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SÃO PAULO – Highlighted on the corporate radar is the continuation of the earnings season: Carrefour Brasil recorded a net profit adjusted to the controller of R $ 886 million in the fourth quarter of 2020, an increase of 31.1% in relation to the registered in the same period 2019. Ebitda stood at R $ 1,732 billion, 18.2% more than the fourth quarter of 2019. After the market closes, the figures from IRB Brazil will be released.
Still on the radar, Petrobras’ oil production rose again in January, after having left the 2 million barrels a day level in December last year. According to the National Petroleum, Natural Gas and Biofuels Agency (ANP), the state-owned company produced an average of 2.14 billion barrels per day, 7.8% more than in the previous month.
The session also marks the debut of CSN Mineração shares after last Friday’s IPO. Check out the highlights:
Carrefour Brazil (CRFB3)
Carrefour Brasil registered a net income adjusted to the parent company of R $ 886 million in the fourth quarter of 2020, an increase of 31.1% in relation to that registered in the same period of 2019. Ebitda was R $ 1,732 billion , an increase of 18.2% compared to the fourth quarter of 2019.
The group’s net sales were R $ 19.873 billion, an increase of 24.1% compared to what was registered a year ago.
In the group’s intercompany result, the Adjusted Ebitda of Atacadão was R $ 1,065 million, an increase of 25.7%. In the Carrefour flag, the indicator was R $ 455 million, 42.2% more. At Banco Carrefour it was R $ 266 million, 20.6% less.
According to the XP Investimentos analysis team, the company continued to deliver solid results in Atacarejo and Varejo, and Banco Carrefour showed a faster than expected recovery. Additionally, the company announced the payment of an additional dividend of R $ 759 million (yield of 1.9%), in addition to a change in its dividend policy up to 45% of adjusted net income (compared to 25% previously) .
“We believe that short-term results remain strong, as we see the sector structurally better in the ‘new normal’ than before the pandemic due to flexible home office policies and new consumer habits,” say analysts, who they maintain a neutral recommendation and target price of R $ 25 per share by the end of 2021.
Morgan Stanley, in turn, noted that Atacadão and Carrefour’s retail margins were below the bank’s estimates, but total revenues were 3% higher and earnings per share 11% above expectations. Carrefour’s retail revenue grew 8% year-on-year, falling 6.5% below Morgan Stanley’s forecast. The 42% increase in Ebitda profit was 17% higher than the bank’s expectations. In terms of revenue, Atacadão registered a 32% increase in the annual comparison, 8% above Morgan Stanley’s expectation. But the 21% increase in gross profit was 2% below their expectations.
Petrobras’ oil production grew again in January, after having left the 2 million barrels per day level in December last year. According to the National Petroleum, Natural Gas and Biofuels Agency (ANP), the state-owned company produced an average of 2.14 billion barrels per day, 7.8% more than in the previous month.
Natural gas production also increased last month, increasing 8.7% compared to December 2020, to 97.8 million cubic meters per day.
Altogether, Petrobras production closed January totaling an average of 2,755 million barrels of oil equivalent (boe), returning to the level of October last year.
Still on the radar, the Bahian oil companies plan to carry out a strike, starting this Thursday, to pressure Petrobras for answers on the sale of a refinery in the state, according to a statement published this Wednesday by the Unitary Federation of Petroleum Workers ( FUP). The strike was confirmed despite the state’s statement in a statement that the measure is illegal and that it will adopt all applicable administrative and legal measures.
The FUP said that the workers gave Petrobras an agenda of claims related to the sale of the Landulpho Alves Refinery (Rlam) to the Mubadala Fund and that since Monday the oil company has held meetings with Sindipetro-Bahia, but that there has been no progress in the conversations.
Among the demands, the workers questioned how the operation’s transition schedule will be, employee transfer deadlines, criteria and priorities.
CSN Mineração (CMIN3)
CSN Mineração’s share debuts this Thursday at B3. The Initial Public Offering (IPO) was valued on Friday at R $ 8.50 each, moving R $ 5.2 billion.
With the sale of R $ 1.37 billion in new shares, the company plans to invest in projects such as Itabirito P15 and the recovery of tailings from the Pires and Casa de Pedra reservoirs, the company’s main mine, located in Congonhas (MG) .
In addition, the CSN steel company, Japan Brazil and the South Korean Posco raised the equivalent of R $ 3.85 billion with the sale of stakes in the business.
Before the offer, CSN had 87.5% of CSN Mineração and, according to the company’s calculations, after the operation, without considering the additional batches of paper, it would reduce this portion to 79.1%.
Localiza (RENT3) and Locamerica / Unidas (LCAM3)
The Administrative Council for Economic Defense (Cade) published the announcement about the proposed merger of the United shares in Localiza, the vehicle rental and fleet management companies reported on Thursday.
Now, the antitrust body will have 240 days, extendable up to another 90, from the last 8 days, to analyze the proposal announced last September, which provided for the incorporation of the shares of United by Localiza, creating a business of about R $ 50 billion in value at that time.
AES Brazil (TIET11)
Power company AES Brasil (formerly AES Tietê) signed an agreement with metals producer Minasligas to supply an average of 21 megawatts (MW) for a period of 20 years, with power delivery starting in 2023, the company reported on Wednesday.
According to a relevant fact published by AES Brasil, the supply will be carried out through a wind farm in the Cajuína complex, in Rio Grande do Norte, a region where the North American subsidiary AES Corp AES.N creates its wind cluster, which is scheduled to start. construction by 2021.
The project, as it is being developed in the Potiguar wind complex, has 46 MW of installed wind capacity, equivalent to an average 25 MW of guaranteed energy at P50, the company reported. “AES Brasil reinforces its growth and portfolio diversification strategy through the development of projects of renewable sources and complementary to water and with long-term contracts,” the company added.
Cielo will begin testing facial recognition of face-to-face purchases made with credit cards at a Drogaria Iguatemi unit in a shopping center in São Paulo. The tests take place at a time when the largest electronic payments company is expanding contactless transaction channels, which have grown rapidly in the face of the Covid-19 pandemic. The solution is being tested in partnership with the Santa Catarina startup Payface and should be extended to other Iguatemi stores in São Paulo and Curitiba.
According to the daily Valor, the negotiations between Cogna and Eleva Educação have advanced and may close this month. According to the newspaper, Eleva should sell its educational system in exchange for schools in Cogna. The difference between the value of the assets would be paid in shares of Eleva, which plans to go public this semester.
Natura & Co (NTCO3)
Bradesco BBI released its projections to Natura & Co, which will release its results for the fourth quarter on March 4, after the market closes.
The bank says it expects another quarter of strong revenue growth of 17%, although not as strong as the previous quarter, of 32%. Bradesco says it expects a contraction in the Ebitda margin, mainly due to increased investment in marketing, which was affected throughout the year, as a way to maintain margins. The bank says it expects positive signals from Avon in Brazil and Latin America.
But he values that Avon International should continue with weak results in terms of revenue and Ebitda profit, due to the effects of the pandemic, which continue to be felt in important countries for this division, such as the Philippines and South Africa. quarter of positive performance since its acquisition by Natura.
Bradesco affirms that the company is one of its best options (favorite options) for 2021, and maintains a superior performance evaluation (performance above the market average) for the company’s shares, with a target price for 2021 of R $ 60, potential appreciation of 13% compared to the close of the previous day.
(With Agência Estado and Reuters)
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