SAO PAULO – The corporate news this Monday (30) highlights the outcome of the Petrobras meeting on Friday: shareholders reappointed seven members of the board of directors, all appointed by the Union, and elected a candidate nominated by minority shareholders. Also highlighted is the announcement of the new CEO of Mosaico. Klabin, in turn, has started the operation of the first phase of the Puma II project.
Recommendations are also on investors’ radar, with Credit Suisse starting coverage for PetroRio and XP for Multilaser, both with a recommendation equivalent to buy. Check out the highlights:
Mosaico announced on Friday the name of Mauricio Cascão as the group’s new CEO. The executive takes the place of Thiago Flores, who takes a seat on the company’s Board of Directors, as an observer.
On Friday, Petrobras signed a contract for the sale of its entire 93.7% shareholding in Breitener Energética SA (Breitener), located in the state of Amazonas, to Breitener Holding Participações SA, a wholly owned subsidiary of Ceiba Energy LP .
The sale value is R$304 million, of which R$251 million will be paid at its closing, subject to the adjustments provided for in the contract, and R$53 million in contingent payment, linked to Breitener’s future remuneration on the sale of energy. The closing of the transaction is subject to the fulfillment of precedent conditions, such as the approval of the Administrative Council for Economic Defense (Cade).
Also highlighted, Petrobras shareholders reappointed seven members of the board of directors, all appointed by the Union, and elected a candidate nominated by minority shareholders, during a general meeting on Friday.
With the election, Petrobras will have a total of three members appointed by minority shareholders, seven appointed by the Union and one by workers, considering the seats that were not at stake in that meeting. The result frustrated the expectations of minority shareholders, who managed to elect only one name, Marcelo Gasparino, when they sought to advance in more seats in the collegiate. Minority had three candidates.
The state-owned company also reaffirmed on Monday that it maintains its position in seeking the full sale of its stake in Braskem and monitors the process of selling the stake held by Novonor, the oil company said in a statement.
“In the context of active portfolio management, Petrobras is evaluating opportunities in the petrochemical segment, as provided for in its Strategic Plan 2021-2025, aimed at integrating its Exploration and Production (E&P) and Refining activities,” said the company. Petrobras also said that there is no definition or decision on the matter.
This Monday, Klabin began operations for the first stage of the Puma II project, at the industrial unit in Ortigueira (PR).
This first stage, according to the company, included the construction of a main fiber line for the production of unbleached pulp, integrated with a kraftliner and white kraftliner paper machine (white top liner) with a capacity of 450 thousand tons per year.
Such production, according to Klabin, will be marketed under the Eukaliner brand, the world’s first kraftliner paper produced from 100% eucalyptus fibers.
Credit Suisse began hedging PRIO3 shares with an outperform recommendation (above market average performance) and a target price of R$25 per share, or a potential 29% increase from Friday’s close.
“The valuation argument boils down to the following statement: PetroRio will increase production more than twice to reach around 78,000 barrels per day in 2025 and US$ 1.27 billion of Ebitda, implying that the shares would be traded below of a multiple of 2 times the ratio of company value to Ebitda and FCFE yields above 20% at $62 a barrel of Brent and taking into account current stock prices. Mergers and acquisitions can further increase the upside”, analysts assess.
XP started coverage for Multilaser stock with a buy recommendation and a target price for the end of 2022 of R$15 per share.
“Our positive vision is based on four pillars: (i) solid market positioning, supported by a diversified portfolio; (ii) assertive and constant product launch; (iii) robust product production and distribution network, leveraged by proprietary software; and (iv) attractive valuation, with the share trading at 8.5 times the price over earnings, a discount of 36% vs. your pairs. We believe that the performance of the security since the IPO (16% drop) is explained by a macro movement that penalized all recent IPOs due to the lower liquidity of these securities and, therefore, we see it as unjustified”, analysts assess.
Fleury (FLRY3) and Alliar (AALR3)
Fleury provided clarifications considering the release of news in the media about a potential transaction involving Centro de Imagem Diagnosticos (Alliar).
According to Fleury, the company’s management continually assesses opportunities to acquire companies or assets that may contribute to achieving its strategic objectives.
In relation to Alliar, management has started preliminary studies, together with its legal and financial advisors, with a view to evaluating a potential transaction, but so far there is no definition regarding the presentation of a proposal, offer or agreement.
The company informed that it will keep its shareholders and the market in general informed about the matter, pursuant to the regulations in force.
