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SÃO PAULO – The session was again gains for the Ibovespa, after the US stock exchanges, with optimism after Senator Bernie Sanders stopped running for president.
Among the shares, Petrobras saw its shares rise more than 5% after the rise in oil amid expectations of a cut in production by OPEC +, after recording losses the day before with the disclosure of the data. of product shares in the US USA of oil, with a higher than expected stock.
Today came the data from the Department of Energy, also with a stock above expectations, with an advance of 15.18 million barrels, compared to expectations of an increase of 9.24 million. However, Brent-type oil (world benchmark) rose 5.5% to $ 33.61 a barrel, and WTI-type oil (United States benchmark) rose 10.8% to $ 26 , 19 the barrel. barrel, mainly awaiting OPEC.
Luiza magazine rose: the retailer decided to issue simple obligations in the amount of R $ 800 million. The company issued 800,000 bonds, each with a value of R $ 1,000. The management of the retail company will contract one or more financial institutions to distribute the documents in the market.
The shares of Cielo, in turn, rose more than 22%, highlighted on the positive side and in the second bullish session, after having registered the minimum closing price since February 2011 last Friday. In the year, the drop in shares still exceeds 40%.
On the downside, the IRB fell slightly, after falling 4% earlier. Valor Econômico reported, using Susep data, that the company had its first monthly loss since August 2016 in January.
Petrobras released its first-quarter production report on April 27 and its financial performance report on May 14, after markets closed, according to a statement. On May 15, two internet transmissions will be held to comment on the results, at 10 a.m. in Portuguese and at 11:30 a.m. in English.
The Cade Superintendency approved an agreement between Petrobras and Eagle: the state company announced the sale of four fields in the Tucano Basin to Eagle for US $ 3.01 million.
The company also reported that its Board of Directors approved the creation of a Retirement Incentive Program (PAI), a new termination program aimed at retired employees in effect until December 31, 2023.
The Board also approved adjustments to incentives to join the company’s three Voluntary Dismissal Programs (PDVs): (i) PDV 2019 for retirees through INSS until June 2020; (ii) specific POS for employees assigned to assets / units in the divestment process; (iii) Exclusive POS for employees who work in the corporate segment of the company.
“The programs are important management tools for the company, being another measure more focused on reducing costs, in order to strengthen the resilience of the company’s business. All four programs provide the same legal benefits and compensation, “he says.
PAI and PDV 2019 have an additional return estimate (personnel cost avoided minus disbursement with compensation) of R $ 7.6 billion by 2025 with new terminations, estimated at approximately 3,800 employees. Incentive adjustments at the 2019 point of sale will generate an additional provision of R $ 1.29 billion in the 2Q20 financial statements for the already disconnected and registered public, and the provision for new subscriptions will occur as registrations are made.
The specific points of sale for divestments and the corporate segment are programs carried out in cycles and with a lower number of vacancies, totaling smaller amounts and the supply will also be carried out according to the records.
“It should be noted that the expected impact on the company’s cash will not be immediate by 2020, but will be diluted in the next three years. This is because, in PAI, terminations will only occur when employees are granted retirement in the target audience and, in POS 2019, the existence of categories in the program that provide for departure within 24 months produces the effect of diluting endings over time. . In addition, the company decided to defer compensation payments into two installments, one at the time of termination and the other in July 2021 or one year after termination, whichever is greater, “he says.
Luiza Magazine (MGLU3)
The magazine Luiza decided yesterday to issue simple and non-convertible obligations in the amount of R $ 800 million. 800 thousand obligations were issued, each for an amount of R $ 1 thousand. The obligations will mature in 340 days, that is, March 13, 2021. The papers will pay 100% of the daily DI rate plus a surcharge of 1.5% interest per year. The bonds will initially be traded on B3, which will take electronic custody of the securities.
The management of Luiza magazine reported that it will contract one or more financial institutions to distribute the documents in the market.
