B3 · BRL

TELB4

Telecomunicacoes Brasileiras SA - TELEBRAS Pref.

R$9.05+5.97% (R$0.51)Updated 01/10/2026, 02:16

Day's range: R$8.54 – R$9.30
Day's volume: R$129.4k
52-week range: R$7.20 – R$9.61

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TELB4 in numbers

Market cap: R$1.9bn

P/E: 6.71

P/B: 0.55

Dividend yield (12m): 0.00%

Net debt/EBITDA: -3.28

TELB4 trades at 6.71 times its earnings of the last 12 months.

TELB4 price history

01/10/202530/09/2026

Compare with

TELB4 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	-6.67%	-31.79%	-63.60%
Volatility (annualised)	29.20%	27.26%	44.38%
Largest drawdown	-19.04%	-44.36%	-68.33%
Positive months	6/12	15/36	24/60

How much did investing in TELB4 return?

Amount invested

R$1,000.00 invested on 01/09/2021 would be worth R$363.99 today.

Value today in TELB4: R$363.99

Return over the period: -63.60%

Return per year: -18.30%

In the Ibovespa: R$1,657.66

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

TELB4 fundamentals

Valuation

P/E
6.71
P/B
0.55
EV/EBITDA
0.50
EV/EBIT
1.07
EV/Revenue
0.46
P/EBIT
8.00
P/S
3.43
P/OCF
-17.26
P/FCF
2.53
Earnings yield
93.64%
PEG ratio
0.02
Earnings per share
R$1.35
Book value per share
R$16.58

Debt

Net debt
-R$1.6bn
Net debt/EBITDA
-3.28
Net debt/Equity
-0.96
Debt/Equity
0.01
Current ratio
10.60
Quick ratio
10.60
Cash ratio
7.07

Efficiency

Gross margin
-28.91%
EBITDA margin
90.66%
Operating margin
42.85%
Net margin
25.25%
Asset turnover
0.13

Profitability

ROE
8.14%
ROA
3.18%
ROIC
250.71%
Payout
0.00%

Growth

Revenue CAGR (5 years)
14.81%
Earnings CAGR (5 years)
—
Revenue growth (year)
18.51%
Earnings growth (year)
311.06%
Revenue growth (quarter)
18.40%
Earnings growth (quarter)
617.68%

What is TELB4's fair price?

Two classic value formulas, with today's numbers. The current price is R$9.05.

Graham's fair price: R$22.44; 147.90% above the price

√(22.50 × R$1.35 × R$16.58)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price: —; Does not apply to TELB4: it paid no distributions in the last five years.

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

TELB4 indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	5.80	-10.26	-8.90	-6.87	-7.76	-19.73	-8.31	-4.99
P/B	0.47	0.46	0.79	0.53	0.69	1.35	1.20	3.03
EV/EBITDA	-1.34	-1.76	0.19	-0.71	0.54	9.78	20.41	—
Earnings per share	R$1.38	-R$0.71	-R$1.47	-R$1.48	-R$1.87	-R$1.57	-R$3.50	-R$4.53
Book value per share	R$17.18	R$15.83	R$16.50	R$19.26	R$21.08	R$22.89	R$24.26	R$7.47
ROE	8.02%	-4.49%	-8.93%	-7.68%	-8.86%	-6.84%	-14.42%	-60.70%
ROIC	72.60%	6.38%	-20.59%	-5.88%	-12.29%	-8.37%	-11.50%	-40.47%
Gross margin	-35.03%	-52.16%	-46.66%	-53.90%	-80.49%	-71.84%	-104.60%	-59.22%
EBITDA margin	104.03%	69.64%	44.65%	58.75%	63.95%	53.62%	33.47%	-31.46%
Net margin	28.62%	-16.07%	-30.55%	-36.72%	-44.40%	-39.81%	-116.29%	-112.62%
Net debt/EBITDA	-2.94	-4.13	-5.90	-5.00	-4.85	-4.86	-8.45	—

TELB4 financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$491m	R$414.3m	R$416.8m	R$347.8m	R$285.7m	R$266.8m
Cost of sales	-R$663m	-R$630.4m	-R$611.4m	-R$535.3m	-R$515.6m	-R$458.5m
Gross profit	-R$172m	-R$216.1m	-R$194.5m	-R$187.5m	-R$229.9m	-R$191.7m
EBITDA	R$510.8m	R$288.5m	R$186.1m	R$204.4m	R$182.7m	R$143.1m
EBIT	R$236.7m	R$18.5m	-R$67.4m	-R$37.7m	-R$66.9m	-R$71.7m
Net finance result	-R$54.3m	-R$85.1m	-R$60m	-R$90m	-R$59.9m	-R$34.5m
Profit before tax	R$182.4m	-R$66.6m	-R$127.4m	-R$127.7m	-R$126.8m	-R$106.2m
Income tax	-R$41.9m	R$0	R$0	R$0	R$0	R$0
Net income	R$140.5m	-R$66.6m	-R$127.4m	-R$127.7m	-R$126.8m	-R$106.2m

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

TELB4 against its sector

The same indicators for the company's other shares and the sector's largest stocks.

Stock	P/E	P/B	Dividend yield (12m)	ROE	Market cap
TELB4Telebras	6.71	0.55	0.00%	8.14%	R$1.9bn
TELB3TELEC BRASILEIRAS S.A. TELEBRAS	15.10	1.23	0.00%	8.14%	R$1.9bn
VIVT3TELEFÔNICA BRASIL S.A	14.58	1.47	8.54%	10.05%	R$96.2bn
TIMS3TIM S.A.	10.14	1.75	8.03%	17.29%	R$43.6bn
DESK3DESKTOP S.A.	40.48	1.58	0.96%	3.91%	R$2.3bn
FIQE3UNIFIQUE TELECOMUNICAÇÕES S.A.	8.99	1.65	13.61%	18.40%	R$2bn

Does TELB4 pay dividends?

Payment history
Type	Last day to own	Payment	Per share
Interest on equity	07/04/1998	29/05/1998	R$2.27
Dividend	29/04/1997	—	R$0.00
Dividend	29/04/1997	—	R$0.05
Dividend	29/04/1997	—	R$0.11
Dividend	29/04/1997	—	R$1.76
Dividend	29/04/1996	—	R$0.97
Dividend	29/04/1996	—	R$0.24
Dividend	29/04/1996	—	R$0.39

Splits, share consolidations and bonus shares
Event	Last day to own	Ratio
Share consolidation	01/04/2016	1 for 10
Share consolidation	24/01/2011	1 for 10
Bonus shares	11/06/1990	100.00% in shares

About Telebras

Listing segment: Traditional
Tag along: Set by the bylaws
Free float: 3.22%
Shares issued: 83.58m ordinary · 18.41m preferred
Average daily trading: R$40.7k
Listed since: 09/03/1989
CNPJ: 00.336.701/0001-04

ShareholdersAs of 31/12/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Ordinary	Preferred	Total
União FederalControlling	94.79%	87.76%	93.52%
Outros	5.22%	12.24%	6.48%

Questions about TELB4

How much is TELB4 today?

TELB4 is at R$9.05 (5.97% on the day), last traded on 01/10/2026.

What are the P/E and P/B of TELB4?

TELB4 trades at a P/E of 6.71 and a P/B of 0.55.

How much did TELB4 return in 12 months?

TELB4 returned -6.67% in 12 months, with annualised volatility of 29.20% and a largest drawdown of -19.04%.