BRL reporting
SLC Agrícola · SLCE3.SA
Row crops (soy, cotton, corn) · Filing
- Acres
- 561,000
- Book / acre
- BRL 8,021
- Market cap (USD)
- $1,223M
- EV / acre (USD)
- $5,157
Sector KPIsestimate
- Planted area
- 730,000 ha
- Owned / leased
- 270,000 / 460,000 ha
- Production
- 2,400,000 MT_grain
- Realized price
- BRL 1450.00
- Bio assets
- BRL 1,850M
Tangible Balance-Sheet Assets
Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.
| Asset class | Book (BRL M) | FMV (BRL M) | Note |
|---|---|---|---|
| Land / property | 4,500 | 13,407 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 1,248 | — | Net of accumulated depreciation |
| Biological assets | 1,850 | — | IAS 41 fair value — standing crops / livestock |
| Inventory | 2,864 | — | |
| Intangibles + goodwill | 124 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 10,462 | 19,369 | |
| + Cash & equivalents | 2,650 | 2,650 | |
| Tangible total (incl. cash) | 13,112 | 22,019 | |
| Reported total assets (BS) | 13,800 | — | Latest period 2024-12-31 |
Tangible book
BRL 13,112M
95% of total assets
Market cap
BRL 6,224M
47% of tangible book
Enterprise value
BRL 14,724M
112% of tangible book
Implied fair market analysis
As of 2025-12-31FMV by category
Aggregated from per-property assumptions below| Category | Properties | Acres | Avg book BRL/acre | Avg FMV BRL/acre | Book (BRL M) | FMV (BRL M) | FMV range (BRL M) | FMV vs book |
|---|---|---|---|---|---|---|---|---|
| Mato Grosso Cerrado — Class-A | 1 | 130,000 | 8,462 | 25,000 | 1,100 | 3,250 | 2,730–3,770 | +195.5% |
| Western Bahia Cerrado — LEM premium | 1 | 70,000 | 10,000 | 30,000 | 700 | 2,100 | 1,820–2,380 | +200.0% |
| Mato Grosso Cerrado — Class-A premium (Sapezal) | 1 | 60,000 | 7,000 | 28,000 | 420 | 1,680 | 1,440–1,920 | +300.0% |
| Matopiba (Maranhão) | 2 | 90,000 | 6,000 | 17,000 | 540 | 1,530 | 1,260–1,800 | +183.3% |
| Western Bahia Cerrado — mid-tier | 1 | 50,000 | 8,000 | 24,000 | 400 | 1,200 | 1,000–1,400 | +200.0% |
| Goiás Cerrado — Class-A | 1 | 45,000 | 8,444 | 26,000 | 380 | 1,170 | 990–1,350 | +207.9% |
| Mato Grosso Cerrado — mid-tier | 1 | 50,000 | 7,600 | 22,000 | 380 | 1,100 | 900–1,300 | +189.5% |
| Western Bahia Cerrado — mid-LEM | 1 | 25,000 | 7,200 | 26,000 | 180 | 650 | 550–750 | +261.1% |
| Matopiba (Piauí) | 1 | 25,000 | 5,200 | 15,000 | 130 | 375 | 300–450 | +188.5% |
| Mixed regional — MS / MA / new BA-MG | 1 | 16,000 | 8,125 | 22,000 | 130 | 352 | 288–416 | +170.8% |
| Total | 11 | 561,000 | 7,772 | 23,898 | 4,360 | 13,407 | 11,278–15,536 | +207.5% |
Properties
11-row breakdown of SLC's OWNED cultivable land bank — calibrated to tie FMV total to Deloitte Jul-2025 audited appraisal of R$13.396B (R$58,960/cultivable ha = R$23,876/cultivable acre weighted). SLC operates ~838K ha total but owns only ~672K ha geographic area / ~227K ha cultivable across 22 farms. Leased land (Sierentz, Paineira) is excluded — it is operated but not on the balance sheet, so it doesn't show up in NAV.| Property | Category / crop | Acres | Acquired | Cost (BRL M) | Book (BRL M) | BRL/acre book | FMV BRL/acre | FMV (BRL M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Fazenda Paiaguás Diamantino, Mato Grosso, Brazil | Mato Grosso Cerrado — Class-A Soy / corn / cotton | 130,000 | — | — | 1,100 | 8,462 | 25,000 21,000–29,000 | 3,250 | +195.5% | SLC-DELOITTE-LAUDO-2025BR-CERRADO-MT-2024BR-CERRADO-MT-2025 Largest single SLC owned farm; Diamantino MT Class-A cotton-soy ground; IMEA 2024-2025 transactions at R$60-72K/ha = R$24-29K/acre |
