BR Pharma - Brasil Pharma
Transcrição
BR Pharma - Brasil Pharma
Brasil Pharma Brazil | Outperform May 15, 2013 | 1Q13 Review 1Q13 Weak on Lower Gross Margins Our take: 1Q13 results were weaker than expected, fully explained by lower gross margins. Despite the worries over SSS and top-line deceleration evident in these results and for other players in the sector, it was the weak gross margin (28.6% vs. our 30.5% estimate) that was the main negative surprise. Recurring SG&A was in line with expectations, although with a different mix (higher selling, lower G&A expenses), but a disappointing recurring adjusted EBITDA margin of 3.9% (vs. our 5.5% estimate) was driven by the lower gross margin. Ticker (local) BPHA3 Target Price - BRL(YE13) 16.9 Ticker (ADR) n.a. Target Price - USD(YE13) n.a. Stock Data Current price BRL 12.75 % 32.8 Upside (YE13) The results: In a context of low demand and a tough calendar impact (three fewer working days), SSS was weak as expected (10.8% total SSS vs. 11.3% estimate and mature store SSS of 4.3%). On the positive side, the company reported a sizeable 12.6% increase in average ticket, with better mix as the main highlight. As mentioned above, gross margin disappointed (28.6% vs. our 30.5% estimate). Management did not fully pass through to end-consumers the reduction in industry discounts (mostly for generics) because it did not want to put pressure on already weak sales performance. Management also cited fiercer competition in specific markets, notably Brasilia and Salvador, as well as lower margins associated with the strategy to increase the average ticket. SG&A expenses were in line with our estimate despite a slightly different mix – higher selling expenses (rents, personnel and two new distributions centers) and lower G&A (we expense stock options, not considering them non-recurring). All in, adjusted recurring EBITDA reached BRL 31.9 million with a 3.9% margin, 28% and 1.6 pp below our expectations. Lower operational results and much higher financial expenses (BRL 19 million vs. our BRL 12 million estimate) drove adjusted net income materially below our estimates. 52 Week high/low BRL 15.65/9.1 Shares outstanding th 257,385 Market capitalization BRL m 3,282 3-mth avg daily vol. BRL m 12 Performance (%) 1m 12m Absolute -1.9 21.5 Vs. Ibovespa -1.0 32.7 Company x Ibovespa 160 140 120 Gross Revenue Gross Profit Gross Margin Adj EBITDA (recurring) Adj EBITDA Margin Adj Net income 1Q13A 1Q13E A/E 1Q12 YoY 814.7 805.0 1.2% 699.3 16.5% 232.9 245.5 -5.1% 211.0 10.4% 28.6% 30.5% (1.9) p.p. 30.2% (1.6) p.p. 31.9 44.2 -27.7% 35.3 -9.6% 3.9% 5.5% (1.6) p.p. 5.1% (1.1) p.p. -0.2 12.0 n.m 3.4 n.m. BPHA3 Source: Itaú BBA Conference Call Details: Wednesday, 15 May 2013 English 15:00 am (Brazil) | 14:00 am (EST) Dial In US: +1 516 300 1066 Source: Itaú BBA. Adjusted for non-recurring but expensing stock options. Trading Multiples Year 2012e 2013e 2014e 2015e 2016e 2017e EV/EBITDA 18.7 12.4 9.7 8.1 6.7 5.5 P/E 46.9 24.5 18.0 15.0 12.5 10.2 FCFE yield (%) -9.4 3.6 3.1 4.0 4.9 6.3 CONSUMER TEAM Juliana Rozenbaum, CFA +55-11-3073-3035 [email protected] Source: Itaú BBA Vitor Paschoal +55-11-3073-3039 [email protected] Please refer to page 2 of this report for important disclosures, analyst certifications and additional information. Itaú BBA does and seeks to do business with Companies covered in this research report. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should not consider this report as the sole factor in making their investment decision. Itaú Corretora de Valores S.A. is the securities arm of Itaú Unibanco Group. Itaú BBA is a registered mark used by Itaú Corretora de Valores S.A. Read this report in: 4 min: Full Apr-13 May-13 Mar-13 Jan-13 IBOV Feb-13 Dec-12 Oct-12 Nov-12 Sep-12 Jul-12 Aug-12 Jun-12 80 Portuguese 11:30 am (Brazil) | 10:30 am (EST) Dial In Brazil: +55 11 3301 3000 Brasil Pharma – 1Q13 Results BRL m 100 May-12 Investment implications: We expect a negative reaction to the weakness in results. Along with the 1Q13 deceleration, the weak gross margins were the main negative highlight. However, we see no macro reasons for the weakness to linger and expect sales to improve in 2Q13. With better sales, margin expansion will likely be possible again, thus affording better visibility into