Engie Brazil (EGIE3)
Engie Brasil announced that the Gralha Azul Transmission System has obtained authorization from the National System Operator (ONS) for the start of commercial operation of its 230kV transmission lines – Ponta Grossa – São Mateus do Sul and Ponta Grossa – Ponta Grossa Sul from of August 21, 2021.
Gralha Azul, located in the state of Paraná, was acquired at Auction No. 02/2017 and provides for the construction of approximately 1,000 kilometers in length, six 230kV TLs, four 525kV TLs, installation of five new substations and expansion of another five existing ones. .
The entry into commercial operation of the two lines was more than 18 months ahead of the schedule of the National Electric Energy Agency (Aneel), and the completion of the implementation of the entire Gralha Azul Transmission System is scheduled to take place in 2021.
“The start of commercial operation at Gralha Azul, the first transmission system built by the Company, in the midst of the Covid-19 pandemic, reinforces the execution capacity of our team, materializes ENGIE Brasil Energia’s entry into a new business line in the Brazil and confirms our position as an investment platform in energy infrastructure”, commented the Company’s CEO, Eduardo Sattamini.
Vibra Energy (BRDT3)
The board of directors of Vibra Energia, formerly BR Distribuidora, approved on Friday the third issue of debentures by the company, in the total amount of R$ 800 million, informed the company in a material fact. According to Vibra, the debentures will have a ten-year term from the date of issue, maturing on September 11, 2031. They will be linked to agribusiness receivables certificates (CRAs) issued by Virgo Companhia de Securitização.
“The issuance of debentures is in line with the Company’s strategic direction of constant evaluation of alternatives for raising funds to optimize its capital and financial structure,” stated the company.
Vibra also made another series of announcements. She informed that, on August 29, it signed binding documents with Copersucar with the aim of creating a Joint Venture that will act as an Ethanol Trading Company (ECE). ECE will have an independent management structure and its own corporate governance. The transaction was approved by the Board of Directors on August 27, 2021, and is not subject to the rules contained in article 256 of the Brazilian Corporate Law.
She also signed a memorandum of understanding with Prisma Capital for the creation of a real estate investment fund that will receive the company’s real estate investment, all of which are Petrobras-branded gas stations. See more by clicking here.
Banco do Brasil (BBAS3) and Caixa
Banco do Brasil and Caixa decided to leave Febraban and have already notified Paulo Guedes of the decision, and to the president of the Central Bank, Roberto Campos Neto, as found by Estadão/Broadcast. The reason for the departure is due to a manifesto that the Federation of Industries of the State of São Paulo (Fiesp) should publish on Tuesday with a request for harmony between the three Powers. Febraban is a signatory of the document.
3R Petroleum (RRRP3)
3R Petroleum (RRRP3) informed that it was requested to offer debentures in the total amount of R$ 1.6 billion, in up to three series, non-convertible into shares.
Allied Technology (ALLD3)
Allied Tecnologia acquires new BrUsed electronics platform.
The acquisition “accelerates the internal development of systems and processes necessary for the operation of recertificates and adds an additional funding and sales channel for this line of business,” Allied said in the statement.
Inter Bank (BIDI11)
Itaú BBA published an assessment of Banco Inter. The bank says it recognizes that the high interest rate makes the patience in waiting for the materialization of profits to be reduced. Higher rates should also help separate “winners from losers” in the Brazilian race among digital banks.
Itaú believes that Inter has the tools for financing and the right approach to consumers to grow, and has already achieved more than other banks in terms of customer base, product engagement and deposits.
Itaú says it expects 94% growth in loans and 93% increase in net interest margin (NII) over the next 12 months. He also points out that Inter announced an increase of R$ 3 billion in credit card limits for another 1.1 million users, which should practically double the base of 1.3 million cards, which make up an important part of its 12 million customer base.
Itaú reiterated the outperform valuation (perspective of appreciation above the market average) and target price of R$91 per share for Inter’s BIDI11 shares in 2022, compared to the Friday’s quotation of R$71.86.
Cloud computing, cybersecurity and data services provider Claranet Technology has filed for an initial public offering (IPO) in search of resources to grow via acquisitions, according to the transaction’s prospectus published on Friday on Friday. Brazilian Securities Commission (CVM).
In the document, Claranet says it intends to use about 84% of the proceeds from the sale of new shares to buy other companies, using the rest to finance its organic growth and to pay expenses
(with Reuters and Estadão Content)
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