Camil shares advance after acquisition and Eneva rises strongly with recommendation; Petrobras drops attention to CEO speeches

SAO PAULO – With investors monitoring the move and Joaquim Silva e Luna, president of Petrobras (PETR3; PETR4), for the Chamber of Deputies, the shares of the state-owned company drop about 1%.

On Monday night (13), the president of the Chamber of Deputies, Arthur Lira (PP-AL), made a post on Twitter, after the market closed, stating that “Everything is expensive: gasoline, diesel, diesel kitchen…” and questioning “What does Petrobras have to do with this?…”. The message came to inform that the company participates in the General Committee at the Chamber, represented by the current president, to discuss the weight of prices practiced by the company, which currently follow the fluctuations of the international market.

This Tuesday, Silva e Luna stated at the Chamber that Petrobras has a strong corporate governance structure. “It is a strong company, and it makes selected investments, in addition to having strong governance, avoiding any deviation from its focus on what it does best.” He stated that the company contributes to Brazil, especially in these challenging times and stressed that, in two years, the state-owned company paid R$ 546 billion in taxes. Find out more by clicking here.

The session, it is worth noting, is of gains of around 0.9% in the prices of the main oil futures contracts, amid concerns about the supply in the US, with production in the country taking a long time to return two weeks after Hurricane Ida hits the Gulf coast and amid concerns that another storm could affect production in Texas this week.

The price gains came despite the Organization of Petroleum Exporting Countries (OPEC) lowering its forecast of world oil demand for the last quarter of 2021 due to the Delta variant of the coronavirus.

Vale (VALE3), which opened close to stability, intensified losses, dropping more than 1%. Iron ore futures fell for the fifth session to the lowest price this year as restrictions on China’s steel production weighed on demand and investor expectations for industrial and economic data this week.

Stocks from companies such as Méliuz (CASH3) and Banco Inter (BIDI11) continue with expressive gains, following a recovery after the sharp drop registered on Wednesday of last week and already recovering the losses registered in the month.

Also among the highest increases, Eneva (ENEV3) rose more than 5% on the same day it had the recommendation raised to equivalent to a purchase by Itaú BBA.

Outside the index, Camil (CAML3) advances about 3%. The company communicated a contract for the acquisition of the brands of Seleto, until then of JDE Brasil. Completion of the transaction is subject to conditions usual for this type of transaction, including obtaining approval from the Administrative Council for Defense (Cade). Values ​​were not disclosed.

Check out the highlights:

The day before, Arthur Lira, president of the Chamber of Deputies, criticized the high price of oil products and said that Petrobras needs to be reminded that “Brazilians are its shareholders”. Today, the president of the company, General Joaquim Silva e Luna, speaks in a committee of the Chamber.

Still on the radar, Petrobras signed an agreement with Gerdau to supply natural gas to the company’s unit in Ouro Branco (MG), in the first contract signed by the oil company in the free trade environment, amid the opening of the market. In a press release, Petrobras informed that the start of supply is expected to take place on January 1, 2022. However, it did not inform values ​​or volumes to be negotiated with the steelmaker.

Still on Petrobras’ radar, in the next few days, it should conclude the leasing process for the Regasification Terminal for Liquefied Natural Gas (LNG) in Bahia for just over R$ 100 million, in a contract valid until the end of 2023, said three sources with knowledge of the dealings with Reuters.

Camil Alimentos communicated a contract for the acquisition of the brands of Seleto, until then of JDE Brasil. Completion of the transaction is subject to conditions usual for this type of transaction, including obtaining approval from the Administrative Council for Defense (Cade). Values ​​were not disclosed.

In addition to Seleto coffee, JDE Brasil also owns the Pilão, Do Ponto and Pelé coffee brands.

“The Operation is in line with the Company’s strategy of category diversification, inaugurating its entry into the coffee segment. Camil has a consistent history of growing and expanding market share through acquisitions. This latest acquisition is an important step towards the Company’s entry into the coffee market, meeting its strategic objectives of acquiring brands and assets in the coffee sector.
consumption in South America”, he informed.

Bradesco BBI commented on the acquisition and highlighted that it is not changing its view of the company after the purchase, maintaining a neutral recommendation and a target price of R$11 for the paper.

“We understand that the brand’s share and revenue in Brazil are not relevant. In addition, the transaction amount was not disclosed, but we understand that the amount to be paid is not material. However, we consider this transaction to be in line with Camil’s diversification strategy, having recently acquired one of the largest pasta players in Brazil (Santa Amália), and which now marks its first entry into the coffee business in Brazil,” they point out .

According to Brazil Journal and Valor, the sovereign fund GIC/GSI, from Singapore, will invest R$ 2.2 billion to join the company of the BTG Pactual fund, which controls 57.9% of V.tal, a fiber infrastructure company optical where Oi has a 42.1% stake.

With this investment, BTG’s funds end the fundraising to pay Oi for the purchase of InfraCo. Oi is selling assets as part of its bankruptcy reorganization plan.

“We see the movement as positive for V.Tal, as it conveys a vote of confidence in the execution of its strategic plan to reach 32 million homes with fiber available at the door by 2025”, points out Luis Sales, from Guide’s analysis team.

