EZTEC Empreendimentos e Participações S.A. (EZTC3.SA) Stock Analysis

EZTEC is a fully integrated Brazilian developer operating since 1979, focused on high-, middle-, and low-income residential projects and premium corporate real estate in Greater São Paulo. Its competitive proposition combines regional expertise, premium construction, on-time delivery, in-house brokerage, disciplined land purchases, and proprietary direct financing. The R$756 million receivables portfolio is indexed to inflation plus 10% real interest, creating a high-margin earnings buffer. Q2 2026 revenue was R$376.7 million, up 16.8% sequentially but down 16% year over year; gross margin was **39.7%**, adjusted EBITDA was R$58.9 million at a 15.6% margin, and attributable net income was R$110.4 million, down 21% year over year. **Record 1H26 launches of R$1.7 billion, up 54%, support market-share gains**, while management reiterated R$2.5 billion-R$3.5 billion of 2026 launches. Valuation remains depressed at 0.58x-0.70x book value, despite zero net debt and cited cash reserves of R$1.79 billion. The principal catalyst is Esther Towers: a potential R$130 million NOI, R$1.62 billion asset value, and R$838 million sale proceeds. Sell-side targets cluster near R$17.60 versus R$11.74 in the model.