July 21, 2024

Operational Previews for Eztec (EZTC3) and Plano & Plano (PLPL3) Division Analysts

2 min read
Operational Previews for Eztec (EZTC3) and Plano & Plano (PLPL3) Division Analysts
Operational Previews for Eztec (EZTC3) and Plano & Plano (PLPL3) Division Analysts

Eztec construction companies (EZTC3(e Plano and Plano)PLPL3) last Friday (14) published its operating previews for the fourth quarter of 2021. The results were divided into analysts.

Shares closed in opposite directions: EZTC3 assets fell 0.59% to R$18.50, while PLPL3 shares rose 1.90% to R$3.21.

For Eztec, Bradesco BBI noted that net sales of R$369 million, driven by mid- and high-income units, constitute “the best brand since the beginning of the pandemic.”

The bank retained Eztec’s assessment Outperform, With a target price of R$35, although gross margins are seen declining throughout 2022, due to the effects of inflation on costs and also due to a recent change in the company’s strategy, which favors faster sales at the expense of a stricter pricing policy.

Itaú BBA also found builder numbers to be “decent,” highlighting the sales acceleration driven by the Unique Garden project, and maintained its rating at Outperform, with a target price of R$32.80.

For Credit Suisse, however, Eztec missed expectations — and the bank’s consensus forecast, for example, that net sales would reach R$612 million between October and December.

They commented, “Despite the weaker-than-expected numbers, we maintain a positive view of the company’s more cautious stance regarding the launch, based on deteriorating sector dynamics.” The bank has a neutral rating of Eztec and a target price of R$24.00.

BBI and BBA diverge in a Plano & Plano quarter

For Plano & Plano, a subsidiary of Cyrela (CYRE3), the concepts also differed.

BBA notes that while Plano & Plano has seen its total sales value (PSV) grow 28% quarter-on-quarter and 7% year-over-year, to R$565 million – with the year to date reaching R$1.5 billion , 97% of the bank’s estimate – sales have slowed.

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Total pre-sales sales amounted to R$305 million, 7% lower than the third quarter, and as a result, sales velocity increased from 15% in the third quarter to 13%.

The bank maintains the assessment Outperform For Plano & Plano, the target price is R$ 9.30, compared to Friday (14) at R$ 3.15.

Bradesco BBI, in turn, says Plano & Plano delivered good operating numbers, with launches increasing on a quarterly and annual basis, noting that sales have reached an appropriate value, growing year on year, “despite the delay compared to the previous quarter due to the launch being concentrated in December “.

Both Itaú BBA and Bradesco BBI Outperform For Plano & Plano, with target prices R$9.30 and BRL 7.00 respectively.

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