WEG announced that it signed an agreement for the acquisition of 100% of the capital stock of Balteau Produtos Elétricos, a company of transformers for instruments and measuring sets, located in the municipality of Itajubá, state of Minas Gerais.

“A traditional company in its sector with operations in Brazil for many years, Balteau has an industrial park of 11,800 m² of built-up area and has state-of-the-art equipment and installations. With a team of approximately 350 employees, the company is specialized in design, manufacturing, electrical testing and technical assistance for current and capacitive potential transformers up to 550kV, inductive potential transformers up to 145kV and measurement sets up to 36kV, products that WEG does not currently have it in his portfolio. In 2020, its net revenue was R$121.7 million”.

Iron ore

Iron ore futures fell for the fifth session to the lowest price this year as restrictions on China’s steel production weighed on demand and investor expectations for industrial and economic data this week.

Singapore futures reversed gains from Tuesday’s early session and are more than $100 below the record set in May due to lower demand. Power rationing restricts operations at mills, and China has anticipated the deadline for cuts in steel production.

In Singapore, iron ore futures were down 1.3% to $120.50 a ton at 3:27 pm, after dropping 4.9% on Monday. In China, iron ore advanced while steel futures retreated.

Santander announced on Monday the purchase of 70% of the Mexican platform Mercadotecnia, Ideas y Tecnología (MIT), joining it with its payments arm Getnet, which is preparing for an initial public offering of shares (IPO). ) on Nasdaq.

In a statement, Santander said that MIT will continue to develop payment solutions and may export its business to other countries. Founded in 2004, MIT has more than 35,000 customers and 125,000 payment terminals (POS), with 10% of the sector in Mexico.

The food company BRF reported on Monday an investment of R$ 51 million in its factory in the city of Marau, in the north of Rio Grande do Sul, to modernize and expand the sausage production unit. The value is part of the contribution of R$ 171 million already announced by the company to Rio Grande do Sul in early August.
The investment will mostly be made in 2021, according to the company.

According to a presentation made to investors last Thursday, Vale projects to end 2022 with an iron ore production capacity of 370 million tons per year, compared to 400 million tons in the previous forecast, as it faces delays in projects in the Northern System , where is your main mine. For 2021, the capacity of the Northern System will close at 205 million tons, the same number now forecast for the end of 2022.

Gafisa announced the launch of the luxury development TOM Delfim Moreira, which is located in the Rio neighborhood of Leblon. The general sales value (PSV) is R$ 190 million, the building is located on the beachfront and has units from 284 m² to 500 m².

Proteins

The daily average of beef exports reached 12,400 tons until the second week of this month, a rise of 83.1% compared to the volume shipped per day in September 2020, despite a temporary suspension of protein sales for China, showed federal government data on Monday.

On September 4, the Ministry of Agriculture confirmed the occurrence of two atypical cases of the Bovine Spongiform Encephalopathy (BSE), known as “mad cow” disease in Brazil, which caused the embargo on the Chinese from then on, due to a protocol already established by the Asian country.

Exports of in natura protein from Brazil, however, in addition to registering a significant advance in the annual comparison, also increased in relation to the first week of the month, when the daily average was 10.5 thousand tons, according to the Secretary of Commerce Exterior (Secex).

Magazine Luiza (MGLU3)

Bradesco BBI held a call with Magazine Luiza’s management, which reiterated that August represented the most difficult basis for comparison in 2020, and that growth plans for 2021 continue to progress. The bank maintains its neutral recommendation for the company.

The bank says that growth remains robust, and Magazine continues to gain market share, according to data from Compre e Confie. But he says he maintains a cautious view on Magazine Luiza because, in addition to the competition, he has a cautious view on the company’s growth prospects.

Bradesco BBI met with Francisco Razzolini, Klabin’s director of industrial technology, innovation, sustainability and projects. The bank claims that it discussed the company’s environmental and social governance (ESG) agenda and its main challenges and opportunities.

The bank says the 2030 ESG targets solidify strong environmental performance, and the company already has one of the best performers in the industry globally. The bank also says that the company has already reduced scope 1 and 2 emissions by 64% for the period between 2003 and 2020, and that it intends to reduce them by 25% by 2025 and 49% by 2049. The company’s challenge is to reduce exposure to fossil fuels, and the company is studying the best alternatives for this.

BBI also points out that the company is well positioned to monetize carbon credits, but says it assesses that this particular opportunity will still take time to materialize, as clear market standards have yet to be defined. Bradesco maintains an outperform recommendation and target price of R$40 for Klabin, compared to Tuesday’s quotation of R$25.6 for KLBN11 shares.

Itaú BBA raised the recommendation of Eneva’s shares to outperform, highlighting its view as the best vehicle to invest in the severe water crisis that Brazil is going through. The bank claims that the company has the potential to create value by investing in new thermal plants. It also highlights the purchase of the Urucu field, which substantially increases the company’s oil and gas reserves. The target price went from BRL 15 in 2021 to BRL 18.60 in 2022.

(with Reuters and Estadão Content)

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