the synergy gains that underlie our positive view on the investment story. That said, the limited operational leverage and a more cautious approach to integration given SAP implementation and lower margins in the last couple of quarter provide room for a downward revision in our estimates. For now, we reiterate our outperform recommendation and YE13 target price of BRL 16.9. Brazil Pharma – May 15, 2013 DISCLAIMER Itaú BBA is a brand name of Itaú Corretora de Valores S.A. Ratings: Definitions, Dispersion and Banking Relationships Ratings (1) Definition (2) Coverage (3) Banking Relationship (4) Outperform The analyst expects the stock to perform better than market average. 43% 38% Market Perform The analyst expects the stock to perform in line with market average. 41% 36% Underperform The analyst expects the stock to perform below market average. 16% 15% 1. The ratings used herein (Outperform, Market Perform and Underperform) correspond approximately to Buy, Hold and Sell, respectively. 2. Ratings reflect the analyst’s assessment of the stock price performance in the medium term compared with market average. Recommendations will remain valid until the analyst changes the rating, which may happen as a result of news or simply due to a change in the stock price (there is no defined time horizon). Companies are grouped into industries, according to their similarities. The industries are: (i) Banking & Financial Services, (ii) Consumer Goods & Retail + Food & Beverage, (iii) Healthcare + Education, (iv) Steel & Mining + Pulp & Paper, (v) Oil, Gas & Petrochemicals + Agribusiness, (vi) Real Estate, (vii) Telecommunications, Media and Technology, (viii) Transportation, Manufacturing and Logistics, (ix) Utilities, and (x) Equity Strategy. 3. Percentage of companies covered by Itaú Corretora de Valores S.A. within this rating category. 4. Percentage of companies within this rating category, for which Itaú Unibanco S.A. or any of its affiliated companies provided investment banking services over the last 12 (twelve) months, or which may be provided during the next 3 (three) months. Third Party Disclosures Companies Mentioned Ticker BR PHARMA ON Recent Price BPHA3 1 X 12.75 Disclosure Items 3 4 X 2 X 5 6 - 1 Itaú Corretora de Valores S.A. and/or its affiliated companies have managed or co-managed a public offer for the companies analyzed in this report in the last 12 (twelve) months, for which they received compensation. 2. Itaú Corretora de Valores S.A. and/or its affiliated companies received compensation for the investment banking services provided to the companies analyzed in this report in the last 12 (twelve) months, and expect to receive or intend to seek compensation for such services to be provided to companies analyzed in this report in the next 3 (three) months. 3. Itaú Corretora de Valores S.A. and/or its affiliated companies were acting as market makers for the companies analyzed in this report at the time this report was issued. 4. Itaú Corretora de Valores S.A. and/or its affiliated companies have acted as an underwriter of securities issued by the companies analyzed in this report within the last 5 (five) years. 5. Itaú Corretora S.A. and/or its affiliated companies, and funds, portfolios and investment clubs managed by Itaú Corretora de Valores S.A. beneficially own, directly or indirectly, 1% (one percent) or more of any class of common shares issued by the companies analyzed in this report as of the end of last month. 6. The analyzed issuer(s) have a relevant interest in companies of the Itaú Unibanco Group. 09-Aug 28-Mar BR PHARMA ON 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 Underperform Market Perform UR Apr-13 Mar-13 Jan-13 Feb-13 Dec-12 Oct-12 Nov-12 Sep-12 Jul-12 Outperform Aug-12 Jun-12 Apr-12 May-12 Mar-12 Jan-12 Feb-12 Dec-11 Oct-11 Nov-11 Sep-11 Jul-11 Aug-11 Jun-11 0.0 May-11 2.0 Fair Value Source: Itaú BBA Itaú BBA 2 Brazil Pharma – May 15, 2013 Relevant Information This report has been produced by Itaú Corretora de Valores S.A (“Itaú BBA”), a subsidiary of Itaú Unibanco S.A., regulated by the Securities and Exchange Commission of Brazil (CVM), and distributed by Itaú BBA or one of its affiliates (altogether, “Itaú Unibanco Group”). Itaú BBA is the brand name used by Itaú Corretora de Valores S.A., by its affiliates or by other companies of the Itaú Unibanco Group. 