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SÃO PAULO – Application for judicial recovery of Fertilizantes Heringer, result of Itaú Unibanco, waiting for airlines with the announcement of the Government of São Paulo and news about Oi and Petrobras are shifting the market. Find out what to watch for:
Itaú Unibanco (ITUB4)
Itaú Unibanco closed the fourth quarter of 2018 with a recurring net profit of R $ 6.478 billion, up 3.15% over the same period last year. last year. The result was slightly lower than the 6.65 billion ruble projection of badysts from XP Investimentos and Plural Brazil.
The Bank's return on equity was 21.8%, slightly lower than the 21.9% recorded. one year earlier. At the same time, the total financial margin reached R $ 17.382 billion between October and December 2018, which is practically stable in annual comparison.
In its publication of the results, Itaú pointed out that the main positive fact of its balance sheet in the fourth quarter was 6.5% growth in service revenues, mainly due to the income of investment banks, fund management and credit cards. See more by clicking here.
After the closing of the balance sheet, Itaú also announced that its board of directors had approved the payment of dividends in the amount of R $ 1.0507 per share, as well as interest on shareholders' equity. R $ 0.7494 per share. Payment will be made on March 7th. In addition, the bank announced that dividends announced on November 29 of last year, of a gross amount of R $ 0.0106 per share (net of R $ 0.00901 per share), would also be paid on March 7.
"Although the results were slightly below expectations, the forecasts for 2019 are optimistic (especially the financial margin) and we maintain our recommendation to buy Itaú," said the research team from XP Research.
Log (LOGG3)
In the fourth quarter of 2018, Log's adjusted net income increased to $ 14.7 million, an increase of 52% from 9, R $ 67 in the same period in 2017. Net income was R $ 28.2 million, up 9.6% from the previous year, while EBITDA (earnings before interest, taxes and depreciation) increased by 15.5% year-on-year, R $ 23.6 million. The EBITDA margin (EBITDA / net income) reached 83.6%.
"With the results of 2018, we have strengthened our growth strategy to meet the strong demand for quality logistics in Brazil in an expanding scenario of distribution and storage centers, particularly those related to e-commerce, "the company said in its press release.
After obtaining a contribution from its shareholders of 4 billion rubles in January, Oi, in a process of bankruptcy, begins to study alternatives for the future and scenarios the possibility of getting rid of transactions cell phone. That's what the O Globo newspaper reports, pointing out that in this case, the company would focus its activities on the fiber optic market for residential and fixed broadband services.
Also on the newscast, Estadão informs that Oi shareholders are organizing to find a new president for the operator. In a judicial reorganization since June 2017, the company is run by the executive Eurico Teles.
Three members of Oi's board of directors were named as possible successors of Teles: Rodrigo Abreu, former chairman of TIM; Roger Solé, former TIM marketing director and vice-president of the same US TV channel Sprint (which merged his activities with Nextel in the country); and Paulino do Rego Barros Júnior, former president of AT & T's global operations and former vice president of Motorola. Wanted, Oi do not comment.
Petrobras reported that BNDES (National Bank for Economic and Social Development) and BNDESpar (BNDES Participações) had reduced their share of the state to less than 20%. The bank and its financial arm in the capital market threw a portion of the shares held by Petrobras between November 2018 and January 2019. The BNDES sold 121,404,100 Petrobras shares.
Goal (GOLL4) and Blue (AZUL4)
During this session, the governor of São Paulo, João Doria, should reduce the ICMS rate from 25% to 12%.
According to Bradesco BBI, the total savings of R $ 205 million will be allocated among the different Brazilian airlines according to their share of the domestic capacity market. "Gol, Azul and Latam are expected to save 73 million rand (+60 basis points over operating margin), 38 million rand (40 basis points) and $ 17 million (20 basis points), with impact on the target price: R $ 1.50 for GOLL4, R $ 0.80 for AZUL4 and USD 0.20 for LTM
Still on the airborne radar, (KPS) increased by 3.3% and the demand (RPK) rose 3.9%, while the domestic load factor was 84.6% an increase of 0.5 percentage point compared to January 2018. The number of departures decreased by 1.1 % and the total number of seats increased by 3.7% on the same basis of comparison.
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The GOL (ASK) offer and demand (RPK) in the international market grew 22.1% and 18.1%, respectively, and the occupancy rate was 77.3%., Down 2.7 percentage points from January 2, 018. The total supply GOL (ASK) increased 5.7% due to a 3.3% increase in the total number of seats and a 1.0% reduction at takeoff. Total GOL demand increased by 5.6% compared to January 2018 and the consolidated load factor reached 83.5%.
Fertilizantes Heringer (FHER3)
Fertilizantes Heringer filed an application for bankruptcy "on an emergency basis," according to the statement. The company said that despite the efforts made to "optimize the liquidity situation and the debt profile
" of the company in recent months, including the search for investors, "the situation of the company has deteriorated ".
the filing of the judicial recovery application would be an adequate measure to allow business continuity and preserve the value of the corporation. Fertilizantes Heringer has declared that it has suspended its activities in Rondonópolis, Dourados, Três Corações, Uberaba, Rio Verde, Porto Alegre, Rio Grande, Paranaguá and Rosario do Catete, "with the dismissal of employees who have The result ". The application for judicial recovery must be submitted to the general meeting.
Vale (VALE3)
Vale decided to anticipate the temporary suspension of production from the Vargem Grande complex's mills in order to speed up the process ", as it will allow the immediate start of data collection for detailed design purposes.
Earlier, a court ordered the suspension of the operation of eight dams in Minas Gerais: Laranjeiras, Menezes II, Capitão do Mato, Dique B, Taquaras and Forquilha I., Fork II and fork III. The measure is expected to affect mainly the Brucutu mine, whose annual production is about 30 million tonnes, or 7.5% of Vale's annual production, and is temporarily paralyzed. Brucutu is the largest Vale mine in Minas Gerais.
The International Articulation of Persons Affected and Affected by Vale will today formally seek, through the members of the entity who are shareholders who are essential to the management of the Company, a request for the revocation of its Board of Directors addressed to the board of directors and the tax council of the mining company. convening of an extraordinary general meeting.
Iguatemi (IGTA3)
Iguatemi yesterday announced its forecast for 2019, highlighting an upward revision of revenue growth forecasts (5% to 10%) compared to previous years, while the expected margin for EBITDA margin (75-79%) and capital investment in maintenance (150 to 20 million rand) remained online. According to Itaú BBA, waiting is a slightly positive reaction of the market.
Klabin (KLBN11)
Klabin announced that it will vote in favor of the elimination of the payment fees collected by the parent company of the pulp and paper company for the sale of specific products, subject to compensation of 344 R $ millions (50% lower). According to Klabin, Deloitte has calculated 30% of the value expected by investors), in the form of shares held for 5 years.
"We see the announcement as expected, but positive, given the value below expectations, a stock payment that does not affect leverage and that offers the company a space to announce its future growth plans, "says Itaú BBA.
Recommendations
Regarding the radar of the recommendations, Goldman Sachs nullified the recommendation concerning Carrefour Brazil shares (CRFB3), with a target price of R $ 21, while raising the recommendation of Cem Hering. HGTX3) also for neutral, with the target price of $ 27.50. The Sugar Loaf (PCAR4) has been restarted with recommendation of purchase by the bank.
JPMorgan canceled the recommendations of Tupy (TUPY3) and Iochpe-Maxion (MYPK3), with target prices of R $ 23 and R $ 26, respectively.
(with Agência Estado and Bloomberg)
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" of the company in recent months, including the search for investors, "the situation of the company has deteriorated ".
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