São Paulo – The central bank raised again, last Wednesday (28), the value of Principal interest rate to 7.75% annually, the sixth consecutive increase – the first of 1.5 percentage points – that lifted Selic to the highest level since 2017.
With higher interest rates, strong inflationary pressure, and increased financial risks putting pressure on risky assets, investors have been more cautious in their portfolios, seeking more defensive and resilient companies, with greater cash flow, as well as good dividend payers.
In this scenario, earnings from earnings in excess of the interest rate in some companies are seen as a good opportunity, because in addition to the possibility of capital gains, the investor also enjoys additional profitability in the form of dividends.
XP made a survey With 15 coverage shares you can pay a profit return (Dividend Yield) Above 7.75% per annum.
From this list which includes power generators, banks, contracting companies and commodity companies, 11 sheets A . must be paid profit return Higher than the 8.75%, the Focus report, BC’s forecast, for the year-end interest rate. paying off:
It should be noted that companies are required, by law, to transfer at least 25% of their profits to shareholders.
Check out the XP recommendations of the top 10 payouts:
CSN Mining (CMIN3) – buy recommendation and profit return 15.5% expected
Even with lower iron ore prices in the second half, XP still sees CSN Mineração as a good profit driver.
“Although the commodity is below record levels at the start of the year, we see the company as a strong cash generator,” wrote XP strategists Jenny Lee and Fernando Ferreira, who signed the report.
The buy recommendation is based on an expectation of healthy iron ore price levels in the future, strong profits and the company’s expansion projects.
Bank of Brazil (BBAS3) – buy recommendation and profit return 14.8% expected
In the XP rating, BB combines an attractive price tag, due to its defensive credit portfolio, and a competitive digital front.
XP strategists also claim that the bank’s dividend should become relevant, given the need to increase the financial institution will be spent In the scenario of high capitalization, profit recovery, and an “attractive” book-price multiplier of 0.6x.
XP has a buy recommendation for Banco do Brasil stock and a target price of R$52 per share.
Angie Brazil (EGIE3) – neutral recommendation and profit return 11.2% expected
For the electric power generator, XP highlights the company’s “differentiated” ability to protect itself from adverse hydrological effects, as well as diversify its portfolio through its entry into the power transmission and gas transportation sectors.
“Despite the 2021 hydrological stress scenario, the company has so far presented a will be spent 100% per year. However, we appreciate a profit return 11.2% in 2022, the strategist duo writes.
XP has a NEUTRAL rating for EGIE3 shares and a target price of R$48 per share.
Bradesco (BBDC4) – neutral recommendation and profit return Expected 10.6%
From the financial sector, Bradesco, according to XP, brings together a diversified income stream — the sector’s third largest loan portfolio — with more room to cut costs than peers like Itaú and Santander.
“Although the bank has demonstrated efforts in initiatives such as Next, gora and Cielo, we believe that there are no clear opportunities for the bank to put in large amounts of additional capital with high rates of return, making the dividend attractive,” the analysis team writes. .
XP estimates 75% of the dividend will be distributed in 2022 and has a stock-neutral recommendation, with a target price of R$26 per share.
Taissa (Tai 11) – neutral recommendation and profit return 9.8% expected
The Taesa electric power generator is also among the good dividend payers listed in XP. The assessment is that the company is in a comfortable position to maintain a 100% dividend this year.
According to Jennie and Ferreira, the company has a history of paying dividends above the minimum wage stipulated in its bylaws, and must pay profit return from 9.8% in 2022.
XP has a neutral rating for TAEE11 stocks and a target price of 37 BRL per unit.
safe haven (PSSA3) – neutral recommendation and profit return 9.6% expected
Porto Seguro is also seen as a good dividend driver, according to XP. However, the paper’s neutral recommendation depends on the insurer’s impact on economic recovery, as well as work done on technology and expenses.
“We hope that the rate of loss will continue to grow gradually as economic activity resumes, thus affecting its results,” the strategists wrote.
XP has a neutral rating for PSSA3 stock and a target price of R$57.
couple (CPLE6) – buy recommendation and expected dividend yield of 9.6%
In the report, XP draws attention to the new dividend policy announced by Copel this year, in which dividends will be calculated according to certain criteria, such as leverage less than 1.5 times or equal to 65% of adjusted net income, for example.
The analysis team maintains a buy recommendation for the shares and sees a target price of R$7.5 per share for CPLE6 and R$37.50 per unit for CPLE11.
Itaú Unibanco (ITUB4) – neutral recommendation and profit return 9.4% expected
With regard to Itaú, the analysis team estimates that the bank is able to combine high-quality investments with good management and governance, which translates to less empiricism. The financial institution also has a history of paying dividends that are above the industry average.
As with Santander, XP says that while there aren’t good opportunities for the bank to put in large amounts of additional capital at higher rates of return, a dividend could be a good alternative.
XP payout estimated at 80% in 2022 and profit return 9.4%. The house has a ‘Neutral’ rating for the bank’s shares and the target price is R$28.
Santander (San B 11) – sales recommendation and profit return 9.3% expected
While it has a sell recommendation for Santander shares, XP acknowledges that the bank has a combination of high individual credit exposure and relatively lower average levels of default.
According to the analysis team, as long as there are no good opportunities for the bank to invest large amounts of additional capital – with high rates of return – a dividend can be an “attractive” alternative.
Cirella (CYRE3) A buy recommendation and an expected dividend yield of 9.2%.
Finally, builder Cyrela should continue to report good financial results, according to XP, even though it is under pressure from rising costs, particularly steel.
“Cyrela has been able to move costs to the final price without losing gross margin and should remain at healthy levels in the third quarter,” strategists assess.
The husband recommends buying the company’s shares before Evaluation Discounted (trading at one time to book value in 2021), attractive dividends and “interesting” growth potential.
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