2. This report aims at providing information only and does not constitute, and should not be construed as an offer to buy or sel l, or a solicitation of an offer to buy or sell any financial instrument, or to participate in any particular trading strategy in any jurisdiction. The information herein is believed to be reliable as of the date on which this report was issued and has been obtained from publi c sources believed to be reliable. Itaú Unibanco Group does not make any express or implied representation or warranty as to the completeness, reliability or accuracy of such information, nor does this report intend to be a complete statement or summary of the investment strategies, markets or developments referred to herein. Opinions, estimates, and projections expressed herein constitute the current judgment of the analyst responsible for the substance of this report as of the date on which it was issued and are, therefore, subject to change without notice. Prices and availability of financial instruments are indicative only and subject to change without noti ce. Itaú Unibanco Group has no obligation to update, modify or amend this report and inform the reader accordingly, except when terminating coverage of the issuer of the securities discussed in this report. 3. The analyst responsible for the production of this report, whose name is highlighted in bold, hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the subject issuers or securities and were prepared independently and autonomously, including from Itaú BBA, Banco Itaú BBA S.A and other group companies. Because personal views of analysts may differ from one another, Itaú BBA, its subsidiaries and affiliates may have issued or may issue other reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. The analyst responsible for the production of this report is not registered and/or qualified as a research analyst with the NYSE or FINRA and is not associated with Itau BBA USA Securities, Inc. and, therefore, may not be subject to Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. 4. An analyst’s compensation is determined based upon the total revenues of Itaú BBA, a portion of which is generated through investment banking activities. Like all employees of Itaú BBA, its subsidiaries and affiliates, analysts receive compensation that is linked to global earnings. Therefore, analyst’s compensation can be considered to be indirectly related to this report. However, the analyst responsible for the content of this report hereby certifies that no part of his or her compensation was, is, or will be directly or indirectly related to any specific recommendation or opinion herein or linked to the pricing of any of the securities discussed herein. Itaú Unibanco Group and the funds, portfolios and securities investment clubs managed by Itaú Unibanco Group may have a direct or indirect stake equal to no more than 1% (one percent) of the capital stock of the companies, and may have been involved in the acquisition, sale or trading of such shares in the market. 5. The financial instruments discussed in this report may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or particular needs of any particular investor. Investors wishing to purchase or otherwise deal in the securities covered in this report should obtain relevant documents relating to the financial instruments and exchanges and confirm their contents. Investors should obtain independent financial advice based on their own particular circumstances before making an investment decision based on the information herein. Final decision on investments must be made by each investor considering various risks, fees and commissions. If a financial instrument is denominated in a currency other than an investor’s currency, changes in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument, and the reade r of this report assumes all foreign exchange risks. Income from financial instruments may vary, and therefore their price or value may rise or fall, either directly or indirectly. Past performance does not necessarily indicate future results, and no representation or warranty, express or implied, is made herein regarding future performance. Itaú Unibanco Group does not accept any liability whatsoever for any direct or consequential loss arising from the use of this report or its content, and the investor using this report undertakes to irrevocably exempt the Itaú Unibanco Group from any claims, complaints and/or demands. 