Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Brazil’s oldest property broker turned 90 in 2025 — and is making more money per real of sales than at any point in the last three years. The Lopes family still runs the firm their grandfather founded; the stock market values the whole business at less than a São Paulo apartment block.
| Full name | LPS Brasil – Consultoria de Imóveis S.A. (trade name: Lopes) |
| Ticker / exchange | LPSB3 — B3 Novo Mercado, São Paulo |
| Headquarters | São Paulo, Brazil |
| Sector | Real Estate Services |
| Employees | 336 (direct staff) |
| Market value (market cap) | R$210m (~US$40.8m) |
| Yearly sales (revenue, 2025) | R$205m (~US$39.8m) |
| Net profit (2025) | R$44.2m (~US$8.6m) |
| Net margin | 20.2% |
| Return on equity (ROE) | 22.1% |
| Price-to-earnings (P/E) | 5.1× |
| Dividend yield | 0% (per EODHD trailing data; distributions have been paid irregularly) |
| Website | www.lopes.com.br |
What it is
Lopes brokers property in both the primary market — new launches — and the secondary market of resale homes, and promotes mortgage financing through CrediPronto, a joint venture with Banco Itaú created in December 2007. Lopes holds a 50% stake in that joint venture.
The firm was founded in São Paulo in 1935 by Francisco Lopes, making it one of Brazil’s longest-running real estate businesses. It listed on B3’s Novo Mercado — the exchange’s highest corporate-governance tier — in 2006.
Who owns it
Insiders hold 46.4% of the shares and institutional investors a further 24.4%, leaving roughly 29% in free float — a tightly held structure. The exact breakdown of the controlling family block is not disclosed in publicly available shareholder tables, but the controlling shareholder is referenced throughout company filings, and the Lopes surname runs from founder to current chief executive.
Lopes is listed on B3’s Novo Mercado, which requires that shares representing at least 25% of total capital be effectively available for trading and grants all shareholders equal tag-along rights in any change-of-control transaction.
Who runs it
Marcos Lopes is CEO — a civil engineer by training who started his career at Lopes in 1986 and has more than 40 years in the property market. He is, in other words, family and company veteran in one person.
Robson Pereira Paim serves as CFO and Business Development Officer; he came up through Lopes’s national financial directorate and the Rio de Janeiro and Northeast regional operations before taking the top finance role. Cyro Naufel Filho is Technical and Investor Relations Officer.
The money, in plain words
Revenue has grown from R$182m (~US$35.3m) in 2023 to R$205m (~US$39.8m) in 2025 — a rise of about 12.5% over two years (our calculation). For every real of revenue, it keeps about 20 cents as net profit — a net margin of 20.2%, unusually high for a brokerage that owns no property itself.
For every real of shareholders’ equity in the business, it earns roughly 22 cents a year — a return on equity of 22.1%, strong for any sector. Yet the stock trades at only 5.1 times earnings, meaning the market is sceptical this profitability will hold, likely because Brazil’s high interest rates squeeze mortgage demand and therefore brokerage volumes.
The balance sheet is clean: cash of R$46.7m (~US$9.1m) against total debt of only R$10.7m (~US$2.1m), leaving net cash of R$36m (~US$7.0m, our calculation) — so the company owes no meaningful money and could weather a downturn without raising new capital.
The market values the whole firm at R$210m (~US$40.8m) — barely above one year’s revenue. That is either deep value or a reflection of genuine business risk, depending on where Brazilian interest rates go.
What it is doing now
In 2024, Lopes brokered R$13.7bn (US$2.7 bn) in property sales — a 25% increase on the prior year — and participated in 197 launch projects, with total launched volume of R$27.7bn (US$5.4 bn), up 15% from 2023. CrediPronto’s mortgage origination volume rose 44% to R$4.1bn (US$796 mn), a significant acceleration for the joint venture.
The next scheduled results release is 11 August 2026, when the market will see whether the full-year 2025 profit margin of 20.2% has been sustained in a still-elevated interest-rate environment.
What to watch
- Brazilian interest rates. High rates make mortgages expensive, which slows property launches and cuts brokerage commissions. A sustained rate cut would be the single biggest tailwind the company does not control.
- CrediPronto volumes. The Itaú joint venture is now a material earnings contributor; any slowdown in mortgage origination flows directly to Lopes’s results.
- Capital allocation. With R$36m (US$7 mn) in net cash and a P/E of 5.1×, management must decide whether to buy back shares, pay special dividends, or make acquisitions — each choice sends a different signal about confidence in the business.
- Family succession. Marcos Lopes has run the firm for decades. The market has given no premium for governance continuity; a leadership change could move the share price sharply in either direction.
Sources
This is news, not investment advice.
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