Magalu also reported that, in order not to fire workers, it will use the MP published on April 1, which allows the suspension of employment contracts for up to 60 days, with the partial payment of wages through unemployment insurance and proportional reduction. for three months of up to 70% of hours and wages, with the supplementation of wages by the federal government. See the other initiatives taken by the retailer by clicking here.
“The news is slightly positive for the company and should affect stocks in the short term. Magazine Luiza was already one of the best positioned Brazilian companies to resist the crisis in view of its enormous position of 7 billion reais in cash. So the 800 million plus helps, but represents a small percentage of what’s in the box.
Regarding the use of PM, we do not see a negative impact since it is a legal right. Many other companies are expected to use the same mechanism soon. The company is taking advantage of its size to negotiate payment terms with suppliers, such as costs and payment terms. Today, large companies should benefit and win a market to the detriment of smaller companies that have more pressure on cash, “says the Levante analysis team.
Banco do Nordeste (BNBR3)
Banco do Nordeste, which operates in the nine states of the northeast region, decided yesterday at the meeting to increase the share capital, by incorporating the earnings reserve. According to the state bank, the share capital increased by R $ 1.75 billion, from R $ 3.80 billion to R $ 5.56 billion.
Banco do Brasil (BBAS3)
Banco do Brasil announced yesterday that it will comply with Resolution 4,797 of the National Monetary Council (CMN) and will pay dividends of 25% to shareholders in 2020, as established on Monday of this week.
Banco do Brasil points out that “compliance with CMN Resolution No. 4,797 / 20 does not imply a reduction or suspension of interest on subordinated debt instruments issued by BB and eligible for Tier 1 capital.”
Bradesco BBI raised the recommendation for Klabin’s shares, from neutral to above-average performance (best performance). BBI highlighted Klabin’s “solid operational flexibility” in the pulp and paper market, taking into account the current scenario, which is a drop in demand worldwide due to the pandemic, but with projections of price recovery in the fourth quarter 2020. In this context, BBI assesses, Klabin’s role “offers good protection on the low and solid positive side”.
According to BBI, Klabin can quickly change its production to serve different sectors of the national and international markets. “Klabin has the ability to quickly change the production of paper, from cardboard boxes to cardboard bags, corrugated paper, packaging, according to the demand for these products in domestic and foreign markets,” says BBI. The bank chose the shares as its “best option” for pulp and paper in Latin America, but kept the target price of the shares at R $ 21.00 for 2020.
Electric
Aneel authorized the transfer of R $ 2 billion to distributors and agents in the free market through the Electric Power Chamber of Commerce, to alleviate the sector amid the Covid-19 crisis. The regulatory agency also suspended for 90 days the rate adjustments approved in three states, for the companies CPFL Paulista, Energisa Mato Grosso do Sul and Energisa Mato Grosso.
Measures were also taken yesterday to support energy distributors. The first was a proposal for the government to allocate R $ 900 million to the Social Rate program, which serves low-income families for up to 3 months. The second was the approval by Aneel of the use of a reserve fund of R $ 2.02 billion that will benefit distributors and free market agents.
“We believe in a negative reaction from the energy distribution sector on the stock market today due to the decisions to postpone the tariff adjustments yesterday. Although there is compensation for the impact of decisions to be neutral from an economic point of view, the measure can lead to risk aversion due to the impact on a regulation that is normally considered sound, especially considering that such processes are only readjustments, which incorporate inflation indexes and variations in energy costs ”, evaluates XP Investimentos.
Companhia de Gás de São Paulo – Comgas, decided to suspend its financial projections (guidance) for 2020, which were published on February 11. According to the company, the coronavirus epidemic made the scenario unpredictable.
Banco Morgan Stanley downgraded Ânima Educação’s rating from overweight (above average) to underweight (below average) in a report on the impacts of the coronavirus epidemic on the Brazilian private education sector.
The ANIM3 share price target in 2020 was reduced from R $ 38.00 to R $ 22.50. Ânima was not the only company to downgrade: The US bank also downgraded the rating of Laureate Education Inc. (LAUR), an American company that has a network of bilingual private schools in Brazil but is listed on the New York Stock Exchange.
