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SÃO PAULO – BR Distribuidora (BRDT3) plans to sell its BR Mania convenience stores. Apparently, the company is taking shape: according to Valor, the company has appealed to BR Partners to advise in the search for the ideal buyer.
Lojas Americanas, Cia Brasileira de Distribução (owner of Pão de Açúcar), Carrefour, International Meal Company (IMC, owner of Viena and Frango Assado), North American 7Eleven and Advent manager.
Whatever the buyer, the market in general is confident in the potential of the company. "A successful expansion could add value to BR Distribuidora," said Vicente Falanga badyst Bradeco BBI, who estimates the value of BR Mania stores at R $ 800 million. "We believe that with well-implemented strategies, the value could reach a potential value of R 2.3 billion," they add, their value being almost three times higher.
According to badysts at XP Investimentos, there are two probable paths. The most accepted badumption is that of joint venture between companies. The other is the opening of the stores as a company, leaving aside the franchise model currently used.
Analysts pointed out that there are currently 1231 BR Mania stores in the approximately 8,000 BR Pavilion posts, representing a penetration rate of 15%. In comparison, AM / PM penetration in Ipiranga resorts is double: 30%. In the United States, the overall average is 80% (that is, 80% of gas stations have their own convenience stores), which indicates strong growth potential in Brazil, according to Osmar Camilo of Bradesco BBI [19659004] BR Distribuidora's franchisees are currently responsible for the management of service stations and convenience stores. But the interest is unbalanced. "BR wants to reach Ipiranga's levels, but franchisees do not always believe in the potential of the company, which has an EBITDA margin of 10% to 15% and on which royalties on monthly income of 5%, "he wrote to XP. A partnership could change this relationship between franchisees and society: only the positions would remain under his direction.
Supermarkets
In 2018, Lojas Americanas had already spoken of conversations with BR Distribuidora about local commerce. As a result, the company is considered one of the most engaged badysts in the purchase.
The specialists covering the action (LAME) see great potential for the company's file to really enter this sector. "If Americanas Lojas decides to adopt an organic growth approach for its convenience stores, the valuation potential is rather limited compared to the option of merger / acquisition [fusão e aquisição] or joint venture," says the Brazilian Plural. Analysts believe in the growth potential of the company, with consumption rising, whatever the path to go.
Regarding the supermarkets CDB and Carrefour, you can count on the fact that both have activities in service stations: Pão de Açúcar has 71 and the competitor has 74 in Brazil. The expertise could be applied to the management of new stores.
BR Distribuidora shares recorded a decrease of 2.61% in 2019, compared to an increase of 8.10% in Ibovespa. On Monday, after announcing the search for partners for BR Mania, it dropped 0.48% at 11:58 am.
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