Fazenda Palmares Barreiras, Bahia, Brazil | Western Bahia Cerrado — LEM premium Soy / cotton | 70,000 | — | — | 700 | 10,000 | 30,000 26,000–34,000 | 2,100 | +200.0% | SLC-DELOITTE-LAUDO-2025BR-CERRADO-WEST-BA-2024BR-CERRADO-WEST-BA-2025 Barreiras LEM region is the top-tier Brazilian Cerrado sub-cluster; transactions at R$70-85K/ha = R$28-34K/acre |
Fazenda Planorte Sapezal, Mato Grosso, Brazil | Mato Grosso Cerrado — Class-A premium (Sapezal) Soy / corn / cotton | 60,000 | — | — | 420 | 7,000 | 28,000 24,000–32,000 | 1,680 | +300.0% | SLC-DELOITTE-LAUDO-2025BR-CERRADO-MT-2024BR-CERRADO-MT-2025 Sapezal sub-region is top-tier MT cotton ground; commands a R$3-5K/acre premium over Diamantino. Adjacent to LAND3 Campo Novo do Parecis cluster |
Other Bahia owned farms (Paladino / Panorama / Paysandu / Piratini) Bahia (São Desidério / Correntina / Jaborandi), Brazil | Western Bahia Cerrado — mid-tier Soy / cotton | 50,000 | — | — | 400 | 8,000 | 24,000 20,000–28,000 | 1,200 | +200.0% | BR-CERRADO-WEST-BA-2024BR-CERRADO-WEST-BA-2025 Aggregated remaining BA owned farms outside Barreiras LEM core — São Desidério / Correntina / Jaborandi at solid Class-A pricing but below LEM premium |
Fazenda Pamplona Cristalina, Goiás (and Unaí, Minas Gerais) | Goiás Cerrado — Class-A Soy / corn / cotton | 45,000 | — | — | 380 | 8,444 | 26,000 22,000–30,000 | 1,170 | +207.9% | BR-GOIAS-CERRADO-2024BR-GOIAS-CERRADO-2025 Cristalina GO + Unaí MG — Class-A near Brasília; SLC's flagship farm in IR materials. R$60-75K/ha typical |
Other MT owned farms (Pioneira / Perdizes / Próspera / Pejuçara / Piracema / Pirapora / Pampeira) Mato Grosso (Querência / Porto dos Gaúchos / Tabaporã / Santa Rita do Trivelato / Campo Novo do Parecis), Brazil | Mato Grosso Cerrado — mid-tier Soy / corn / cotton | 50,000 | — | — | 380 | 7,600 | 22,000 18,000–26,000 | 1,100 | +189.5% | BR-CERRADO-MT-2024BR-CERRADO-MT-2025 Aggregated remaining MT owned farms — northern MT (Querência / Porto dos Gaúchos) is mid-tier vs Diamantino/Sapezal premium; some recently developed area |
Fazenda Parnaíba Tasso Fragoso, Maranhão, Brazil | Matopiba (Maranhão) Soy / corn | 60,000 | — | — | 380 | 6,333 | 17,000 14,000–20,000 | 1,020 | +168.4% | BR-CERRADO-NE-MATOPIBA-2024BR-CERRADO-NE-MATOPIBA-2025 Tasso Fragoso MA Matopiba — mature production unit in southern MA; R$40-50K/ha typical for established Matopiba |
Fazenda Parceiro Formosa do Rio Preto, Bahia, Brazil | Western Bahia Cerrado — mid-LEM Soy / cotton | 25,000 | — | — | 180 | 7,200 | 26,000 22,000–30,000 | 650 | +261.1% | BR-CERRADO-WEST-BA-2024BR-CERRADO-WEST-BA-2025 Formosa do Rio Preto BA — mid-tier within LEM cluster, slightly back from Barreiras premium |
Fazenda Planeste Balsas, Maranhão, Brazil | Matopiba (Maranhão) Soy / corn | 30,000 | — | — | 160 | 5,333 | 17,000 14,000–20,000 | 510 | +218.8% | BR-CERRADO-NE-MATOPIBA-2024BR-CERRADO-NE-MATOPIBA-2025 Balsas MA — established Matopiba, similar pricing to Tasso Fragoso. LandCo subsidiary |
