With the electoral race getting closer, names linked directly to macro variables, such as retailers, are the most exposed.
However, there are some companies that can go through this period with a little more tranquility.
With that in mind, the Goldman Sachs listed the sector’s stocks most resistant to macroeconomic turmoil. According to the bank, two companies stand out in this regard: assaí (ASAI3) and RaiaDrogasil (RADL3).
“Both are linked to relatively more stable demand profiles and may continue to outperform discretionary retailers,” he justifies.
According to the bank, the cash and carry segment should continue to benefit from the difficult macro scenario.
Furthermore, Goldman believes that governance concerns following the purchase of hypermarkets Extra have already been priced after stocks have fallen in recent months, with the stock trading at 7.1 times price-to-earnings for 2023, up from 13.7 times for global retail peers.
Expensive but resilient
In the analysts’ view, having RaiaDrogasil in the portfolio is a good way to protect yourself in a defensive sector, even if the stock is not trading at a big discount in relation to its historical average.
According to Goldman, other companies can challenge the tougher macro landscape by taking advantage of secular industry trends, such as the shift from physical to online.
In this case, Goldman highlighted Free market (MELI), Arezzo (ARZZ3) and Renner stores (LREN3).
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