Banco Inter shares rise sharply, CVC advances 3% after Opportunity raises stake; Cyrela falls after two strong highs

SAO PAULO – This Thursday (26), a warm day for Ibovespa, the positive highlight is for the units of Banco Inter (BIDI11), with an increase of around 7%, following the volatility of recent sessions. The day before, the shares fell 4.42%.

On the other hand, CVC (CVCB3) rose by more than 3%, after informing that the Opportunity HDF fund and Opportunity Gestão de Investimentos purchased CVC assets, reaching a share of 15.20% of the total ON shares.

In the spotlight, Cyrela’s assets (CYRE3) are down around 2% after rising sharply in the last two trading sessions, still accumulating gains of around 12% in the week. Other construction companies register low.

Outside the index, shares of OceanPact (OPCT3) advance about 6%. Itaú BBA cut the target price for the share, but still maintained the outperform recommendation (performance above the market average) for the asset.

Vale (VALE3) operates between slight gains and losses despite the high in ore, as well as Petrobras (PETR3; PETR4), which carried out the sale of REMAN, but failed with the sale of RNEST.

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Petrobras announced the sale of the Isaac Sabbá refinery (REMAN) for US$ 189.5 million to Ream Participações, of the partners of Atem’s Distribuidora de Petróleo.

Petrobras also sought to sell the Abreu e Lima Refinery (RNEST). However, according to the company, those interested did not submit proposals. Petrobras announced that it is ending the sale process to assess the “next steps”.

Morgan Stanley points out that while the sale of REMAN was a move in the right direction, RNEST is a much larger unit with greater processing capacity. In addition, the refinery has the potential to increase capacity.

“So far, Petrobras has faced challenges in the process of divestment of REPAR and RNEST, which could increase the perception of risk for the downstream industry in the country”, the analysts point out.

Overcome (UGPA3)

Still on the subject of Petrobras and the refinery, Bradesco BBI states that Ultrapar and Petrobras have until the end of October to negotiate the final terms of the Refap merger. Until then, the deal is uncertain, as Ultrapar could withdraw from the purchase without paying any fines. The bank acknowledges that it previously stated that owning a refinery could generate appreciation for Ultrapar, and says it still believes in this thesis.

But he says that the political landscape in Brazil has been changing, and that the outcome of the presidential election is highly uncertain in 2022. Ultrapar remains committed to the purchase process, and recent news indicates that the value could reach US$ 1.2 billion , compared to the valuation indicated by the bank, of US$ 1.6 billion.

The bank says that, depending on the outcome of the election, creating value from the sale of Refap could become more difficult, especially if the purchase of Refap, in Paraná, does not materialize. Bradesco maintains a neutral valuation (perspective of valuation within the market average) for Ultrapar, and a target price of R$21.

Vibra Energy (BRDT3)

Vibra, formerly BR Distribuidora, will pay on August 31, 2021 the payment of the second installment referring to the remuneration to shareholders in the form of dividends, approved at the last Annual General Meeting, for the year 2020. The total amount of dividends to be paid in the on August 31, 2021 will be R$721.73 million (or R$0.61951576215 per share) of which approximately R$707 million (R$0.60693556505) will be principal and approximately R$14.65 million ( R$0.01258019711 per share) of monetary restatement.

Shareholders in the shareholding position on April 15, 2021 (inclusive) will be entitled to the dividends. The company’s shares started to be traded ex-dividend as of April 16, 2021. Income tax will be applied on the monetary restatement amount, except for the immune and exempt shareholders.

“It is worth noting that in 2021 Interest on equity and dividends in the total amount of approximately R$ 1.6 billion (R$ 1.37817085499 per share) were already paid, which added to this last installment make up a total amount distributed to shareholders of R$2.327 billion (R$1.99768661714), referring to the year 2020.

Santander Brazil (SANB11)

In an interview with Reuters, the superintendent of Santander Financiamentos, Marcio Giovannini, said that Santander Brasil (SANB11) is expanding partnerships with retailers in fast-growing segments to try to speed up its consumer finance portfolio as the country begins out of the recession caused by the pandemic.

Since last December, the bank has increased from 9 to 15 the segments in which it operates in consumer credit in partnerships with networks, starting to finance everything from the purchase of agricultural equipment and solar panels to dental treatments, including furniture and decoration.

