B3 · BRL

BGIP3

Banco do Estado de Sergipe SA - Banese

R$48.76-0.18% (-R$0.09)Updated 10/1/26, 10:19 AM

Day's range: R$48.76 – R$48.76
Day's volume: R$4.9K
52-week range: R$30.50 – R$65.00

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BGIP3 in numbers

Market cap: R$962M

P/E: 0.58

P/B: 0.10

Dividend yield (12m): 5.23%

The 12-month dividend yield of BGIP3 is 5.23%, below its 5-year average of 7.51%.

BGIP3 price history

10/01/202509/30/2026

Compare with

BGIP3 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+73.78%	+147.94%	+139.72%
Volatility (annualized)	46.54%	34.92%	32.38%
Largest drawdown	-23.19%	-23.19%	-30.50%
Positive months	7/12	20/36	27/60

How much did investing in BGIP3 return?

Amount invested

R$1,000.00 invested on 09/01/2021 would be worth R$2,397.17 today.

Value today in BGIP3: R$2,397.17

Return over the period: +139.72%

Return per year: +19.11%

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.

BGIP3 fundamentals

Valuation

P/E
0.58
P/B
0.10
EV/EBITDA
—
EV/EBIT
—
EV/Revenue
0.49
P/EBIT
—
P/S
0.49
P/OCF
-2.24
P/FCF
-0.74
Earnings yield
—
PEG ratio
0.00
Earnings per share
R$83.61
Book value per share
R$485.45

Debt

Net debt
—
Net debt/EBITDA
—
Net debt/Equity
—
Debt/Equity
—
Current ratio
1.08
Quick ratio
0.01
Cash ratio
—

Efficiency

Gross margin
31.92%
EBITDA margin
—
Operating margin
—
Net margin
8.57%
Asset turnover
0.15

Profitability

ROE
17.22%
ROA
1.29%
ROIC
—
Payout
3.05%

Growth

Revenue CAGR (5 years)
25.41%
Earnings CAGR (5 years)
—
Revenue growth (year)
45.28%
Earnings growth (year)
—
Revenue growth (quarter)
28.96%
Earnings growth (quarter)
277.42%

What is BGIP3's fair price?

Two classic value formulas, with today's numbers. The current price is R$48.76.

Graham's fair price: R$955.65; 1,859.90% above the price

√(22.50 × R$83.61 × R$485.45)

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: R$37.43; 23.24% below the price

R$2.25 (5-year average) ÷ 6%

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

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

BGIP3's indicators by year

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

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	5.87	—	—	—	—	—	—	—
P/B	0.98	—	—	—	—	—	—	—
Dividend yield	9.03%	8.82%	12.72%	3.79%	3.17%	1.65%	1.30%	4.27%
Earnings per share	R$6.56	R$0.00	R$0.00	R$0.00	R$0.00	R$0.00	R$0.00	R$0.00
Book value per share	R$39.45	—	—	—	—	—	—	—
ROE	16.64%	—	—	—	—	—	—	—
Gross margin	30.63%	38.64%	36.13%	35.90%	60.08%	71.66%	58.34%	58.89%
Net margin	8.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

BGIP3's financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$1.9B	R$1.3B	R$1.2B	R$1.1B	R$710.9M	R$634M
Cost of revenue	-R$1.3B	-R$790.4M	-R$778.9M	-R$688.8M	-R$283.8M	-R$179.7M
Gross profit	R$573.3M	R$497.7M	R$440.5M	R$385.7M	R$427.1M	R$454.4M
EBITDA	—	—	—	—	—	—
EBIT	—	—	—	—	—	—
Financial result	—	—	—	—	—	—
Income before tax	R$250.8M	R$206.9M	R$56.5M	R$89.8M	R$143.6M	R$80.9M
Income tax	-R$76M	R$0	R$0	R$0	R$0	-R$3.1M
Net income	R$151.5M	R$0	R$0	R$0	R$0	R$0

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

BGIP3 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
BGIP3Banese	0.58	0.10	5.23%	17.22%	R$962M
ITUB4ITAU UNIBANCO HOLDING S.A.	10.43	2.24	7.15%	21.50%	R$511.8B
ITUB3ITAU UNIBANCO HOLDING S.A.	11.41	2.45	6.53%	21.50%	R$511.8B
BPAC3BCO BTG PACTUAL S.A.	15.68	3.48	1.91%	22.20%	R$271.9B
BPAC5BCO BTG PACTUAL S.A.	13.14	2.92	2.28%	22.20%	R$271.9B
BBDC4BCO BRADESCO S.A.	7.92	1.08	6.80%	13.66%	R$183.9B
BBDC3BCO BRADESCO S.A.	6.94	0.95	7.05%	13.66%	R$183.9B

Does BGIP3 pay dividends?

