June 26, 2022
With link and listing in the US, is it worth investing in?

With link and listing in the US, is it worth investing in?

A report released on October 19 left uncertainty over the shares of Americanas SA (formerly P2W) and Lojas Americanas. The text states that the possibility of merging the partner platforms of the two companies and listing in Novo Mercado – a segment of the stock market – merging companies with the best levels of corporate management – is under study. The hammer has not yet been struck.

What is known so far is that if this union is confirmed, the company will relocate its partner base to a new company, Nasdaq or NYSE, which trades in New York.

Both companies came from changes that are already being digested by the market. In July, stores and online activity became part of Americanas SA. Lojas became Americanas, Holding. This activity has had an impact on the shares of both companies, which are losing value, so analysts recommend acting with caution. Read below before investing.

Analysts recommend investors with caution

“Despite the neutral recommendation for the American SA, we understand that the company’s shares were under high pressure after merging with the company’s shares, as we are aware of the potential consequences of a more aggressive dynamics for the company’s market share gains. B2W We hope this difference will be rectified at some point, “said R manager Pedro SerraResearch Active investments.

Regulators have not disclosed how the partner sites will be linked. The rules of the Brazilian market allow some possibilities.

One of them is the opportunity to repurchase shares made by the regulators by paying a premium (a kind of compensation) to the shareholders.

“If the mix of shareholder platforms is implemented with a favorable exchange rate, we see value in the process, especially for the shareholders of Lojas Americanas. Shares should cease to exist,” Serra says.

In addition, he says, the company’s entry into Novo Mercado improves the company’s corporate management position, which was a market concern when the corporate restructuring was announced.

Offer PDRs The Brazilian stock market has another option

Another path for controllers is to exchange shares of the new stock platform Brazilian Deposit Receipts, You PDRs – Certificate Deposit Certificates, issued in Brazil, represent the shares of companies listed on the stock exchanges abroad. In practice, The investor indirectly holds shares in listed companies In another country.

However, the PDRs They do not weigh as much as stocks of voting power in an assembly. But the shareholder, having the certificate, has the right to exchange it on par with the shares traded on the US Stock Exchange. For this, it is necessary to inform the broker in Brazil B3. The Brazilian stock market sends a transfer order to the manager who issued the shares overseas.

To the investor, Gilherm explains John, Brokerage Analyst Avenue, Instead PDRs Taking stock is not so easy as it requires a closer look at the assets.

PDRs They are the integrated receipts of a broker in Brazil, making it easier for those who do not want to pursue their performance. In addition, the rule provides that the broker [estrangeira, se o investidor decidir aplicar diretamente lá fora] Keep 5% of all dividends paid by the company, ”he says.

However, those who become shareholders abroad will have their assets secured in dollars, despite the initial difficulty of opening an account with a foreign broker.

Do you own shares of companies? See what to do

But what should paper holders of both companies do until there is a definition?

For JohnIn theory, it is better to stay with the stock and wait for the offer. If a repurchase is proposed, the investor will win with the premium paid.

However, there is a risk that the value of the shares will decline until this option is granted. If the currency devaluation is significant, the additional value of the controller does not compensate for the loss of shares.

If regulators make sure to move to one of the US stock markets, chances are good John.

“There are many variables, but the truth is, when thinking about the long run, it makes sense for the company to choose to be listed abroad. Today, the Brazilian economic environment leaves something to be desired.”

Nicholas Farto, variable revenue expert at Renovo Investment, Office attached PTG The agreement also believes that the relocation of the company’s shares to one of the US stock markets may be favorable.

“A list overseas would be better because the company is starting to have more global exposure, more transparent trade, more cash flow.”

Renewal Investment The target price of the shares of both companies has not yet been revised, but like other financial institutions Prodesco E J.P. MorganAccording to Fordo, point to a favorable rating scenario.

Everyone agrees that Lojas is the role of Americanas (LAME4Traded at a discount compared to Americans (AMER3), About 25% to 29%, this number should fix itself, ”he says.

At Adiva, it has not been recalculated, so the target price indicated by the company is still $ 57.70.