Brazil Homebuilders 1Q26 Model Update

Goldman Sachs has updated its Brazil homebuilders models following 1Q26 results, maintaining Buy ratings on Tenda, Direcional, Cury, and Cyrela while adjusting price targets for quarterly misses and margin trends.

Key Takeaways

• 1.Analysts are updating Brazil homebuilder models following 1Q26 results, with significant adjustments for Cyrela (PT reduced by 9%) and Tenda (PT increased by 9%).
• 2.Maintain Buy ratings on the majority of coverage, specifically low-income builders (Tenda, Direcional, Cury) and mid/high-income builder Cyrela.
• 3.Low-income homebuilders are favored for their potential to handle construction cost inflation through pricing power and budgeting.

Table of Contents

• New Estimates
• Initial Revenue Recognition for Recent Cyrela Projects
• LatAm Homebuilders Comp Sheet
• Valuation Methodology and Key Risks
• Disclosure Appendix

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