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New Shareholding Structure, Significant Jump in Stock Price, and Market Warnings Ignite Debate on Distortions in the Airline Company’s Market Value
On June 13, 2025, Gol Linhas Aéreas led an unusual movement in B3. After the debut of its new shares, the company reached a market value exceeding R$240 billion. However, the event raised strong questions among financial analysts.
The company had recently exited a bankruptcy proceeding in the United States under the model known as Chapter 11. Shortly thereafter, it became one of the most valuable companies in the country, despite facing significant operational challenges.
To restructure its capital base, Gol’s Board of Directors approved a robust capitalization of R$12 billion. This movement involved the issuance of 8.1 trillion common shares at R$0.00029 each and 968 billion preferred shares at a cost of R$0.01 each.
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This unprecedented scenario substantially altered the codes, prices, and standard trading lot on B3. Starting June 12, the shares began trading in lots of one thousand units, with codes GOLL53 (common shares) and GOLL54 (preferred shares).
Shares Rise Over 1,800% and Generate Perplexity
The market’s reaction was immediate and intense. The GOLL54 stock, for example, appreciated by 406.30% right at its debut, closing at R$52.
Later, in after-hours trading, the same asset reached as high as R$204, an accumulated gain of 1,885.88% compared to the opening value of R$10.29. As a result, the company surpassed the market value of giants such as WEG, Localiza, and Rumo.
However, experts warned about the distortions in the numbers.
Moreover, the process of converting shares and the new pricing logic likely caused confusion among investors.
Bank Maintains Sell Recommendation and Details Changes
Despite the eye-catching performance, the team believes that prices will inevitably converge to a value more consistent with the company’s fundamentals.
The analysis highlighted what it considers to be an artificial phenomenon. The remarkable figures do not actually reflect the airline’s financial situation.
Next, the bank detailed the share transformation process that occurred in recent weeks:
- The shares of Gol began trading without preferential rights, with a new pricing factor of one thousand shares, in addition to new codes.
- The old codes GOLL3 and GOLL4 were replaced by GOLL53 and GOLL54, also with a standard of one thousand shares.
- Preferential rights began circulating on B3 with a new code and also priced in lots of one thousand.
- The subscription bonuses, previously listed as GOLL13, were changed to GOLL80.
- These bonuses, in turn, maintain the terms previously defined by the company in official minutes.
“Accounting Illusion” Draws Market Attention
Since the beginning of the movements, experts have warned that the effects of the issuance would be temporarily illusory. The share restructuring created what many define as an “accounting illusion,” as the inflated market value would not hold up against weak operational fundamentals.
Although Gol has exited the bankruptcy process, it still faces severe structural and operational challenges. Experts emphasize that the airline sector is notoriously complex.
Gol’s history with intricate financial structures reinforces this perception. Nevertheless, seasoned analysts were surprised by the impact that the reorganization had on the numbers in the stock market.
Expectations of Future Adjustment in Prices
Despite the significant rise and the new positioning in the ranking of the country’s most valuable companies, the consensus among analysts is clear: Gol’s shares will need to adjust soon to their intrinsic value.
The current market value, while technically valid, does not correspond to the company’s operational reality. The expectation is that, over time, investors will recognize this disconnection and correct the asset prices.
Additionally, with the increase in trading volume and better understanding of the new adopted model, pricing tends to stabilize. The analysis concludes that the current phenomenon does not represent sustainable appreciation but rather an imbalance caused by technical factors and low liquidity.
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