The Itaisa (ITSA4) went shopping and, along with Futarantem Groupon a 10.33% share of CCR (CCRO3), one of the largest infrastructure companies in the country.
In all, the holding company will pay R$2.9 billion for the deal. The money came from both debt capital and company funds.
The process did not surprise the markets, as Itaisa He has expressed his interest on other occasions.
In this session, shares closed down 0.12%, at 8.52 Brazilian Real, while shares closed CCR It rose 2.16% to R$12.30.
According to analysts I interviewed Money Timesit is inevitable that the purchase, which will take money out of the fund, does not make the company distribute less earnings Short term.
Joao Abdouni, Analyst at Billit is calculated that the process can lower the interval yield of Itaisa by 25%.
Currently DY is 6%. It could stay around 4.5% for the next 12 months, he says.
In the opinion of Murillo Breeder, NuInvestthis change in position (lower earnings in favor of new investments in other sectors) previously reported by the Board of Directors.
“The drop in dividends over the past semesters shows that the company was already preparing for this new phase,” he recalls.
In 2020, the company bought a stake in Copa Energia and recently, Sold part of its stake in XP Inc.
According to Sidney Lima, an analyst at Top Gain, the R$2.9 billion payment could actually affect the distribution of earnings.
“It doesn’t mean the company is paying for these things there. The average dividend yield is 6%. Not necessarily a company that pays little. earnings It could be a bad company,” he adds.
In 2019, income from earnings 8.45% of the company. In 2021, the figure was 4.2%.
Good deal for Itisa?
Analysts interviewed said that Itaisa You got it right in closing the deal. For Breder, buying a stake in CCR It was positive because it is a stable, predictable, cash-generating, dividend-paying business.
“Therefore, the company has already started implementing its plan to reduce exposure to the financial sector, and improve diversification of the holding company,” he says.
Despite this, he recalls, Itaúsa will pay a price of R$13.75 per CCR share, a 14.2% premium over yesterday’s closing price.
“I understand that the reaction could be more positive if this award were smaller,” he adds.
In the opinion of Nelly Pires Colnagy, an analyst at uploadThe investment has an attractive risk-return ratio, as well as growth potential.
“The company sees in the investment the potential to exert influence and share best practices within the scope of ESG, which we believe will be successful,” he says.
Lima, from Top Gain, says it was a good deal for ItaisaEspecially in the long run.
“It does exactly what is suggested in its work. As a holding company, it works with the acquisitions of other companies. Having 10% of the company is interesting because even though it does not have control, it will be able to appoint a manager, that is, it will affect the Take control of the company’s business. Itaúsa is one of the healthiest companies we have in the stock market,” he adds.
Finally, Abdouni says that Itaisa It should be able to increase its earnings and become a great motivator for those with a longer window.
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