Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Good Sign:
Altman Z-score of 32.97 is strong.
Fundo DE Investimento Imobiliario Votorantim Shopping has a Altman Z-Score of 32.89, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
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.
Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) Altman Z-Score Explanation
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.
Fundo DE Investimento Imobiliario Votorantim Shopping Altman Z-Score Chart
Fundo DE Investimento Imobiliario Votorantim Shopping Annual Data
* 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.
Fundo DE Investimento Imobiliario Votorantim Shopping Altman Z-Score vs REITs Industry
Fundo DE Investimento Imobiliario Votorantim Shopping Altman Z-Score Calculation
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.
Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) has a Altman Z-Score of 32.89 as of Jul. 16, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. This is 18% below median its historical median of 39.89. Over the past decade, Fundo DE Investimento Imobiliario Votorantim Shopping's Altman Z-Score has ranged from 28.25 to 54.47. According to the industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #31 out of 734 companies in the REITs industry, placing it in the top 4.2%.
Is Fundo DE Investimento Imobiliario Votorantim Shopping's Altman Z-Score too high?
Fundo DE Investimento Imobiliario Votorantim Shopping's current Altman Z-Score of 32.89 is 18% below median its 10-year median of 39.89. Over the past 10 years, this metric has ranged from a low of 28.25 to a high of 54.47. The REITs industry median Altman Z-Score is 1.08. Fundo DE Investimento Imobiliario Votorantim Shopping's value of 32.89 is 2945.4% above this industry median. Based on the distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #31 out of 734 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Fundo DE Investimento Imobiliario Votorantim Shopping has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fundo DE Investimento Imobiliario Votorantim Shopping's Altman Z-Score compare to SPG and O?
According to the REITs industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #31 out of 734 companies for Altman Z-Score. This places Fundo DE Investimento Imobiliario Votorantim Shopping in the top 4% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 1.08. Fundo DE Investimento Imobiliario Votorantim Shopping's value of 32.89 is 2945.4% above this benchmark. Historically, Fundo DE Investimento Imobiliario Votorantim Shopping's own Altman Z-Score has ranged from 28.25 to 54.47 over the past decade. While the company's 10-year median is 39.89 vs. the industry median of 1.08, Fundo DE Investimento Imobiliario Votorantim Shopping has consistently been above 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 REITs company?
The median Altman Z-Score among REITs companies is 1.08, based on 734 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. Fundo DE Investimento Imobiliario Votorantim Shopping's current Altman Z-Score of 32.89 is 2945.4% above 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 Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. For the REITs industry, the median Altman Z-Score is 1.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fundo DE Investimento Imobiliario Votorantim Shopping's current Altman Z-Score is 32.89, which is 18% below median its own 10-year median of 39.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fundo DE Investimento Imobiliario Votorantim Shopping stock overvalued right now?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$86.51, compared to a current price of R$74.14 — trading 14.3% below its estimated fair value. The current Altman Z-Score is 32.89, which is 18% below median its 10-year median of 39.89 and 2945.4% above the REITs industry median of 1.08. Fundo DE Investimento Imobiliario Votorantim Shopping's overall GF Score™ is 78/100 with 2 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 Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11), the current Altman Z-Score is 32.89 as of Jul. 16, 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 Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) Overvalued in 2026?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping stock appears to be undervalued.
The current stock price of R$74.14 is trading 14.3% below its estimated GF Value™ of R$86.51.
GuruFocus considers Fundo DE Investimento Imobiliario Votorantim Shopping to be Modestly Undervalued.
Key valuation signals for BSP:VSHO11:
Altman Z-Score: 32.89 (18% below median its 10-year median of 39.89)
GF Value™: R$86.51 vs. price of R$74.14 (14.3% below fair value)
Industry Position: 2945.4% above the REITs median (#31 of 734)
No single metric tells the full story. See the BSP:VSHO11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fundo DE Investimento Imobiliario Votorantim Shopping Business Description
Fundo DE Investimento Imobiliario Votorantim Shopping is a closed-end fund with an indefinite term, divided into registered, book-entry shares that correspond to ideal fractions of its assets. The fund's objective is to provide shareholders with returns on their investment through the partial or total acquisition of real estate, real rights over real estate, including shares, units of special purpose entities or units of real estate investment funds, for the purpose of commercial exploitation of real estate ventures related to shopping centers and related activities, such as strip malls, outlets or power centers.
78GF Score
Get the complete analysis for BSP:VSHO11
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:VSHO11 has been successfully added to your 
