São Paulo, 19 de June de 2020

Dados da Ação Indicadores Financeiros Múltiplos

Última Preço Potencial Vol. 21 d Valor de LUCRO LÍQUIDO Dívida Divid
Variação (%) ROL (R$ mm) EBITDA ** (R$ mm) Margem Ebitda *** (%) P/L EV/ EBITDA **** ROE (%)
Última revisao Máxima Mínima (R$ mm) EV DPA
Cotação Potencial Valorização Ratings Md.Móvel Mercado Líquida(R end
de preço em: 52 sem 52 sem (R$mm) (R$)
Nome Cod. (R$) (R$) * (%) Dia Mês Ano 12 m (R$mm) (R$mm) 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E $mm) Yield 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E
(%)
Ibovespa IBOV 96,572 95,000 -1.63 0.46 10.49 -16.5 -3.7 119,593 61,691 3.4 26.2x 26.2x 26.2x 2.1x 1.5x 1.4x 6.2 6.9 6.9
Dow Jones Index DJIA 25,871 - - -0.80 1.92 -9.1 -2.4 29,569 18,214 2.5 23.7x 23.7x 23.7x 3.9x 3.7x 3.5x 18.2 20.5 20.5
AGRIBUSINESS

Agronegócios 13.2x 13.2x 12.4x 8.4x 4.0x 3.7x 15.0 13.6 14.0
BRASILAGRO-CIA BRASILEIRA DE AGRO3 19.35 21.00 8.53 Market Perform 7-May-20 -2.22 -2.76 1.7 23.3 22.66 13.00 3.1 1,202 384 625 653 169 151 192 44.10 24.16 29.40 126 119 115 187 1,389 0.93 4.8 13.3x 13.3x 11.8x 8.2x 9.2x 7.2x 17.8 11.8 11.2
BIOSEV SA BSEV3 3.40 ND - -- 3.34 29.28 20.1 38.8 9.98 2.28 0.4 3,469 7,104 - - 931 - - 13.11 -   -   (1,270) - - 4,650 8,120 -   - - - - 8.7x 0.0x 0.0x - - -
CAMIL ALIMENTOS SA CAML3 10.78 10.17 -5.69 -- -0.09 8.95 20.6 62.0 11.49 6.16 19.6 3,989 4,663 6,112 6,361 492 621 668 10.54 10.16 10.49 251 485 618 1,124 5,113 0.21 2.0 9.9x 9.9x 9.1x 10.4x 8.2x 7.7x 15.8 14.5 14.2
COSAN SA CSAN3 70.54 73.86 4.71 -- -1.48 9.40 3.6 54.3 85.49 41.75 136.2 27,808 10,290 68,620 75,052 2,348 5,656 6,387 22.82 8.24 8.51 1,652 1,392 2,031 7,338 35,146 1.50 2.1 18.8x 18.8x 13.4x 15.0x 6.2x 5.5x 17.1 11.6 21.4
FERTILIZANTES HERINGER LTDA FHER3 3.05 ND - -- 0.99 23.98 -15.5 58.0 5.39 1.59 1.1 164 3,689 - - (150) - - -   -   -   (780) - - 143 307 -   - - - - -2.0x 0.0x 0.0x - - -
OURO FINO SAUDE ANIMAL PARTI OFSA3 30.39 46.00 51.37 Market Perform 13-May-20 2.46 26.63 -29.3 -7.0 45.10 14.99 0.7 1,640 589 699 796 124 - - 20.96 -   -   69 - - 236 1,876 0.02 0.1 - - - 15.2x 0.0x 0.0x 16.0 - -
SLC AGRICOLA SA SLCE3 23.62 19.00 -19.56 Market Perform 14-May-20 -2.40 -5.18 -3.3 30.8 27.98 16.10 45.4 4,502 2,823 3,130 3,284 769 750 811 27.24 23.97 24.70 381 393 407 1,605 6,107 0.39 1.7 12.5x 12.5x 10.5x 7.9x 8.1x 7.5x 14.9 14.0 13.8
SAO MARTINHO SA SMTO3 19.78 24.50 23.86 Outperform 12-Nov-19 0.92 1.80 -16.6 0.9 30.00 11.36 35.9 7,002 3,436 3,390 3,678 1,703 2,021 1,808 49.58 59.61 49.17 492 614 389 2,363 9,366 0.66 3.3 11.4x 11.4x 17.4x 5.5x 4.6x 5.2x 19.0 16.2 9.4
TERRA SANTA AGRO SA TESA3 12.39 ND - -- 3.25 8.21 -43.7 -16.8 24.50 9.40 1.0 268 1,119 - - 172 - - 15.39 -   -   42 - - 951 1,219 -   - - - - 7.1x 0.0x 0.0x 4.4 - -

