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SÃO PAULO – Bradesco BBI issued a report reiterating its purchase of Usiminas (USIM5) and estimates an indicative price of R $ 17 for the shares of the company, which 73 , 65% compared to the closing of the last trading session.
In the report, badysts point out the possibility of selling Usiminas Mineração (MUSA), the arm of the company, for US $ 0.8 to 1.2 billion, in which Usiminas holds a stake 70%. . The rest (30%) comes from Sumitomo, a potential buyer. The news, according to them, is positive because the division of steel is what really matters for the company.
Thiago Lofiego, an badyst who signs the report, explains that iron ore accounted for only 10% of Usiminas' consolidated Ebitda in the last five years (a result of the year). operating before interest, taxes, depreciation and amortization, in acronym). Meanwhile, the steel industry continues to achieve "solid and growing results" even after the 2014-2015 Brazilian recession.
"We believe that this potential agreement has a strategic meaning, as the company will continue to have access to this agreement, a good quality iron ore, while potentially bringing significant value to Usiminas shareholders." [19659004] According to Lofiego, the sale by MUSA could pave the way for large investments in Usiminas in the steel division. , in line with the company's strategy to focus on its core business. Three of these investments are in the blast furnace 3, in the Ipatinga plant, in the Cubatão blast furnace, as well as in a new "hot dip galvanizing" line.
In the opinion of the badysis team, Usiminas is perhaps one of the main names that behaves well in a scenario of recovery of the Brazilian economy, given that it still has significant unused production capacity in most of its product lines. "We expect a favorable deal with carmakers in the near term (25% potential high), while we believe that world steel prices have reached their lowest level," writes Lofiego.
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