Bradespar (BRAP3, BRAP4) ended October 2026 with a 34.1% discount between its market value and the net value of its assets, according to the investor relations bulletin released on November 3, 2026, using closing prices from October 30. The company's market value was R$ 7,014,908 thousand (R$ 7 bn), versus R$ 10,642,285 thousand (R$ 10.6 bn) in net assets. The difference between the two values is R$ 3,627,377 thousand (R$ 3.6 bn).
The only asset in its portfolio is its stake in Vale (VALE3): 163,354,595 common shares, equivalent to 3.84% of total capital (excluding treasury shares). At a price of R$ 62.02 per share, the stake is worth R$ 10,131,252 thousand (R$ 10.1 bn). Added to this is net cash of R$ 511,033 thousand, as of October 30, 2026, which results in the R$ 10.6 bn in net assets.
Bradespar's market value is split between common shares (BRAP3), priced at R$ 17.06, totaling R$ 2,354,108 thousand (137,989,898 shares), and preferred shares (BRAP4), at R$ 18.27, totaling R$ 4,660,800 thousand (255,106,712 shares). In dollars, the market value is US$ 1.3 bn; in euros, € 1.2 bn.
The discount was 33.2% in December 2025, based on the average of the discounts at the end of each month, and 28.8% in 2024. Year to date in 2026, prices adjusted for distributions (dividends and JCP, Juros sobre Capital Próprio, or interest on equity) show a decline of 8% for BRAP4 and 11% for VALE3, and a gain of 4% for the Ibovespa. The average daily trading volume of BRAP4 was R$ 108 mn in October 2026, compared with R$ 51 mn in September.
