[ad_1]
SÃO PAULO – Bradesco BBI lowered the recommendations of Multiplus (MPLU3) and Smiles (SMLS3) on Tuesday (23). One of the main reasons for this reduction is the fact that both companies will be listed on the stock exchange in 2019.
"The Multiplus documents are being badyzed by the CVM and we are planning that the delisting process will be completed in the first quarter.While Gol preferred to reincorporate Smiles through an exchange of shares, B3 rejected the structure of the agreement and is now badyzing new alternatives to remove Smiles ", write badysts Victor Mizusaki , Raphael Frankel and Paula Athanbadakis. who signed the report
entitled "It's time to say goodbye", indicates that, despite the solid foundation and solid management of Smiles, the title is now a derivative of Gol and that it has a potential very high, in addition to a high risk of devaluation.
In the case of Multiplus, badysts believe that the price of the public bid ($ 27.22 per share) will be adjusted dividends. distributed between September 2018 and the day of the offer. "We believe that the proposal documents will be published in the coming weeks and that the offer will be made in March of this year, so we see a limited upward risk and, in our opinion it is logical that minorities sell "
In this scenario, the badysis team chose to downgrade the recommendation of Multiplus from" neutral "to" inferior to the performance ", estimating an objective price of R $ 27 (advantage of 5.88% ). The smiles, in turn, were downgraded from " outperforming " to "neutral", with a target price estimated at $ 55, which totals a potential maximum of 34.15% compared to the last fence.
Bradesco BBI's favorite airlines are Gol (GOLL4) and Azul (AZUL4). "They have a mixture of attractive valuations combined with a good earnings rate, given the positive cycle of the domestic airline industry," write badysts. open a FREE account on XP Investments
Source link
