Banco do Brasil (BBAS3) rules out increasing dividends, Telefônica (VIVT3) has a drop in profit in 2Q22, XP recommends buying Rede D’Or (RDOR3)

Radar: Banco do Brasil (BBAS3) rules out increasing dividends, Telefônica (VIVT3) has a drop in profit in 2Q22, XP recommends buying Rede D'Or (RDOR3)
Bank of Brazil. Photo: Disclosure

On Monday (25), Esteves Colnago, Special Secretary of the Treasury and Budget of the Ministry of Economycontacted BB and other state-owned companies asking to increase the payment of earnings bimonthly, informs a report by Valor.

The government wants more resources to fund the social benefits of the PEC dos Auxílios, approved a few months before the election.

In response, Banco do Brasil said that it will not be possible to comply with the request and that it is a reference in the relationship with shareholders and has already distributed dividends quarterly since 2007.

Banco do Brasil added that it practices payout of 40% of its net income, an amount 60% higher than the minimum required by law of 25%.

Colnago also contacted Caixa, BNDES and Petrobras (PETR4) which are still evaluating the request to anticipate the dividend payment and collect additional dividends from the Union’s coffers.

Also according to a report by Valor, Caixa’s Board of Directors will propose to the government to increase the distribution of dividends. The bank’s statute allows it to remunerate up to 50% of the profit, although Caixa pays around 25%. The bank, says Valor, is studying paying retroactive installments.

Therefore, until now, BB was the only one to officially deny the Treasury’s request. The bank explained that its remuneration policy is periodically reviewed, taking into account the growth of its assets to support the development of the economy in granting credit in various sectors, among other metrics.

According to information from Valor, a source close to Banco de Brasil stated that BB actually needs to be more conservative than other state-owned companies, as distributing more dividends may end up meeting the demand for credit. By offering more credit, the bank raises its results, which also boost more nominal value of dividends – which helps the economy and government revenue. In other words, it is not possible to satisfy everyone’s wishes. The government owns 50.0000011% of the BB shares.

Thus, if Banco do Brasil reaches the top of its guidance, with an annual profit of R$26 billion at the end of 2022, a payout of 40% would translate into a contribution of almost R$10.4 billion to its shareholders.

In addition to Bank of Brazilcheck out other highlights from this Tuesday:

Carrefour (CRFB3): profit grows 1.3% in 2Q22 and reaches R$600 million

  • Carrefour (CRFB3) released this Tuesday (26) its balance sheet for the second quarter of 2022 (2Q22). O net profit adjusted rose 1.3% and reached R$ 600 million.
  • O adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of Carrefour was R$ 1.7 billion, an increase of 24.5% in the annual comparison. already the EBITDA margin stood at 7.1%, down 0.7 percentage point.
  • According to Carrefour’s CFODavid Murciano, the company still has improvements to make regarding its profitability with efficiency gains.
  • The company’s gross margin was 19%, a decrease of 1.4 percentage points over 2Q21. According to Murciano, this shrinkage is related to the inflation of the period, which the group absorbed.
  • At Carrefour’s consolidated gross sales totaled R$ 26.5 billion — considering BIG’s sales in June — an increase of 35.6% over 1Q21. Excluding BIG’s sales, the result was 25.5% above the same period last year.
  • The company’s net sales reached R$ 42.8 billion, a growth equivalent to 25.8% on an annual basis.
  • With growth in Carrefour digital channelO GMV (gross volume of goods) was R$1.5 billion, more than twice as high as in 2Q21, driven by the food category – whose GMV rose to R$814 million.
  • In the second quarter, the digital channel already represented 3.4% of Atacadão’s total sales.
  • “Grupo Carrefour Brasil delivered another robust performance in the second quarter, with strong double-digit LfL sales growth and record adjusted Ebitda for the period, while margins remained resilient. This growth was driven by a very strong performance in all our business units and in all channels”, says Stéphane Maquaire, CEO of Carrefour, in a note.
  • “We completed the acquisition of Grupo BIG at the beginning of June and we are already working hard on the integration to deliver the planned synergies”, highlights the text.