Alimentos e Bebidas 18.8x 18.8x 14.1x 15.4x 7.9x 7.4x 15.5 36.6 17.4
AMBEV SA ABEV3 13.84 14.50 4.77 Market Perform 5-Jun-20 1.17 10.90 -25.9 -22.0 20.77 10.36 403.0 217,774 50,231 51,190 53,181 21,599 19,518 21,725 43.00 38.13 40.85 10,995 9,671 11,906 (9,016) 208,758 0.49 3.5 23.5x 23.5x 18.9x 9.7x 10.7x 9.6x 21.5 13.7 16.7
MINERVA SA BEEF3 13.64 14.00 2.64 Outperform 5-Jun-20 1.34 1.87 6.2 70.1 15.73 5.81 128.2 6,624 16,215 19,107 20,618 896 2,092 2,066 5.53 10.95 10.02 (1,265) 585 723 6,054 12,678 -   - 8.0x 8.0x 13.3x 14.1x 6.1x 6.1x - 152.3 36.5
BRF SA BRFS3 22.45 25.00 11.36 Outperform 5-Jun-20 0.40 -2.94 -36.2 -21.5 41.06 11.52 226.6 18,240 30,188 36,603 37,202 1,541 5,105 5,286 5.10 13.95 14.21 (4,448) 645 1,148 16,088 34,328 -   - 34.9x 34.9x 18.6x 22.3x 6.7x 6.5x (49.0) 6.5 12.0
JBS SA JBSS3 22.36 33.00 47.58 Outperform 5-Jun-20 -0.40 1.78 -11.3 7.7 34.25 13.65 495.5 61,015 181,680 204,101 217,385 11,962 21,990 21,945 6.58 10.77 10.09 25 2,250 6,912 47,710 108,724 0.54 2.4 17.8x 17.8x 8.1x 9.1x 4.9x 5.0x 0.1 7.6 24.4
M DIAS BRANCO SA MDIA3 40.50 37.00 -8.64 Outperform 5-Jun-20 0.80 12.10 6.9 2.9 45.05 24.00 43.8 13,730 6,025 6,666 6,954 935 948 1,149 15.51 14.22 16.52 723 654 879 713 14,443 0.25 0.6 20.9x 20.9x 16.2x 15.5x 15.2x 12.6x 13.7 10.7 11.8
MARFRIG GLOBAL FOODS SA MRFG3 13.20 14.00 6.06 Outperform 5-Jun-20 -2.00 1.30 32.5 102.5 14.93 5.50 186.6 9,390 29,715 53,747 54,600 1,075 6,042 5,354 3.62 11.24 9.81 1,395 1,368 1,224 13,830 23,220 -   - 7.8x 7.8x 9.4x 21.6x 3.8x 4.3x 91.0 28.8 3.2