Funds Opportunity HDF and Opportunity Gestão de Investimentos purchased CVC assets, reaching a share of 15.20% of the total ON shares, corresponding to 30,569,183 shares.

MRV reported that Morgan Stanley reached an investment equivalent to 5% of the total number of common shares of the builder.

Track Field (TFCO4)

Safari Capital now holds 4.93% of Track Field’s preferred shares, corresponding to 3,547,300 preferred shares.

Miles Capital reduced its stake in Lavvi to less than 5% of total common shares.

Enauta announced that its subsidiary Enauta Energia signed a Memorandum of Understanding (MoU) with Yinson Holdings Berhad, through its subsidiary Yinson Acacia, for the direct and exclusive negotiation of the FPSO supply contracts for the Definitive System of the Atlanta Field .

The MoU establishes the beginning of direct negotiations with exclusivity for the supply of the FPSO, covering the agreements for chartering, operating and maintaining the production unit. Yinson is an independent FPSO services company that operates globally and operates production facilities in West Africa, the Americas, Europe and Southeast Asia.

“The MoU represents an opportunity to anticipate decisions relevant to the successful tender of the definitive Atlanta system and allows greater predictability of the start of operations and conditions of the Atlanta SD. We decided to move forward with Yinson, a traditionally world-renowned FPSO supplier that is already establishing itself in the Brazilian market. We have reached an agreement that matches our expectations of delivering a safe and robust production system. Enauta is also aligned with Yinson in implementing solutions that minimize the intensity of carbon per barrel produced”, commented Carlos Mastrangelo, Operations Director of the Company.

The FPSO’s bidding process considers an FPSO with the capacity to process 50,000 barrels of oil per day, to which 6 to 8 producing wells will be connected, three of which are already operating in the Early Production System. The tender considers the adaptation of an existing and not yet used FPSO, OSX-2, made possible by an exclusivity contract with a purchase option signed by Enauta. The bidding process for other services and equipment necessary for the development of the SD is in progress.

Additionally, the company filed a request with IBAMA to obtain the SD preliminary license. The Company expects to make the final SD investment decision in early 2022 to ensure the start of production by mid-2024. Located in the Santos Basin, the Atlanta Field is operated by Enauta Energia SA, a wholly owned subsidiary of the Company, which also holds 100% of this asset.

OceanPact (OPCT3)

Itaú BBA has updated its estimates for the OceanPact share, whose price has already fallen 65% since the initial public offering (IPO) in February, and which shares have performed significantly below the index amid disappointing results. and events that have eroded investor confidence in the company’s long-term potential.

The bank updated the target price from R$16 for 2021 to R$9 for 2022, maintaining the outperform recommendation for the papers.

Sinqia said it will carry out a primary share offering of, initially, 11.58 million new shares, with restricted placement efforts.

CCR informed that IG4 Transport signed a stock purchase agreement last Wednesday, together with Andrade Gutierrez Participações.

Investments in the works of the Angra 3 nuclear power plant from December 2020 to 2023 should add up to R$ 6 billion, pointed out in a presentation this Wednesday by Eletronuclear, a subsidiary of state-owned Eletrobras (ELET3). According to the financial director of Eletrobras, Elvira Presta, the contributions to the plant, which should operate in 2026, show the company’s commitment to completing the project.

Vitru (VTRU: Nasdaq)

Vitru Educação presented its figures for the second quarter of 2021. Net revenue in the Digital Undergraduate business grew 35.3%, compared to the same period last year. Consolidated net revenue grew by 30.1%. Consolidated adjusted Ebitda for the first half of 2021 totaled R$ 96.5 million and represents a growth of 28.6% compared to the first half of 2020.

Credit Suisse assesses that Vitru continues on its growth trajectory, with no significant impact on its profitability. And that the gain of scale with the purchase of Unicesumar, still to be approved, should contribute. The bank says it continues to believe in Vitru’s strategic choice in favor of distance learning, and in the discipline of management during growth.

Credit maintains a neutral valuation (perspective of valuation within the market average), and a target price of US$ 15, compared to the US$ 17.5 quotation of VTRU papers on Wednesday on Nasdaq.

(with Reuters and Estadão Content)

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