Telefônica (VIVT3) has a 44% drop in profit in 2Q22, to R$746 million

  • THE telephone (VIVT3), owner of Vivo, announced this Tuesday (26) that it had a net profit of R$ 746 million in the second quarter of 2022 (2Q22), a drop of 44.6% compared to the same time last year. The company justifies the write-off by saying that it occurred “due to higher financial expenses in the period”.
  • According to the report, the Telefonica’s financial expenses came mainly from loans made for the acquisition of 5G licenses, in addition to the acquisition of Oi’s mobile networks (OIBR3). Another point highlighted in the company’s text is the increase in the interest rate, which made debts more expensive.
  • O Telefónica’s EBITDA (earnings before interest, taxes, depreciation and amortization) was R$4.578 billion, up 8.3% year-on-year. THE EBITDA margin shrank 1 percentage point to 38.7%.
  • “The performance reflects the strong growth in total revenues of 11.1%, with a higher share of core revenues, 91.6% of total revenues (+2.9 pp)”, says the company.
  • THE Telefonica’s net revenue totaled R$11.8 billion, an increase of 11.1%, or 7.6%, excluding the effect of the acquisition of Oi Móvel. Revenue was also boosted by mobile services, which rose 15.1%, and handsets, with +26.4%, compared to 2Q21. “Total fixed revenue maintained its positive performance (+1.7% y/y), with emphasis on FTTH revenue, which grew 23.7% y/y”, says the company, in text.
  • Mobile service revenue growth was “driven by the 5.9% y/y increase in Postpaid Revenue, which represents 81% of mobile service revenue.” Telefônica reports: “In the last quarter, we added 1.269 million postpaid accesses, both due to the migration from prepaid to control, as well as the positive balance of portability from other operators.”
  • You Telefonica’s costsin the operational scope, grew 12.9%, to R$ 7.253 billion.
  • O financial result (balance between financial income and expenses) was negative by R$ 601 million, which represents an expense 282% higher in the annual comparison.
  • THE Telefónica’s depreciation and amortization increased 2.8% compared to 2Q21, due to the start of payment for spectrum licenses acquired in 4Q21 and the assets acquired from Oi Móvel.
  • THE telephone also highlighted that in 2Q22 there was an acceleration in the growth of the customer base, reaching 114 million total accesses. “In the quarter, net additions in mobile totaled 13.9 million, of which 12.6 million came from the acquisition of Oi Móvel”, the report points out.

Rede D’Or (RDOR3): XP recommends purchase after Sírio Libanês health plan announcement; understand

  • XP Investimentos maintained its buy recommendation for the shares of Rede D’Or (RDOR3), as disclosed in a report this Tuesday (26).
  • The evaluation took place after the announcement that the Syrian-Lebanese Hospital will offer health plans through partnerships with operators.
  • For the broker, the news is slightly negative for the Rede D’or actionssince it is configured as a protection for Sírio against the merger between Rede D’Or and SulAmérica (SULA11) – especially with regard to the range of premium customers disputed by the groups.
  • Based on an article published in Valor Econômico, XP assesses that, by entering the health insurance market, Sírio-Libanês seeks to reduce its claims ratio and obtain better financial results.
  • The article mentions that Sírio, currently focused on hospital operations, is making significant investments in primary care to enable a fully integrated model.
  • XP believes that the news may encourage similar moves by other providers in the sector, which should be on the hospital network’s radar.
  • “Recently, Fleury (FLRY3) created an entity in partnership with two other institutions to offer cancer treatments”, he points out.

Copel (CPLE6): BTG recommends purchase after operational preview of 2Q22

  • After the release of the operational preview of the Copel (CPLE6), BTG Pactual (BPAC11) analysts reiterated their buy recommendation for the shares, targeting BRL 7.30 as a target price.
  • The house highlights the increase of 1.7% in terms of volume billed in the annual comparison. This number of Copel’s operational preview shows that when adjusted for distributed generation, consumption would have increased by 0.5% year-on-year, compared to an estimate of 1% by BTG analysts.
  • The actions CPLE6 closed down 2.28% this Tuesday (26) after the release of the operational preview.
  • “By segment, the main highlights were commercial, industrial and ‘others’ (increase of 6.9%, 2.9% and 2.6%, respectively), as a result of stronger economic activity and higher consumption by food and beverages and cellulose and paper”, say the analysts of the House.
  • On the other hand, BTG Pactual experts highlight a drop in demand in residential and rural areas, with a magnitude of 1.5% and 4.9%, respectively.
  • “This is due to the easing of distancing measures and milder temperatures”, explains BTG.
  • In addition, in terms of wind and hydro generation, the house highlights the strongest data due to weather conditions.
  • “On the generation side, volumes sold fell 3% yoy with a 27% increase in wind power generation due to the acquisition of Vilas wind farm in December 2021 and a 5% growth in hydro volumes sold with the rains stronger were more than offset by the zero dispatch at the Araucária thermal plant throughout the quarter”, highlights BTG.

Gives electrobras to Banco Inter, these were the companies that stood out today. To read all articles click here.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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