BANCOS E SERVIÇOS FINANCEIROS 43.1x 43.1x 15.8x 3.0x 5.9x 3.6x 16.1 15.4 17.1

Bancos Grandes 10.5x 10.5x 9.0x 0.0x 0.0x 0.0x 15.5 14.8 16.9
BANCO BRADESCO SA-PREF BBDC4 22.36 28.40 27.01 Outperform 30-Apr-20 0.27 18.11 -31.5 -29.0 35.16 15.73 1,185.5 187,827 144,035 105,466 114,464 - - - -   -   -   16,584 19,370 23,646 120,004 307,831 1.89 8.5 9.3x 9.3x 7.8x 0.0x 0.0x 0.0x 13.7 13.7 16.1
ITAU UNIBANCO HOLDING S-PREF ITUB4 28.09 31.90 13.56 Outperform 5-May-20 1.96 22.00 -21.7 -15.7 37.69 20.00 1,171.2 266,969 173,584 119,518 127,110 - - - -   -   -   24,907 21,165 25,641 181,063 448,032 2.01 7.2 12.5x 12.5x 10.6x 0.0x 0.0x 0.0x 18.6 15.1 17.8
BANCO SANTANDER BRASIL-UNIT SANB11 31.34 36.00 14.87 Market Perform 27-Apr-20 2.05 22.90 -33.3 -25.1 51.58 21.87 116.2 116,408 82,650 65,715 70,858 - - - -   -   -   12,582 11,470 13,004 109,355 225,763 2.87 9.1 9.7x 9.7x 8.7x 0.0x 0.0x 0.0x 14.2 15.6 16.7

Bancos Médios e de Investimento 103.8x 103.8x 25.3x 3.1x 12.5x 6.1x 8.5 14.3 16.9
BANCO ABC BRASIL SA ABCB4 15.49 16.00 3.29 Outperform 18-May-20 -0.71 10.64 -21.4 -12.3 23.85 10.70 15.5 3,382 3,627 1,456 1,581 - - - -   -   -   418 449 464 16,014 19,397 1.05 6.8 7.4x 7.4x 7.1x 0.0x 0.0x 0.0x 12.0 9.3 10.8
BANCO INTER SA-PR BIDI4 11.42 11.90 4.20 Neutral 22-May-20 -3.71 -1.55 -27.0 15.5 24.59 5.79 28.9 7,920 720 1,157 1,617 - - - -   -   -   68 64 169 (981) 6,939 0.08 0.7 380.7x 380.7x 72.7x 0.0x 0.0x 0.0x 10.1 22.2 27.5
BANCO BTG PACTUAL SA-UNIT BPAC11 72.00 56.30 -21.81 Outperform 13-May-20 3.00 47.42 -4.6 48.0 83.69 25.53 264.7 62,540 12,655 8,977 10,771 9,976 2,462 4,985 78.83 27.43 46.28 2,361 3,016 4,012 90,727 153,267 1.34 1.9 20.8x 20.8x 15.6x 15.4x 62.3x 30.7x 12.6 14.6 17.5
BANCO ESTADO RIO GRAN-PREF B BRSR6 14.69 18.60 26.62 Market Perform 14-May-20 -1.48 18.55 -30.3 -32.8 25.79 10.54 46.1 6,700 11,880 7,639 8,005 - - - -   -   -   1,049 956 1,047 (7,381) (681) 0.96 6.5 6.3x 6.3x 5.7x 0.0x 0.0x 0.0x 14.7 11.3 11.9
BANCO PINE SA - PREF SHARES PINE4 3.05 ND - -- 3.04 11.31 -27.4 36.8 5.35 1.35 1.1 452 747 - - - - - -   -   -   (60) - - 1,018 1,470 -   - - - - 0.0x 0.0x 0.0x (6.7) - -

