Helbor Empreendimentos S.A. (HBOR3.SA) Stock Analysis & Winston Score

Helbor Empreendimentos is a Brazilian real estate developer that designs, builds, and sells residential and commercial properties. Its main products are apartments and mixed-use buildings, sold primarily to middle- and upper-middle-income buyers across Brazil's major urban markets. The company has been operating for decades and is one of the established mid-sized developers in the Brazilian real estate sector.

Helbor makes money by selling units in its developments, often before or during construction, collecting payments in installments. It operates mainly in São Paulo and other large Brazilian cities, with a market cap of roughly $0.2 billion, making it a smaller player compared to national giants like MRV or Cyrela. Its gross margin of around 30% is typical for the sector, but its low return on invested capital of 1.8% signals thin profitability. The key risk the company faces is Brazil's high interest rate environment, which raises mortgage costs and can quickly dampen homebuyer demand.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-74.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Helbor Empreendimentos S.A. is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 132.7M (2021) → 132.7M (2025)

Score breakdown

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Quality

Gross Margin

28.4%

Modest — 28.4% gross margin

Operating Margin

15.5%

Healthy — 15.5% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-7.7%

Shrinking sales (-7.7% YoY)

EPS YoY

-90.2%

Earnings shrinking (-90.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

174%

Turns 174% of profit into real cash

FCF Margin

-1.3%

Burning cash (-1.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.35

Elevated debt (1.35)

Interest Cover

1.99x

Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

45.4x

Expensive — P/E 45.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+42.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (45.4 → 2.8)

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Dividends

Dividend Yield

1.08%

Small dividend — 1.08% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-44.8%

Dividend cut (-44.8% YoY) — warning sign

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