Dividend yield per year

10.07%2017
4.27%2018
1.30%2019
1.65%2020
3.17%2021
3.79%2022
12.72%2023
8.82%2024
9.03%2025
5.23%2026

Payment history
Type	Last day to own	Payment	Per share
Interest on equity	04/14/2026	04/28/2026	R$0.88
Interest on equity	01/21/2026	02/06/2026	R$0.88
Interest on equity	11/19/2025	02/03/2026	R$0.78
Interest on equity	04/10/2025	04/25/2025	R$0.82
Interest on equity	01/31/2025	03/06/2025	R$0.76
Interest on equity	01/31/2025	03/06/2025	R$1.13
Dividend	01/31/2025	03/06/2025	R$0.76
Interest on equity	08/19/2024	10/01/2024	R$1.15
Interest on equity	02/28/2024	03/08/2024	R$1.05
Interest on equity	08/17/2023	09/06/2023	R$1.19
Interest on equity	02/23/2023	03/07/2023	R$2.24
Interest on equity	02/24/2022	03/22/2022	R$1.00

See all 103 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Interest on equity	08/18/2021	08/31/2021	R$0.31
Interest on equity	03/03/2021	03/15/2021	R$0.82
Dividend	07/23/2020	08/20/2020	R$0.17
Dividend	02/26/2020	03/09/2020	R$0.01
Interest on equity	02/26/2020	03/09/2020	R$0.53
Interest on equity	07/03/2019	07/15/2019	R$0.71
Interest on equity	11/23/2018	12/05/2018	R$0.69
Interest on equity	06/13/2018	06/25/2018	R$0.64
Dividend	04/06/2018	04/16/2018	R$0.24
Interest on equity	11/17/2017	12/01/2017	R$0.71
Dividend	08/21/2017	08/29/2017	R$0.19
Interest on equity	06/16/2017	06/28/2017	R$0.73
Dividend	04/06/2017	04/18/2017	R$1.06
Dividend	04/03/2017	04/11/2017	R$0.52
Interest on equity	02/22/2017	03/06/2017	R$0.62
Dividend	02/22/2017	03/06/2017	R$0.03
Interest on equity	08/31/2016	09/09/2016	R$0.33
Interest on equity	11/18/2015	11/30/2015	R$0.58
Interest on equity	08/28/2015	09/10/2015	R$0.49
Dividend	08/21/2014	09/01/2014	R$0.18
Interest on equity	07/28/2014	08/06/2014	R$0.52
Dividend	02/26/2014	03/14/2014	R$0.19
Interest on equity	12/27/2013	01/10/2014	R$0.53
Dividend	08/20/2013	09/04/2013	R$0.17
Dividend	02/25/2013	04/05/2013	R$0.84
Dividend	02/25/2013	04/05/2013	R$1.89
Interest on equity	11/29/2012	12/11/2012	R$0.50
Dividend	08/16/2012	09/03/2012	R$1.17
Interest on equity	06/15/2012	06/29/2012	R$0.54
Dividend	02/28/2012	04/12/2012	R$2.25
Dividend	02/28/2012	04/12/2012	R$0.94
Dividend	08/30/2011	09/09/2011	R$1.40
Interest on equity	06/03/2011	06/15/2011	R$0.47
Dividend	03/01/2011	03/14/2011	R$1.29
Interest on equity	11/30/2010	12/07/2010	R$0.40
Dividend	07/30/2010	08/16/2010	R$0.18
Interest on equity	06/30/2010	07/16/2010	R$0.39
Dividend	03/09/2010	03/29/2010	R$0.97
Interest on equity	11/10/2009	12/28/2009	R$0.35
Dividend	08/24/2009	09/15/2009	R$0.30
Interest on equity	06/30/2009	07/16/2009	R$0.36
Dividend	02/16/2009	03/12/2009	R$0.42
Interest on equity	12/26/2008	01/15/2009	R$0.30
Interest on equity	07/11/2008	07/31/2008	R$0.30
Dividend	04/30/2008	05/28/2008	R$0.17
Interest on equity	02/07/2008	02/25/2008	R$0.43
Interest on equity	07/03/2013	—	R$0.53
Interest on equity	12/06/2011	—	R$0.48
Interest on equity	12/28/2006	—	R$1.04
Interest on equity	11/30/2006	—	R$1.04
Dividend	11/17/2006	—	R$2.12
Interest on equity	10/31/2006	—	R$1.04
Dividend	10/17/2006	—	R$34.51
Interest on equity	09/29/2006	—	R$1.13
Dividend	09/18/2006	—	R$12.64
Interest on equity	08/31/2006	—	R$1.04
Dividend	08/15/2006	—	R$5.31
Interest on equity	07/31/2006	—	R$1.23
Dividend	07/21/2006	—	R$11.32
Dividend	07/03/2006	—	R$2.77
Interest on equity	06/30/2006	—	R$1.23
Interest on equity	05/31/2006	—	R$1.23
Dividend	05/17/2006	—	R$7.71
Interest on equity	04/28/2006	—	R$1.35
Interest on equity	03/31/2006	—	R$1.35
Dividend	03/08/2006	—	R$5.85
Interest on equity	03/08/2006	—	R$2.70
Dividend	12/12/2005	—	R$12.36
Interest on equity	12/12/2005	—	R$2.37
Interest on equity	11/30/2005	—	R$1.48
Dividend	11/25/2005	—	R$2.06
Interest on equity	10/31/2005	—	R$1.48
Dividend	10/20/2005	—	R$4.79
Interest on equity	09/30/2005	—	R$1.48
Dividend	09/29/2005	—	R$3.18
Interest on equity	08/31/2005	—	R$1.48
Dividend	08/30/2005	—	R$2.83
Dividend	08/03/2005	—	R$1.19
Interest on equity	07/29/2005	—	R$1.48
Interest on equity	06/30/2005	—	R$1.48
Dividend	06/21/2005	—	R$8.91
Interest on equity	05/31/2005	—	R$1.48
Dividend	04/29/2005	—	R$19.28
Interest on equity	04/29/2005	—	R$4.45
Interest on equity	04/29/2005	—	R$1.48
Interest on equity	04/06/2005	—	R$3.83
Interest on equity	12/02/2004	—	R$5.31
Interest on equity	08/13/2004	—	R$9.04
Interest on equity	03/05/2004	—	R$8.77
Interest on equity	08/29/2003	—	R$8.31
Interest on equity	03/31/2003	—	R$12.91