Serviços Financeiros 15.1x 15.1x 12.9x 6.0x 5.4x 4.8x 24.4 17.0 17.5
B3 SA-BRASIL BOLSA BALCAO B3SA3 51.00 47.92 -6.03 -- 1.27 11.96 21.6 41.9 53.11 29.02 640.4 105,016 4,832 7,031 7,358 3,343 5,195 5,381 69.19 73.89 73.12 2,087 3,730 4,001 (7,144) 97,872 1.60 3.1 27.3x 27.3x 26.1x 29.3x 18.8x 18.2x 8.5 15.4 16.0
CSU CARDSYSTEM SA CARD3 13.50 9.30 -31.11 -- -3.23 9.31 10.7 124.4 15.98 5.95 4.7 564 420 442 464 81 102 109 19.41 23.08 23.49 33 31 38 89 653 0.31 2.3 - - - 8.0x 6.4x 6.0x 14.1 - -
CIELO SA CIEL3 5.70 5.14 -9.90 Under Review 1.24 39.36 -31.6 -15.4 9.07 3.23 248.4 15,486 11,686 5,384 5,805 4,628 2,441 2,935 39.61 45.33 50.56 3,140 784 1,006 6,033 21,519 0.21 3.6 17.8x 17.8x 15.0x 4.6x 8.8x 7.3x 29.8 7.5 9.6
IRB BRASIL RESSEGUROS SA IRBR3 10.39 16.50 58.81 Market Perform 27-Apr-20 2.36 25.18 -73.3 -68.1 45.09 6.43 549.5 9,725 7,097 8,399 9,619 - - - -   -   -   1,219 1,230 1,350 (36) 9,689 0.21 2.1 9.0x 9.0x 7.2x 0.0x 0.0x 0.0x 32.1 28.5 24.0
PORTO SEGURO SA PSSA3 54.42 52.18 -4.11 -- 2.68 15.05 -11.3 5.9 68.23 39.47 43.5 17,594 20,690 16,891 17,827 - - - -   -   -   1,311 1,316 1,399 6,207 23,801 2.34 4.3 13.4x 13.4x 12.4x 0.0x 0.0x 0.0x 17.1 15.2 15.2
SMILES FIDELIDADE SA SMLS3 16.07 32.90 104.73 -- -3.54 33.03 -58.8 -63.4 44.54 8.35 49.1 1,995 987 2,097 2,390 759 470 570 76.90 22.42 23.85 646 352 417 (1,174) 821 0.27 1.7 5.4x 5.4x 4.3x 1.1x 1.7x 1.4x 68.5 31.8 36.7
SUL AMERICA SA - UNITS SULA11 45.06 46.63 3.47 -- 3.02 0.93 -23.9 35.3 67.88 23.08 163.1 17,761 21,233 22,439 22,041 - - - -   -   -   905 1,157 1,031 1,005 18,766 0.84 1.9 15.3x 15.3x 17.1x 0.0x 0.0x 0.0x 15.2 13.6 12.8
VALID SOLUCOES SA VLID3 11.09 18.00 62.31 -- -2.03 1.74 -34.7 -23.5 20.37 6.51 14.4 790 1,734 1,925 1,879 272 199 262 15.71 10.34 13.94 100 28 80 627 1,417 0.70 6.3 17.3x 17.3x 8.2x 5.2x 7.1x 5.4x 9.8 7.2 8.3

CONSUMO 93.6x 93.6x 75.1x 30.1x 24.5x 16.5x 19.1 7.3 15.4

Drogarias e Cosméticos 47 9x 47 9x 32 5x 28 1x 20 0x 15 5x 18 4 13 4 19 8
HYPERA SA HYPE3 34.37 41.00 19.29 Buy 5-Jun-20 0.12 6.67 -2.8 22.7 42.80 26.07 132.9 21,730 3,724 4,980 7,368 1,313 1,385 1,861 35.26 27.80 25.25 1,130 1,169 1,449 (806) 20,924 1.11 3.2 17.8x 17.8x 14.9x 15.9x 15.1x 11.2x 14.1 12.9 14.3
NATURA &CO HOLDING SA NTCO3 42.23 43.90 3.95 Neutral #N/A 1.66 13.58 9.2 42.1 51.29 20.44 302.3 50,816 13,397 14,090 15,687 1,847 2,778 3,658 13.78 19.72 23.32 548 502 1,063 7,765 58,580 0.13 0.3 71.2x 71.2x 41.7x 31.7x 21.1x 16.0x 26.1 11.1 26.9
RAIA DROGASIL SA RADL3 114.23 110.80 -3.00 Buy 5-Jun-20 4.70 4.38 2.5 51.4 130.50 72.29 185.9 37,740 14,801 19,637 22,325 1,136 1,761 2,186 7.67 8.97 9.79 502 678 891 4,012 41,752 0.67 0.6 54.7x 54.7x 40.8x 36.8x 23.7x 19.1x 14.9 16.3 18.3

