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SÃO PAULO – The market suffered two shocks during the session on Thursday (7): after a rise of 1.06% in a recovery after the worst price since the truckers' strike, Ibovespa fell by more than 1% with prospects to delay the meeting between the United States and China to discuss the trade agreement, fell to zero loss, but then fell again with the medical bulletin Jair Bolsonaro showing a image of pneumonia. However, the index dampened losses at the end of the trading session and edged down 0.24%.
The highlight of corporate news remains Vale, which continued to fall after falling by nearly 5% recorded the day before, also following the most negative external scenario. At the same time, BRF shares fell by 4% after the sale of badets.
After the closing of the market, IRB Brasil (IRBR3), Lojas Renner (LREN3) and BR Properties (BRPR3) published the fourth quarter results. In addition, after the sharp drop of the day before, the values of banks such as Itaú (ITUB4), Bradesco (BBDC4) and Banco do Brasil (BBAS3) have increased. Vale (VALE3)
Vale was aware of a failure of dam sensors before an accident, according to the G1, citing e-mail exchange between two market professionals. mining company and two companies related to the safety of the Brumadinho Dam. The mining company sent Bloomberg a note stating that it would refrain from "commenting on the specifics of the investigations to preserve the facts of the investigation by the authorities" and that the company would collaborate with the authorities.
Vale also confirmed, in the last stretch of the trading session, the decision of Semad (Secretary of State for Environment and Sustainable Development of Minas Gerais) to cancel the 39; provisional authorization of the company. exploit the Laranjeiras dam at the Brucutu mine. The cancellation of the authorization has an estimated impact of about 30 million tons of iron ore per year, as previously reported by the company. Vale says that it will adopt administrative and judicial measures that may affect the decision.
In the middle of the year, the mining industry was suspended by the State Department of Minas Gerais Environment. With respect to the uncertainty accumulation scenario, Vale's ADRs were downgraded by Morgan Stanley on an equal weight basis, with the target price revised. Credit Suisse has reduced its price target from $ 3 to $ 15.50. "We still outperform because we still see a 28% increase, but we think the next few weeks can bring more negative news, increase paper volatility and reduce investor appetite." said badysts at the Swiss bank.
Still on the tragedy, Vale is asking for more time to badyze the text of the Preliminary Adjustment Period (APR), which sets out the obligations relating to the adoption of emergency and contingency measures. repair for damage caused by dam failure in Brumadinho, in the state of Minas Gerais. TAP was offered to the minor at a hearing yesterday before the 6th Court of the Treasury and the municipalities of the Comarca of Belo Horizonte. A new hearing was scheduled for February 14th.
At the hearing, the Minas Gerais justice ordered the urgent transfer of 13.44 million rand to the government of Minas Gerais to cover the amounts expended to date. Petrobras (PETR3, PETR4)
After a sharp decline from the previous day, Petrobras' shares followed the downward trend and closed at over 1%, following oil, with WTI down by nearly 2.5% in the face of fears of the US-China trade war.
In an interview with Valor, Roberto Castello Branco, CEO of Petrobras, said Petrobras was expecting $ 16 billion in investments in 2019, an increase of 23 percent from 2018 forecasts. According to Castello Branco, investments are concentrated in exploration and production activities before salt.
He further stated that there was no non-negotiable badet in Petrobras and that he intended to review the quarterly dividend policy. Castello Branco said that at a time of deleveraging efforts, the company did not see room for a more aggressive dividend distribution policy. "I can not [pagar dividendos mais elevados antes de desalavancar a empresa]," he said. "I must [neste momento] respect the legal obligation [de distribuição de dividendo]."
Castello Branco also stated that he hoped to reach an agreement with the government on the negotiation of this onerous task by the end of the month. Under this contract, in 2010, the union gave Petrobras the right to produce up to 5 billion barrels of pre-salt as part of the company's capitalization. The agreement between the parties should allow auctioning of the surplus of the expensive disposal (volumes not covered above 5 billion barrels). According to the state CEO, the auction is expected to take place by the end of the year.
The state also plans to break contracts signed under previous governments, mainly with major theater and film groups and the professional press. In the new direction, money should go to social networks and lesser known artists, according to the O Estado de S. Paulo newspaper.
Bradesco, BBI, pointed out that this was good news for Petrobras, as the rights transfer agreement could come sooner than expected, which would trigger a short-term triggering of the action. "However, we recognize that there are still other steps to be taken before the signing of the agreement – mainly the approval of the bill on the transfer of rights to the Senate." the amount to be received by Petrobras is also fundamental for the new market welcome.We have badumed $ 8 billion in our model, "say badysts.
BRF (BRFS3)
The BRF fell by 6, 04% at the bottom of the day after the finalization of the total sale of badets in the process of deleveraging for an amount of R $ 4.1 billion, against forecasts of R $ 5 billion. According to the company, l & rsquo; Inadequacy compared to the previous projection could be attributed to uncertainties above expectations in the economies of Europe and Argentina.
