Melnick stock faces weak third-quarter sales as launches plunge
Published on 11/03/2026 at 02:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSWeak quarter pressures Melnick
- Sales velocity fell to 6% from 10% a year earlier.
- Melnick delivered 308 units with a company-attributed value of BRL 88 million.
- BTG Pactual kept a neutral view and a BRL 4.80 price target.
Melnick's third-quarter 2026 operating figures pointed to a weaker business environment, according to a BTG Pactual report published on October 15. Net sales reached BRL 91 million, down 38% from a year earlier, while gross sales fell 33% to BRL 116 million. Cancellations totaled BRL 24 million.
Launch activity drops sharply
Melnick attributed just BRL 23 million of launch value to itself during the quarter, compared with BRL 119 million in the third quarter of 2025. The period included one subdivision launch, while the lower volume of new projects limited the contribution from launches to sales.
Sales velocity fell to 6% from 10% a year earlier. BTG Pactual said the main pressure came from weaker absorption of inventory, alongside elevated financing costs and a more difficult market for mid- and high-income residential developers. The bank expects Melnick to accelerate launches in the following quarter.
Analysts remain cautious
BTG Pactual maintained a neutral recommendation and a BRL 4.80 price target. Its assessment leaves the next launch cycle and the recovery in sales velocity as key indicators for investors. The research also said Melnick was trading at about 0.65 times tangible book value and around 3.7 times expected 2027 earnings on the page's October 30 consolidation.
Business in Southern Brazil
Melnick develops residential real estate in Brazil, with a concentration on Porto Alegre and its metropolitan area and exposure to mid- and high-income housing. BTG Pactual describes the company as one of the larger developers in Rio Grande do Sul. In the broader Brazilian residential market, Melnick has a more regional position than developers such as MRV, Direcional and Cury, which the research covers among larger national housing companies.
The company delivered two projects during the quarter, Grand Park Moinhos - Phase 2 and Raro. Together, the projects represented 308 units and BRL 88 million in value attributable to Melnick.
Melnick stock at a glance
- Company: Melnick Desenvolvimento Imobiliario
- Ticker: MELK3
- Sector: Construction and properties
- Operating period: Third quarter 2026
- Net sales: BRL 91.2 million
- Launches: BRL 23 million
- Sales velocity: 6%
- Analyst view: Neutral; BRL 4.80 price target
Investors can follow broader Brazilian equity-market developments in the Bovespa market reports.
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