Splits, reverse splits and bonus shares
Event	Last day to own	Ratio
Bonus shares	09/09/2014	45.00% in shares
Split	12/10/2007	20 for 1
Reverse split	12/07/2007	1 for 50
Split	07/28/1997	5 for 2

About Banese

Sector: Serviços Financeiros
Segment: Bancos
Listing segment: Traditional
Tag along: 80.00%
Free float: 7.92%
Shares issued: 11.54M common · 11.54M preferred
Average daily trading: R$81.4K
Listed since: 08/26/1988
CNPJ: 13.009.717/0001-46

O Banco do Estado de Sergipe S.A. (Banese) é uma instituição financeira de economia mista controlada pelo governo estadual, com atuação concentrada em Sergipe. O banco oferece produtos de varejo, crédito para pessoas físicas e empresas, serviços de pagamentos, cartões e soluções para o setor público local. Sua rede combina agências, correspondentes e canais digitais para atendimento de clientes no estado. Listado na B3 sob BGIP3 e BGIP4, o Banese mantém estratégia regional, com foco em intermediação financeira doméstica e relacionamento com a economia sergipana. O desempenho depende do custo de captação, qualidade da carteira, inadimplência e receitas de serviços financeiros. A instituição também atua por empresas ligadas em cartões e seguros, compondo um ecossistema de serviços que complementa a atividade bancária tradicional no mercado regional.

Investor website

ShareholdersAs of 12/31/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Common	Preferred	Total
Governo do Estado de SergipeControlling	95.50%	88.66%	92.08%
Outros	4.50%	11.34%	7.92%

Questions about BGIP3

How much is BGIP3 today?

BGIP3 is at R$48.76 (-0.18% on the day), last traded on 10/01/2026.

How much did BGIP3 pay in dividends in 2025?

BGIP3 paid R$3.47 per share in 2025, a dividend yield of 9.03%.

What are the P/E and P/B of BGIP3?

BGIP3 trades at a P/E of 0.58 and a P/B of 0.10.

How much did BGIP3 return in 12 months?

BGIP3 returned 73.78% in 12 months, with annualized volatility of 46.54% and a largest drawdown of -23.19%.

What sector is BGIP3 in?

Banese is in the Serviços Financeiros sector, Bancos segment.