6. This report may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the pri or written consent of Itaú BBA. Additional information on the financial instruments discussed in this report is available upon request. 7. As required by the Brazilian Securities and Exchange Commission rules, the analysts responsible for this report indicate potential conflict situations in the table below of “Relevant Information”. Additional Note to reports distributed in: (i) U.K. and Europe: Itau BBA UK Securities Limited, authorised and regulated by the Financial Services Authority (FSA), is distributing this report to investors who are Eligible Counterparties and Professional Clients, pursuant to FSA rules and regulations. If you do not, or cease to fall within the definition of Eligible Counterparty or Professional Client, you should not rely upon the information contained herein and should notify Itau BBA UK Securities Limited immediately. The information herein does not apply to, and should not be relied upon by retail customers. Investors wishing to purchase or otherwise deal in the securities covered in this report should contact Itau BBA UK Securities Limited at Level 20 The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, UK; (ii) U.S.A: Itau BBA USA Securities, Inc., a FINRA/SIPC member firm, is distributing this report and accepts responsibility for the content of this report. 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In Hong Kong, any investors wishing to purchase or otherwise deal in the securities covered in this report should contact Itaú Asia Securities Limited at 29th Floor, Two IFC, 8 Finance Street – Central, Hong Kong; (iv) Japan: This report is distributed in Japan by Itaú Asia Securities Limited – Tokyo Branch, Registration Number (FIEO) 2154, Director, Kanto Local Finance Bureau, Association: Japan Securities Dealers Association; (v) Middle East: This report is distributed by Itau Middle East Limited. Itau Middle East Limited is regulated by the Dubai Financial Services Authority and is located at Suite 305, Level 3, Al Fattan Currency House, Dubai International Financial Centre, PO Box 482034, Dubai, United Arab Emirates. This material is intended only for Professional Clients (as defined by the DFSA Conduct of Business module) no other persons should act upon it.; (vi) Brazil: Itaú Corretora de Valores S.A., a subsidiary of Itaú Unibanco S.A authorized by the Central Bank of Brazil and approved by the Securities and Exchange Commission of Brazil, is distributing this report. If necessary, contact the Client Service Center: 4004-3131* (capital and metropolitan areas) or 0800-722-3131 (other locations) during business hours, from 9 a.m. to 8 p.m., Brasilia time. If you wish to re-evaluate the suggested solution, after utilizing such channels, please call Itaú’s Corporate Complaints Office: 0800-570-0011 (on business days from 9 a.m. to 6 p.m., Brasilia time) or write to Caixa Postal 67.600, São Paulo-SP, CEP 03162-971. * Cost of a local call. 1. Relevant Information – Analysts Analysts 1. Disclosure Items 1 2 3 4 5 Juliana Rozenbaum X X X X Vitor Paschoal X X X X The investment analysts involved in the preparation of this report are related to an individual who works for the issuer object of this analysis report. The nature of this relationship is .... 2. The investment analysts, their spouses or companions, have a direct or indirect stake, in their names, in the capital stock and/or other securities issued by the companies object of their analysis. 3. The Investment analysts, their spouses or companions, are directly or indirectly involved in the purchase, sale, disposal or trading of securities that are the object of this report. 4. The investment analysts, their spouses or companions, have a direct or indirect financial interest in the issuing company of the securities analyzed in this report. 