Bradespar (BRAP4) reported a net asset value of R$ 12.7 bn on September 15, 2026, considering its stake in Vale ON, net cash and the closing prices of the shares. On the same date, Bradespar’s market value totaled R$ 8.1 bn, resulting in a 36.6% discount between net asset value and market value.
Bradespar’s total assets amounted to R$ 12.2 bn, composed of 163,354,595 common shares of Vale, priced at R$ 74.60 per share. Net cash on September 15, 2026 was R$ 517.095 mn, which raised the net asset value to R$ 12,703.348 mn.
Bradespar’s market value on September 15, 2026 was based on 137,989,898 common shares BRAP3, quoted at R$ 18.70, totaling R$ 2.58 bn, and 255,106,712 preferred shares BRAP4, quoted at R$ 21.48, adding up to R$ 5.48 bn.
The report also shows the historical evolution of the discount between Bradespar’s net asset value and market value since 2010, as well as the average daily trading volume and the average monthly price of BRAP4 in 2024, 2025 and 2026 through September 15. The performance of BRAP4 is compared with VALE3 shares and the Ibovespa, with data adjusted for dividends and Interest on Equity (JCP).
