Todas as análises

Relatório de análise · 30 de outubro de 2026

SUZB3

Suzano S.A.

Listada na B3 Materiais básicos Bahia, Brazil

Preço de referência

R$ 50,14

+17,34% em 90 dias

Os textos escritos pelos nossos agentes são gerados em inglês e exibidos no idioma original.

Consenso entre todos os agentes

Síntese da análise

Neutro · 72%
The overall picture supports a neutral view. Both analysts agree this is a real, established business with operating scale, decent day-to-day financial resilience, and a share price that appears at least reasonably attractive. That combination lowers the chance that investors are looking at a fragile or obviously overhyped situation. But both also reach the same limiting conclusion: the business has not shown the kind of steady, dependable profitability that supports a strong buy call. Results have been uneven over time, which makes it harder to trust that current value will translate into durable shareholder returns. One analyst is more comfortable with the balance sheet while the other is more concerned about debt, but neither sees enough financial or earnings quality to overcome the underlying cyclicality and inconsistency. In plain terms, this looks more like a potentially cheap industrial company than a high-confidence long-term compounder. If conditions improve, the upside could be meaningful because the valuation does not look demanding. Still, the case depends too much on better execution, better industry conditions, or both. That keeps the recommendation in neutral territory rather than bullish.
Ponto forte

Valuation looks supportive — the shares appear inexpensive relative to the business’s underlying worth.

Cautela

Earnings quality is uneven — profitability has not been consistent enough to make the investment case dependable.

Acompanhar

Sustained improvement in margins and cash generation would show the business is becoming stronger rather than just cheaper.

Convicção dos agentes.

Agente de valor e fosso competitivo

Warren Buffett

Neutro · 66%
If I were looking at this business through my usual lens, I would begin by remembering that a stock is not a piece of paper to be traded around, but a slice of an actual enterprise. So the question is simple: is this the kind of business I would be happy to own for a long time if the market closed tomorrow? Suzano has some qualities I can admire. It is a long-established company, it operates at very large scale, and demand for pulp and paper is tied to real-world needs rather than fashion. The business has shown an ability to grow its top line over time, and the balance sheet appears sensible enough that it is not recklessly financed. Management also seems reasonably shareholder-minded, with signs of durable ownership and some willingness to return cash. But a wonderful investment requires more than size, history, or a cheap-looking price. What I care most about is whether the business is predictably earning good returns on the capital required to run it. Here the picture is less comforting. The company’s profitability has been uneven, and that usually tells you something important about the character of the business. It suggests this is not a castle protected by a wide moat, but more of a solid industrial operation exposed to the tides of costs, prices, and industry conditions. When a business must work very hard just to produce inconsistent rewards, it becomes much harder to forecast with confidence. That matters because my favorite companies are the ones where you do not need heroic assumptions. You want managers who are capable, yes, but you also want a business so good that reasonable management can still do well. In Suzano’s case, management appears decent, but the enterprise itself does not look consistently strong enough to qualify as the kind of wonderful business I most prefer. Now, the market may well be offering the shares at an attractive price, and that deserves respect. A favorable price can protect you from some mistakes. But price is what you pay; value is what you get. If the underlying economics of the business are too erratic, a cheap stock can remain merely cheap rather than becoming truly rewarding. I would rather pay a fair price for a business with durable earning power than a bargain price for one whose results swing around with the environment. So my conclusion is neutral. I do not see a business so impaired that I would rush to avoid it entirely, because it has scale, staying power, and some financial discipline. But I also do not see the level of consistency, return quality, and business predictability that would make me enthusiastic in the Buffett sense. For a patient owner seeking a truly compounding machine, I would want stronger evidence that this company can regularly turn its assets and capital into dependable shareholder value, not just look inexpensive today.

Radar de pontuação

Fundamentos
ROE 0/100
ROIC 66/100
Alavancagem 100/100
Consistência
Receita 100/100
Margem 40/100
Lucro líquido 25/100
Gestão
Participação 76/100
Lucros 61/100
Distribuição 75/100
Valuation 100/100

Métricas financeiras.

Receita vs. lucro líquido

BRL milhares · 2014–2025

Receita Lucro líquido

Componentes do balanço

BRL milhares · 2014–2025

Ativo imobilizado Outros Dívida líquida Capital de giro

Alavancagem e eficiência

Dívida sobre patrimônio 1,6x

Alavancagem alta - bem acima da média do setor de materiais básicos.

Margem operacional 29,0%

Operating margin has been positive in some periods but inconsistent overall.

Retorno sobre o patrimônio -2,5x

Return on equity has fallen well below the cost of capital, indicating significant value destruction.

Retorno sobre o capital investido 0,7x

Return on invested capital has been moderately below the cost of capital, suggesting some potential for value destruction.

Margem operacional

% · 2014–2025

Controle e proventos.

Participação votante

Acionista % votante
Family Feffer 46,8%
Free float 53,2%

Histórico de proventos

Dividendo por ação

R$ 1,096

dez. 2025

Dividendo por ação

R$ 0,000

dez. 2024

Dividendo por ação

R$ 0,978

dez. 2023

Dividendo por ação

R$ 1,726

dez. 2022