Análise do valor intrínseco das empresas brasileiras (2019- 2023) com base na fórmula de Benjamin Graham

Abstract

The aim of this paper is to evaluate the applicability of Benjamin Graham's formula, known as the “Graham formula”, in determining the intrinsic and fair value of shares. The research seeks to examine whether this approach offers investors a practical and well-founded alternative in the context of the Brazilian market. To achieve this objective, a descriptive analysis was carried out based on data collected from companies listed on the Bovespa Index. The aim was to identify which companies are trading below the intrinsic value estimated by the Graham formula. This provides an objective and reliable tool for investors in the search for undervalued assets, supporting decision-making and maximizing returns. The results obtained showed that a simulated portfolio, based on the criteria of the Graham formula, achieved an accumulated return of 150.89%, significantly outperforming both the Bovespa Index (38%) and the Selic Rate (36.9%) over the period analyzed. This result demonstrates the efficiency of the Graham formula, supporting its potential as an effective methodology for analyzing investments in the Brazilian stock market.