The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 0.38 is in distress zone. This implies bankruptcy possibility in the next two years.
HBR Realty Empreendimentos Imobiliarios has a Altman Z-Score of 0.39, indicating it is in Distress Zones. This implies bankrupcy possibility in the next two years.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BSP:HBRE3 vs CBRE, BEKE, JLL: Altman Z-Score Comparison
For the Real Estate Services subindustry, HBR Realty Empreendimentos Imobiliarios's Altman Z-Score, along with its competitors' market caps and Altman Z-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
HBR Realty Empreendimentos Imobiliarios Altman Z-Score vs Real Estate Industry
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
HBR Realty Empreendimentos Imobiliarios (BSP:HBRE3) has a Altman Z-Score of 0.39 as of Jul. 01, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on HBR Realty Empreendimentos Imobiliarios and its competitors. This is 24% below median its historical median of 0.51. Over the past decade, HBR Realty Empreendimentos Imobiliarios' Altman Z-Score has ranged from 0.35 to 0.97. According to the industry distribution chart, HBR Realty Empreendimentos Imobiliarios ranks #1435 out of 1731 companies in the Real Estate industry, placing it in the top 82.9%.
Is HBR Realty Empreendimentos Imobiliarios' Altman Z-Score too high?
HBR Realty Empreendimentos Imobiliarios' current Altman Z-Score of 0.39 is 24% below median its 10-year median of 0.51. Over the past 10 years, this metric has ranged from a low of 0.35 to a high of 0.97. The Real Estate industry median Altman Z-Score is 1.30. HBR Realty Empreendimentos Imobiliarios' value of 0.39 is 70% below this industry median. Based on the distribution chart, HBR Realty Empreendimentos Imobiliarios ranks #1435 out of 1731 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, HBR Realty Empreendimentos Imobiliarios has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does HBR Realty Empreendimentos Imobiliarios' Altman Z-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, HBR Realty Empreendimentos Imobiliarios ranks #1435 out of 1731 companies for Altman Z-Score. This places HBR Realty Empreendimentos Imobiliarios in the lower half of its industry. The industry median Altman Z-Score is 1.30. HBR Realty Empreendimentos Imobiliarios' value of 0.39 is 70% below this benchmark. Historically, HBR Realty Empreendimentos Imobiliarios' own Altman Z-Score has ranged from 0.35 to 0.97 over the past decade. While the company's 10-year median is 0.51 vs. the industry median of 1.30, HBR Realty Empreendimentos Imobiliarios has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Real Estate company?
The median Altman Z-Score among Real Estate companies is 1.30, based on 1,731 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. HBR Realty Empreendimentos Imobiliarios's current Altman Z-Score of 0.39 is 70% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on HBR Realty Empreendimentos Imobiliarios and its competitors. For the Real Estate industry, the median Altman Z-Score is 1.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HBR Realty Empreendimentos Imobiliarios's current Altman Z-Score is 0.39, which is 24% below median its own 10-year median of 0.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HBR Realty Empreendimentos Imobiliarios stock overvalued right now?
Based on GuruFocus' analysis, HBR Realty Empreendimentos Imobiliarios (BSP:HBRE3) is currently considered Possible Value Trap. The stock's GF Value™ is R$16.53, compared to a current price of R$2.71 — trading 83.6% below its estimated fair value. The current Altman Z-Score is 0.39, which is 24% below median its 10-year median of 0.51 and 70% below the Real Estate industry median of 1.30. HBR Realty Empreendimentos Imobiliarios' overall GF Score™ is 66/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For HBR Realty Empreendimentos Imobiliarios (BSP:HBRE3), the current Altman Z-Score is 0.39 as of Jul. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is HBR Realty Empreendimentos Imobiliarios (BSP:HBRE3) Overvalued in 2026?
Based on GuruFocus' analysis, HBR Realty Empreendimentos Imobiliarios stock appears to be undervalued.
The current stock price of R$2.71 is trading 83.6% below its estimated GF Value™ of R$16.53.
GuruFocus considers HBR Realty Empreendimentos Imobiliarios to be Possible Value Trap.
Key valuation signals for BSP:HBRE3:
Altman Z-Score: 0.39 (24% below median its 10-year median of 0.51)
GF Value™: R$16.53 vs. price of R$2.71 (83.6% below fair value)
Industry Position: 70% below the Real Estate median (#1435 of 1731)
No single metric tells the full story. See the BSP:HBRE3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HBR Realty Empreendimentos Imobiliarios Business Description
HBR Realty Empreendimentos Imobiliarios SA operates in the real estate development and management division. The company's business is focused on urban properties, distributed over four main platforms that house the developed and developing asset classes. These platforms are ComVem, HBR3A, HBR Malls, and HBR Opportunities. ComVem is a platform dedicated towards the development and administration of convenience centers; the HBR 3A platform is dedicated to the development and management of corporate buildings; the HBR Malls platform is dedicated to the acquisition, development, and management of shopping centers; and HBR Opportunities platform brings together assets of various classes, such as built to suits, development, and management of hotels, parking lots, and others.
66GF Score
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