Fazenda Parnaguá Santa Filomena, Piauí, Brazil | Matopiba (Piauí) Soy / corn / new development | 25,000 | — | — | 130 | 5,200 | 15,000 12,000–18,000 | 375 | +188.5% | BR-CERRADO-NE-MATOPIBA-2024BR-CERRADO-NE-MATOPIBA-2025 Santa Filomena PI — Matopiba expansion frontier; logistics distance to ports drives discount vs MA. 14,572 ha rental area excluded (leased, not owned) |
Other owned farms (MS Planalto / MS Pantanal / MA Palmeira / 2025 Agrícola Xingu acquisition) Mato Grosso do Sul + remaining Maranhão + 2025 BA/MG additions | Mixed regional — MS / MA / new BA-MG Soy / corn | 16,000 | — | — | 130 | 8,125 | 22,000 18,000–26,000 | 352 | +170.8% | BR-CERRADO-MT-2024BR-CERRADO-NE-MATOPIBA-2024 Aggregated MS Class-A + remaining MA farms + Mar-2025 Agrícola Xingu cultivable portion (27.5K ha gross / ~12K ha cultivable). Blended mid-tier pricing |
Comparable land transactions and surveys
11 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| SLC-DELOITTE-LAUDO-2025 | Deloitte Jul-2025 independent appraisal of SLC's owned cultivable land bank: R$13,396M valued at R$58,960/cultivable hectare = R$23,876/acre weighted (ABNT NBR 14.653-3 Direct Comparative Method, terra nua only — excludes buildings/improvements/machinery) | SLC owned portfolio (Deloitte appraised) | 561,576 | $23,876 | Jul 2025 | Deloitte laudo de avaliação Jul 2025 / disclosed Jul 9 2025 |
| BR-CERRADO-MT-2025 | Mato Grosso 2025 cropland transactions — Class-A (R$65-78K/ha) | Mato Grosso, Brazil | — | $26,300 | Apr 2025 | IMEA + MT broker reports H1 2025 |
| BR-CERRADO-WEST-BA-2025 | Western Bahia Cerrado 2025 transactions — top-tier LEM at R$75-85K/ha | Western Bahia (Barreiras / LEM), Brazil | — | $30,500 | Apr 2025 | Barreiras Cerrado land transactions H1 2025 |
| BR-GOIAS-CERRADO-2025 | Goiás Class-A Cerrado 2025 transactions — R$64-76K/ha | Goiás, Brazil | — | $27,000 | Apr 2025 | GO land transactions H1 2025 |
| BR-CERRADO-NE-MATOPIBA-2025 | Matopiba 2025 transactions — established at R$42-52K/ha; expansion-frontier at R$33-45K/ha | Matopiba region (MA / PI / TO), Brazil | — | $18,500 | Apr 2025 | Matopiba broker reports H1 2025 |
| SLC-IR-LANDBANK-2024 | SLC IR-disclosed land bank value 2024: ~R$11.6B owned (Deloitte) — confirms the OWNED-only basis is the right comp anchor, not the 838K ha total operated portfolio | SLC owned portfolio | 561,576 | $20,650 | Dec 2024 | SLC IR materials 2024 capital markets day |
| BR-CERRADO-NE-MATOPIBA-2024 | Matopiba Cerrado expansion-frontier cropland — established southern MA at R$40-50K/ha; PI logistics-discount areas at R$32-42K/ha | Matopiba region (MA / PI / TO), Brazil | — | $17,500 | Oct 2024 | Matopiba region broker comps 2024 (corrected per-acre conversion) |
| BR-CERRADO-MT-2024 | Mato Grosso Class-A cotton-soy ground — IMEA per-hectare benchmarks 2024 (R$60-72K/ha) | Mato Grosso, Brazil | — | $24,300 | Sep 2024 | IMEA Mato Grosso land surveys 2024 (corrected per-acre conversion) |
| BR-CERRADO-WEST-BA-2024 | Western Bahia Cerrado high-quality cropland (Barreiras / LEM) — R$70-80K/ha | Western Bahia, Brazil | — | $28,000 | Sep 2024 | AGEFAZ + Bahia rural broker comps 2024 |
| BR-GOIAS-CERRADO-2024 | Goiás Class-A Cerrado cropland near Brasília — R$60-72K/ha | Cristalina / Catalão, Goiás | — | $25,500 | Sep 2024 | IBGE + GO rural broker reports 2024 |