5. The investment analysts, their spouses or companions, deal with shares of mutual funds which concentrate their investments in the analyzed company or in the company’s industry, or in which they can directly or indirectly influence their management or administration Itaú BBA 3 Equities Christian Egan - Global Head of Equities & ETD Research Carlos Constantini, CNPI - Head +55-11-3073-3001 Equity Strategy Carlos Constantini, CNPI - Head Florian Tanzer, CNPI, LatAm Pedro Maia, CNPI +55-11-3073-3001 +55-11-3073-3025 +55-11-3073-3065 North Andean, Chile & Argentina Research Ricardo Cavanagh, CFA +56-2-2834-6784 Chile Research Barbara Angerstein Gustavo Fingeret +56-2-2834-6297 +56-2-2834-6295 Agribusiness Giovana Araújo, CNPI Antonio Barreto, CNPI +55-11-3073-3036 +55-11-3073-3060 Banking & Financial Services Regina Longo Sanchez, CNPI Thiago Bovolenta Batista, CFA Alexandre Spada, CFA +55-11-3073-3042 +55-11-3073-3043 +55-11-3073-3004 Capital Goods Renata Faber, CNPI Thais Cascello +55-11-3073-3017 +55-11-3073-3019 Consumer Goods & Retail Joaquin Ley, Mexico Juliana Rozenbaum, CFA Barbara Angerstein, Chile Vitor Paschoal +52-55-5262-0676 +55-11-3073-3035 +56-2-2834-6297 +55-11-3073-3039 Food & Beverage Alexandre Miguel, CFA Felipe Cruz, CNPI +55-11-3073-3020 +55-11-3073-3007 Healthcare + Education Thiago Macruz, CNPI Victor Natal +55-11-3073-3034 +55-11-3073-3014 [email protected] Oil, Gas & Petrochemicals [email protected] Paula Kovarsky, CNPI [email protected] Diego Mendes, CNPI [email protected] Real Estate + Cement & Construction David Lawant, CNPI [email protected] Vivian Salomon, Mexico & Colombia Enrico Trotta, CNPI Roberto Barba [email protected] [email protected] Steel & Mining + Pulp & Paper Marcos Assumpção, CFA André Pinheiro, CNPI [email protected] [email protected] Telecommunications, Media & Technology Gregorio Tomassi, Mexico Susana Salaru, CNPI [email protected] Ricardo Cavanagh, CFA, Argentina [email protected] Gustavo Fingeret, Chile [email protected] Transportation , Infrastructure & Logistic Renata Faber, CNPI [email protected] Thais Cascello [email protected] Renato Salomone, CNPI Vivian Salomon +55-11-3073-3027 +55-11-3073-3029 [email protected] [email protected] +55-11-3073-3037 +52-55-5262-0672 +55-11-3073-3064 +52-55-5262-0671 [email protected] [email protected] [email protected] [email protected] +55-11-3073-3021 +55-11-3073-3028 [email protected] [email protected] +52-55-5262-0675 +55-11-3073-3009 +54-11-5273-3593 +56-2-2834-6295 [email protected] [email protected] [email protected] [email protected] +55-11-3073-3017 +55-11-3073-3019 +52-55-5262-0674 +52-55-5262-0672 [email protected] [email protected] [email protected] [email protected] Utilities Marcos Severine, CNPI Mariana Coelho, CNPI Gabriel Laera, CNPI +55-11-3073-3011 +55-11-3073-3024 +55-11-3073-3062 [email protected] [email protected] [email protected] Economics [email protected] Mauricio Oreng [email protected] Luiz Gustavo Cherman Luka Barbosa +55-11-3708-2807 +55-11-3708-2713 +55-11-3708-8932 [email protected] [email protected] [email protected] [email protected] Retail Strategy [email protected] Lucas Tambellini , CNPI Marcello Rossi, CNPI Fábio Perina, CNPI Julia Moraes, CNPI +55 11 3073-3023 +55-11-3073-3006 +55-11-3073-3431 +55-11-3073-3038 [email protected] [email protected] [email protected] [email protected] North America Sales - North America Adam Cherry - Head Kahlil Adam, CFA Flavia Stingelin, CFA Carina Cassab Carreira +1-212-710-6766 +1-212-710-6767 +1-212-710-6768 +1-212-710-6790 [email protected] [email protected] [email protected] [email protected] +44-20-7663-7845 +44-20-7663-7845 +44-20-7663-7845 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Equity Sales & Trading Latin America Sales - Latin America Carlos Maggioli - Head Flavia Stingelin, CFA Márcia Sadzevicius Rodrigo Ache José Henrique Sapag Arvelos José Dezene (Macro) +55-11-3073-3300 +55-11-3073-3162 +55-11-3073-3330 +55-11-3073-3330 +55 11 3073-3330 +55-11-3073-3350 Sales Trading - Brazil Carlos Maggioli - Head Alec Cunningham Aureo Bernardo Pedro H. Rocha Sauma Carlos Faria +55-11-3073-3300 +55-11-3073-3310 +55-11-3073-3330 +55 11 3073-3330 +55-11-3073-3310 Trading - Brazil Carlos Maggioli - Head Cristiano Soares Bruno Campos Pedro Feres Marco Barros +55-11-3073-3300 +55-11-3073-3330 +55-11-3073-3310 +55-11-3073-3149 +55-11-3073-3310 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Europe, Middle