Moda 102.7x 102.7x 22.7x 13.5x 19.2x 10.1x 32.8 1.4 7.8
MARISA LOJAS SA AMAR3 8.81 10.07 14.32 -- 3.16 16.07 -33.7 35.1 15.35 3.14 82.9 2,305 2,764 1,969 2,383 418 73 252 15.12 3.71 10.55 28 (150) (7) 794 3,099 -   - - - - 7.4x 42.4x 12.3x 2.9 (13.5) (1.4)
GRUPO SBF SA CNTO3 35.12 24.30 -30.81 Neutral 5-Jun-20 4.52 20.03 -0.2 185.5 54.09 11.80 89.3 8,464 2,275 3,007 3,928 265 359 509 11.63 11.95 12.95 147 151 278 1,079 9,543 -   - 40.8x 40.8x 26.9x 36.1x 26.6x 18.8x 129.4 4.9 9.3
GRENDENE SA GRND3 7.70 10.00 29.87 -- -1.03 6.06 -36.0 6.0 12.99 5.95 15.2 6,947 2,333 - - 523 - - 22.40 -   -   586 - - (2,002) 4,945 0.31 4.0 - - - 9.5x 0.0x 0.0x 17.5 - -
GUARARAPES CONFECCOES SA GUAR3 20.43 17.81 -12.81 -- 3.92 53.49 -13.9 32.9 30.85 9.37 31.1 10,199 7,193 6,219 7,691 1,701 609 1,124 23.65 9.79 14.61 1,236 81 405 2,296 12,494 0.58 2.8 408.6x 408.6x 23.6x 7.3x 20.5x 11.1x 27.6 0.5 8.0
CIA HERING HGTX3 15.29 20.13 31.65 -- 0.53 14.79 -55.1 -44.0 36.07 10.51 69.2 2,479 1,540 1,288 1,481 260 153 240 16.86 11.91 16.18 240 125 192 (304) 2,174 0.54 3.5 19.7x 19.7x 13.3x 8.4x 14.2x 9.1x 18.8 6.8 12.5
RESTOQUE COMERCIO E CONFEC LLIS3 7.42 8.70 17.25 Neutral 5-Jun-20 0.95 29.04 -56.4 -70.5 26.98 3.61 3.9 511 1,244 850 1,144 351 296 252 28.18 34.76 22.03 103 25 (68) 1,004 1,515 -   - 2.2x 2.2x - 4.3x 5.1x 6.0x 4.7 (5.4) (3.2)
LOJAS RENNER S.A. LREN3 43.91 37.10 -15.51 Neutral 5-Jun-20 2.02 13.90 -21.7 -7.6 60.90 26.32 446.4 34,934 8,427 8,653 9,788 1,738 1,447 2,748 20.63 16.72 28.07 1,020 826 1,282 2,236 37,170 0.33 0.7 42.1x 42.1x 27.0x 21.4x 25.7x 13.5x 28.4 14.9 21.7
VIVARA PARTICIPACOES SA VIVA3 21.58 27.50 27.43 -- 2.76 12.51 -25.9 - 33.50 9.31 45.8 5,097 1,060 1,315 1,636 274 279 371 25.86 21.21 22.68 198 224 291 99 5,196 0.17 0.8 25.4x 25.4x 18.1x 19.0x 18.6x 14.0x 51.1 18.1 26.1