| SLC-DELOITTE-LAUDO-2024 | Deloitte 2024 appraisal: R$11,591M — +7.1% appreciation in 2025 reflects a mix of soybean price stabilization and the Mar-2025 Agrícola Xingu acquisition (+27,516 ha) | SLC owned portfolio | — | $22,000 | Jul 2024 | Deloitte laudo 2024 |
SLC Agrícola operates ~838K hectares total across 8 Brazilian states, but only ~672K hectares are OWNED (~227K cultivable hectares = ~561K cultivable acres). The rest is leased (Sierentz partnership Mar-2025: ~50K ha at US$135M lease consideration, plus older Paineira PI lease) or under JV arrangements. Only owned cultivable land contributes to NAV — leased operations generate operating cashflow but no balance-sheet asset. PRIMARY FMV ANCHOR: Deloitte publishes an independent annual appraisal of SLC's owned land bank using ABNT NBR 14.653-3 (Direct Comparative Method of Market Data, terra nua only — excludes buildings, improvements, machinery). Recent appraisals: • 2024: R$11,591M (Deloitte) • 2025: R$13,396M (R$58,960/cultivable ha = R$23,876/acre weighted) — +7.1% YoY, partly driven by Mar-2025 +27,516 ha Agrícola Xingu acquisition The 11-row sub-tier breakdown is calibrated so the FMV total (~R$13.4B) ties to the 2025 Deloitte mark. Per-acre pricing by region (2024-2025 IMEA / AGEFAZ / regional broker data — corrected per-acre conversion from per-hectare): - Western Bahia LEM (Barreiras): R$28-34K/acre (R$70-85K/ha) — Palmares premium - Mato Grosso premium (Sapezal): R$24-32K/acre (R$60-79K/ha) — Planorte - Goiás Class-A (Cristalina): R$22-30K/acre (R$54-74K/ha) — Pamplona - MT Class-A (Diamantino): R$21-29K/acre (R$52-72K/ha) — Paiaguás - BA mid-tier (non-LEM): R$20-28K/acre (R$50-69K/ha) - MT mid-tier (northern MT): R$18-26K/acre (R$44-64K/ha) - Matopiba MA established: R$14-20K/acre (R$35-50K/ha) — Parnaíba, Planeste - Matopiba PI frontier: R$12-18K/acre (R$30-45K/ha) — Parnaguá Cap rate ranges 4.0-7.5% reflect quality tier differentiation: LEM premium / Sapezal MT compress to 4.0-5.5%; Matopiba expansion-frontier widens to 6.0-7.5% reflecting logistics distance and development stage. CRITICAL CORRECTION (vs prior version of this file): An earlier version of this detail page used R$5,200-9,000/acre for SLC's properties — a per-hectare-vs-per-acre unit-conversion error that systematically understated by ~3×, while simultaneously over-counting acres (1.73M operated acres vs the correct 561K owned-cultivable). The two errors offset numerically (~R$11.4B total vs Deloitte R$13.4B = only 18% off), but both inputs were wrong. The corrected version: (a) restricts to owned cultivable land only, (b) uses Brazilian per-acre figures consistent with IMEA per-hectare data converted at 1 ha = 2.471 acres, and (c) ties to the audited Deloitte mark. The same per-hectare-vs-per-acre error pattern likely affects other Brazilian operator detail files (AGRO3, AGRO sugarcane) — ongoing audit.
Financial snapshot
41 reported periods · 2491 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/SLCE3.SA.json — manually compiled at the most-granular timeframe each issuer discloses (typically quarterly). Stock price overlay and premium/discount on the NAV/share chart use daily Yahoo close; premium/discount steps each time NAV is re-reported.
Sector trends
1 populated KPIs · 2007–2024