East & Asia Sales - Europe Mark Fenton - Head [email protected] Aneli Gonzalez, CFA [email protected] Pedro Villa [email protected] [email protected] Sales - Japan [email protected] Masafumi Nishimura Sales - Hong Kong Caio Galvão [email protected] [email protected] Sales Trading - North America [email protected] Kevin Hard - Head [email protected] Eric Krall [email protected] Fernando Lasalvia Colin Heath Brad Marra +813-3539-3856 [email protected] +852-3657-2398 [email protected] +1-212-710-6780 +1-212-710-6780 +1-212-710-6780 +1-212-710-6780 +1-212-710-6780 [email protected] [email protected] [email protected] [email protected] [email protected] +55-11-3073-3657 +55-11-3073-3657 [email protected] [email protected] +55-11-3073-3310 +55-11-3073-3310 +55-11-3073-3310 +55-11-3073-3310 [email protected] [email protected] [email protected] [email protected] +55-11-3073-3340 +55-11-3073-3340 [email protected] [email protected] +55-11-3073-3211 [email protected] +55 11 3073-3148 +55-11-3073-3145 +55 11 3073-3297 +55 11 3073-3290 +55 11 3073-3110 [email protected] [email protected] [email protected] [email protected] [email protected] Futures, Derivatives & Stock Lending Carlos Maggioli - Head Futures Desk Eduardo Barcellos - Head Fabio Herdeiro Alan Eira Alexandre Rizzo Celso Azem Thierry Decoene Hernan Livore Bruno Giusti Guilherme Michetti +55-11-3073-3300 +55-11-3073-3320 +55-11-3073-3320 +55-11-3073-3350 +55-11-3073-3350 +55-11-3073-3350 +55-11-3073-3320 +55-11-3073-3320 +55-11-3073-3320 +55-11-3073-3320 [email protected] Commodities Roberto Simonsen Igor Petric [email protected] Derivatives [email protected] Fabiano V. Romano - Head [email protected] Rafael Americo [email protected] Marcio Caires [email protected] Vinicius Alves de Pinho [email protected] FX Spot [email protected] Manoel Gimenez [email protected] Haroldo Vasconcellos [email protected] Stock Lending João Victor Caccese Private Banking Desk Felipe Beltrami - Head +55 11 3073-3292 [email protected] Private Banking Sales Caio Felipe Zanardo Val Edgard Claussen Vilela Frederico P. Bernardes Guilherme Rudge Simões Marcelo Ferri +55 11 3073-3292 +55 11 3073-3291 +55 11 3073-3290 +55-11-3073-3150 +55 11 3073-3110 [email protected] [email protected] [email protected] [email protected] [email protected] Marco Antônio Gomes Patrick Kalim Ricardo Julio Costa Robinson Minetto Sergio Fonseca Rosa Itaú Securities' Global Offices SÃO PAULO Itaú Corretora de Valores S.A Av. Brigadeiro Faria Lima, 3400 - 10º Andar São Paulo, SP, Brazil, 04538-132 NEW YORK Itau BBA USA Securities Inc. 767 Fifth Avenue, 50th Floor New York, NY 10153 LONDON Itau BBA UK Securities Limited The Broadgate Tower 20th Floor - 20 Primrose Street London EC2A 2EW HONG KONG Itau Asia Securities Limited TOKYO Itau Asia Securities Limited Tokyo Branch NBF Hibiya Bldg. 12F 1-1-7 Uchisaiwai-cho, Chiyoda-ku Tokyo, 100-0011, Japan DUBAI Itau Middle East Limited Regulated by the Securities and Futures Commission in Hong Kong 29/F, Two International Finance Centre 8 Finance Street - Central, Hong Kong Al Fattan Currency House, Level 3 Dubai International Financial Centre (or DIFC) PO Box 482 034 Itaú´s Complaints Officer (Ouvidoria Corporativa Itaú) may be contacted at 0800 570 0011 (calls from Brazil), on business days, from 9 a.m. to 6 p.m. (São Paulo, Brazil time) or P.O. BOX 67.600, Zip Code 03162-971. The information herein is believed to be reliable but Itaú Corretora de Valores S.A. does not warrant its completeness or accuracy. Opinions and estimates constitute our judgment and are subject to change without notice. Banco Itaú S.A. may have a position from time to time. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for purchase or sale of any financial instrument. This report is prepared by Itaú Corretora de Valores S.A. and distributed in the United States by Itau BBA USA Securities, Inc., and Itau BBA USA Securities, Inc. accepts responsibility for its contents accordingly. Any US persons receiving this research and wishing to effect transactions in any security discussed herein should do so only with Itau BBA USA Securities, Inc. Analysts who are not CNPI only provide the team with technical support, not issuing personal opinions.
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