Varejistas 130.2x 130.2x 170.1x 48.6x 34.4x 23.9x 6.1 7.2 18.4
B2W CIA DIGITAL BTOW3 104.00 65.60 -36.92 Buy 5-Jun-20 -0.84 13.51 65.4 208.1 109.32 30.95 465.8 54,416 6,488 7,167 7,984 412 858 1,151 6.35 11.98 14.42 (397) (115) 42 239 54,655 -   - - - 770.4x 132.6x 63.7x 47.5x (10.7) (1.8) 1.7
ATACADAO SA CRFB3 19.81 23.08 16.51 -- 3.39 7.14 -15.1 -11.4 24.77 16.74 119.5 39,323 54,267 65,943 72,635 3,892 4,934 5,619 7.17 7.48 7.74 1,660 2,054 2,329 (1,135) 38,188 0.24 1.2 19.4x 19.4x 16.8x 9.8x 7.7x 6.8x 13.2 13.8 14.9
LOJAS AMERICANAS SA-PREF LAME4 32.93 24.50 -25.60 Neutral 5-Jun-20 -1.41 16.57 27.2 105.5 34.00 14.39 344.5 50,142 17,690 11,943 13,929 2,654 3,515 4,185 15.01 29.43 30.05 380 716 1,011 7,028 57,170 0.18 0.6 73.7x 73.7x 52.5x 21.5x 16.3x 13.7x 8.0 12.5 16.4
CIA BRASILEIRA DE DISTRIBUIC PCAR3 68.42 73.90 8.01 Buy 5-Jun-20 3.42 8.64 #VALUE! - 100.00 53.00 131.4 18,340 49,388 76,650 81,902 3,924 4,152 4,783 7.95 5.42 5.84 1,149 1,101 1,327 14,907 33,247 0.71 1.0 17.0x 17.0x 12.9x 8.5x 8.0x 7.0x 11.3 8.1 8.6
MAGAZINE LUIZA SA MGLU3 71.40 51.60 -27.73 Buy 5-Jun-20 2.44 10.96 49.8 172.7 71.74 25.00 1,021.0 116,006 15,590 20,566 26,800 1,187 1,303 2,126 7.62 6.33 7.93 597 326 794 (1,625) 114,381 0.11 0.2 364.3x 364.3x 133.7x 96.3x 87.8x 53.8x 27.3 3.7 9.1
VIA VAREJO SA VVAR3 15.18 7.80 -48.62 Neutral 0.33 22.42 35.9 200.0 16.66 3.96 1,535.1 24,243 26,928 32,952 35,450 1,468 1,460 2,254 5.45 4.43 6.36 (291) 35 538 9,120 33,363 -   - 176.5x 176.5x 34.3x 22.7x 22.8x 14.8x (12.2) 6.7 59.9

