July 31, 2026, Bradespar (BRAP4) was trading at a 35.7% discount between its net asset value and its market capitalization. In the period, net asset value totaled R$ 12.7 bn, while Bradespar’s market value stood at R$ 8.2 bn.
Bradespar’s total assets, consisting of its stake in Vale (VALE3) common shares, came to R$ 12.5 bn, considering 163.35 mn shares priced at R$ 76.28 per share. The company also reported net cash of R$ 252.36 mn as of July 31, 2026.
On the market value side, BRAP3 common shares, quoted at R$ 18.60, totaled R$ 2.57 bn, while BRAP4 preferred shares, quoted at R$ 22.00, represented R$ 5.61 bn, resulting in a consolidated market capitalization of R$ 8.18 bn for Bradespar.
In foreign currency terms, net asset value reached US$ 2.50 bn and €2.17 bn, compared to a market value of US$ 1.61 bn and €1.40 bn, respectively, maintaining the same 35.7% discount calculated based on the ratio between market value and the sum of assets plus net cash.