The company announced today the signing of 39, an agreement with Tyson International Holding Co. establishing the terms and conditions of the sale of 100% of the shares held by BRF in poultry processing and slaughtering units located in Europe and Thailand. According to an important fact released Thursday morning, the deal envisioned a company value of 340 million US dollars.
Itaú BBA said he expected to sell these badets for $ 480 million. "BRF bought these badets in 2015 for $ 410 million and the market was not expecting the sale to be lower than the acquisition value at the time." In addition, the company indicated in today's conference call that the forecasted leverage forecast in June 2018 would be deferred and would come back five times in the fourth quarter of 2018 and 3.65 times in the fourth quarter of 2019, which increases the perceived risk of deleveraging slower than expected, "say badysts.
According to the company, the conclusion of the case is still waiting for the verification of certain previous conditions, including the approval of regulatory authorities.
With the sale, the Company estimates that the adjusted net debt / EBITDA ratio will be approximately 5 times in the fourth quarter of 2018, including the pro forma effects of all previously announced badet sales, at fourth quarter of 2019, "which represents a six-month period to reach the targets announced in June 2018."
At a teleconference, BRF reiterated its interest in continued deleveraging and positive cash flow expectations in 2019. In addition, the company plans to improve its operating results with a reversal of the margin down this year and a return to the historical average in 2020. The domestic market is already showing improvement, with more robust prices, looking for partnerships to invest in Europe and Saudi Arabia. There is no forecast of investments in inorganic products over the next three years – it is only investments for maintenance and operational improvements. The company reiterated that she was comfortable with her cash position and that she would not need additional cash once the initiatives reached.
"We have maintained our neutral recommendation regarding BRF EV / EBITDA 2019 and 8 times that expected for 2020, in our opinion" fair ", estimates XP Research.
Sabesp (SBSP3)
An event organized by XP Investimentos on Thursday, São Paulo's Secretary of Finance and Development, Henrique Meirelles, came back to talk about the scenarios envisioned for Sabesp.Meirelles said in an interview with InfoMoney while the priority of state sanitation continues to be privatization, provided that federal sanitation legislation is amended. force, capitalization is the best option.
On this subject, he said he waited for the definition of Congress.
Fertilizantes Heringer (FHER3)
After recording a 30.41% decline Tuesday with the request reorganization j udiciary, and prolonging its declines the day before, shares of Fertilizantes Heringer recorded a bullish session.
Indeed, the 2nd district court of Paulínia (SP) has accepted the company's application for bankruptcy. "The company emphasizes that the judicial recovery process represents a new step in the process of financial, administrative and operational restructuring and aims to allow Heringer's business to continue," the company said in a statement.
Usiminas (USIM5)
Negotiations for the sale of the mining activity of the steel mill Usiminas fought, according to the results of the investigation, the newspaper O Estado de S. Paulo with sources close to the subject. The talks were interrupted last week, a few days after the rupture of the dam of Córrego do Feijão in Brumadinho (MG), which belongs to Vale
The sale of Mineração Usiminas (Musa), valued at about R $ 1 billion , One of the priorities of the mining company is to reduce its heavy debt by 5.9 billion rubles. Last year, the group hired BTG Pactual for the sale of its 70% stake in Musa. The remaining 30% belongs to the Japanese Sumitomo conglomerate.
Potentially interested parties are ArcelorMittal and Ferrous, which were acquired by Vale at the end of last year. The bank was receiving the proposals. Expectations were to finish negotiations in July. The Sumitomo group, which acquired its stake in Musa in 2010, has the right of first refusal on the acquisition of the badet, but has no stake in the company.
Klabin (KLBN11)
Klabin reported a net profit of R $ 913. in the fourth quarter of 2018, compared to a loss of R $ 83 million for the same period in 2017. Net sales increased by 21% on the same basis, from R $ 2.288 billion to R $ 2.785 billion. , due to
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 33% in the fourth quarter compared to the same period in 2017, while EBITDA margin (EBITDA / net income ) increased by 4 percentage points to 41%.
Braskem (BRKM5)
According to Valor, the ratio of net debt to EBITDA was 3.1 times, a decrease of 0.3 times compared to the end of the third quarter of 2018.
Odebrecht, Braskem's majority shareholder already admits internally that, in order to sell petrochemicals to the Dutch company LyondellBasell, it will have to receive part of the cash payment and probably a larger share than that indicated during the interviews. Odebrecht would prefer to receive all of its shares in the European company listed on the New York Stock Exchange and estimates it holds about 10% of the company resulting from the union.
Recommendations
Gafisa: on the radar of recommendations GFSA3) saw the recommendation reduced to "underperformance" by BB Investimentos, while Tenda (TEND3) was downgraded to a market performance by the same bank. Ultrapar (UGPA3), in turn, was downgraded to "neutral" by Safra, with a target price of $ 61.
(With Agência Estado and Bloomberg)
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