“We downgraded the LAUR and ANIM3 ratings based on the experience of the last recession, when both were more affected than their competitors,” said Morgan Stanley. Cogna (COGN3) – ex Kroton, Yduqs (YDUQ3) – ex Estacio and Ser Educacional (SEER3) maintained their current ratings. Morgan Stanley noted that the actions of educational companies were one of the most affected by the current crisis in Ibovespa.
Cosan suspended the financial projections for 2020 (guidance) with the evolution and impacts of the coronavirus on its businesses and the group’s companies.
The company said the current context is one of uncertainty and that the scenarios change rapidly every day.
“The company will be able to resume publication projections as soon as it becomes clearer about the possible impacts on its results.”
Cosan also reported having implemented, from the beginning, a contingency plan to guarantee the preservation of the health and integrity of its employees, as well as the security and continuity of the essential operations of each of its companies. This plan is evaluated every day and updated according to the evolution of this pandemic.
“Cosan continues to pay attention to the developments and impacts of this pandemic on the global and local economy, seeking to identify risks and opportunities and adjusting expectations according to the scenarios presented,” he concluded.
Iguatemi (IGTA3), Cyrela Commercial Properties (CCPR3) and BR Properties (BRPR3)
Itaú BBA downgraded BR Properties’ Iguatemi, CCP (Cyrela Commercial Properties) ratings from above (above market average) performance to market (market average) performance in a lengthy report on the impact of the coronavirus epidemic over the shopping center and the commercial property sector in Brazil. BBA estimates that shopping centers will be more affected than commercial property companies, especially if the quarantine measures are extended throughout the second quarter of the year.
The estimate is for a loss of income between 57% and 68% and BBA predicts that companies may give 70% discount to tenants due to the temporary closure.
In the case of Iguatemi and Cyrela Commercial, the problem is that the majority of the company’s shopping centers, 81% and 90%, respectively, are located in the South and Southeast regions, which currently concentrate the majority of cases. (69%) of the coronavirus in Brazil. BBA points out, however, that unemployment tends to increase further in the Northeast, which will harm companies with more shopping centers in that region, such as Sonae.
According to Valor Econômico, the IRB reported its first loss (to SUSEP) since August 2016 last January.
The loss apparently occurred due to a higher loss rate of 104% of premiums (compared to an average of 60% in 2019), noting that the IRB’s low loss rate was the main factor in its high profitability. Two other factors must be considered: i) January was a month in which we had practically zero impact of the coronavirus, at least in the Brazilian awards; and ii) January was the first month in which the reinsurer presented its figures to SUSEP under the new administration;
“We believe it is too early to draw conclusions on what would have caused the biggest loss, mainly due to the fact that SUSEP does not rate the reported numbers. We expect better explanations from management in the results of the first quarter of 2020 ”, highlights the analysis team of XP Investimentos.
BR Properties (BRPR3)
BR Properties announced the issuance of bonds worth R $ 250 million at 137% of CDI.
The oil company Enauta launched a series of operational and financial measures to reduce the impact of the crisis caused by the Covid-19 pandemic and the drop in oil prices in its businesses. With R $ 1.5 billion in net cash, the company announced that it will maintain investments for 2020 and 2021, including drilling the first well in the Sergipe-Alagoas basin, in the northeast of the country.
Enauta announced, however, that it does not agree with a statement it received from Petrobras, in which the state company says that the current coronavirus epidemic represents a “force majeure event” that could lead Petrobras to reduce its purchases of natural gas that Enauta extracts from the Manatí field.
Enauta states that “it will take the necessary measures to safeguard its rights under the contract for the sale of natural gas in the Manati field.” Enauta claims that it has taken various quarantine measures for workers with positive results with Covid-19 and asymptomatic, to avoid contagion on platforms, and has also developed plans for eventual evacuations of workers who show symptoms of the disease on the high seas or other extraction sites. of oil and natural gas. Enauta said it will pay dividends of R $ 300 million to shareholders. According to the company, the payment will not affect your net cash.
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