CONSTRUÇÃO CIVIL 34.9x 34.9x 17.1x 35.1x 16.5x 7.7x (2.4) 3.6 8.1

Construtoras e Incorporadoras 34.1x 34.1x 13.3x 56.6x 12.2x 0.4x (10.6) 3.4 9.7
CYRELA BRAZIL REALTY SA EMP CYRE3 22.77 25.70 12.87 Outperform 15-May-20 1.88 34.34 -23.3 23.9 34.40 11.20 204.5 9,102 3,146 3,773 4,613 6 503 837 0.20 13.32 18.15 (84) 300 548 841 9,943 1.82 8.0 27.9x 27.9x 14.5x 1615.0x 19.8x 11.9x (1.5) 5.3 11.1
DIRECIONAL ENGENHARIA SA DIRR3 14.16 12.50 -11.72 Outperform 18-May-20 5.75 47.96 -5.6 35.7 18.47 6.85 18.9 2,172 1,166 1,445 1,396 (8) 227 281 -   15.69 20.16 (77) 100 169 144 2,316 0.50 3.5 20.9x 20.9x 11.5x -277.6x 10.2x 8.2x (5.7) 7.4 11.7
EZ TEC EMPREENDIMENTOS E PAR EZTC3 38.84 41.14 5.93 -- -0.38 19.10 -24.5 55.5 60.94 22.60 123.8 8,817 391 982 1,574 (10) 260 500 -   26.46 31.76 98 320 564 (1,252) 7,565 0.29 0.8 27.2x 27.2x 15.1x -726.8x 29.1x 15.1x 3.8 7.8 14.2
GAFISA SA GFSA3 5.83 ND - -- 17.30 38.15 -32.8 8.0 10.55 2.46 31.8 774 961 - - (213) - - -   -   -   (420) - - 316 1,090 -   - - - - -5.1x 0.0x 0.0x (69.8) - -
HELBOR EMPREENDIMENTOS SA HBOR3 2.88 3.27 13.43 -- 8.27 58.24 -36.7 101.4 5.05 1.01 52.1 1,927 634 1,093 1,568 (303) 86 251 -   7.87 16.03 (341) (7) 114 921 2,848 -   - - - 13.9x -9.4x 33.1x 11.3x (31.2) (0.6) 8.8
JHSF PARTICIPACOES SA JHSF3 6.90 5.10 -26.09 Outperform 19-May-20 8.83 44.35 -3.2 158.6 9.05 2.66 61.2 4,425 702 686 1,002 345 191 430 49.22 27.77 42.91 182 (19) 157 920 5,345 0.08 1.2 98.6x 98.6x 13.5x 15.5x 28.1x 12.4x 8.4 1.4 10.2
MRV ENGENHARIA MRVE3 17.73 22.30 25.78 Outperform 29-May-20 5.66 16.88 -17.7 0.2 22.78 9.12 91.1 8,545 5,419 6,327 7,589 833 774 971 15.38 12.24 12.80 690 520 636 1,196 9,742 1.11 6.3 16.5x 16.5x 13.0x 11.7x 12.6x 10.0x 13.6 8.3 10.7
PDG REALTY SA PDGR3 5.23 ND - -- 3.56 52.48 -29.2 -24.4 9.43 2.30 0.6 42 213 - - (363) - - -   -   -   (839) - - 1,542 1,584 -   - - - - -4.4x 0.0x 0.0x - - -
ROSSI RESIDENCIAL SA RSID3 5.50 ND - -- -0.36 34.47 -39.7 23.6 11.87 3.30 1.1 94 149 - - (390) - - -   -   -   (614) - - 1,394 1,489 -   - - - - -3.8x 0.0x 0.0x - - -
TECNISA SA TCSA3 12.56 17.70 40.92 -- 6.26 67.47 -31.4 -6.3 22.70 4.90 33.0 925 176 286 437 (207) (111) (12) -   -   -   (277) (100) 3 (31) 893 -   - - - - -4.3x -8.1x -72.6x (30.4) (15.9) (7.2)
CONSTRUTORA TENDA SA TEND3 28.62 28.50 -0.42 Outperform 15-May-20 0.25 14.07 -5.2 30.0 40.33 15.44 39.0 2,986 1,681 2,172 2,389 243 290 360 14.45 13.36 15.08 200 206 269 (200) 2,786 0.34 1.2 13.4x 13.4x 11.4x 11.5x 9.6x 7.7x 17.0 13.5 18.2

Properties e Shopping 35.8x 35.8x 21.0x 13.6x 20.7x 14.9x 5.9 3.7 6.4
BR MALLS PARTICIPACOES SA BRML3 10.72 14.40 34.33 Outperform 5-Jun-20 1.52 9.28 -40.6 -19.5 19.54 7.52 179.9 9,360 1,196 1,094 1,282 1,624 618 868 135.78 56.51 67.74 1,014 345 559 2,690 12,050 0.83 7.7 28.7x 28.7x 16.3x 7.4x 19.5x 13.9x 9.8 2.9 5.1
BR PROPERTIES SA BRPR3 9.37 13.02 38.92 -- -0.32 8.57 -34.6 -3.8 16.90 7.18 34.3 4,605 421 360 461 532 254 354 126.15 70.56 76.83 14 171 230 635 5,241 0.09 0.9 25.8x 25.8x 19.5x 9.9x 20.6x 14.8x 0.2 2.3 3.4
IGUATEMI EMP DE SHOPPING IGTA3 36.00 41.25 14.58 -- 1.18 10.46 -31.7 -18.1 57.35 23.81 104.1 6,358 768 596 811 557 344 550 72.57 57.78 67.79 256 108 284 2,279 8,637 0.21 0.6 46.3x 46.3x 22.2x 15.5x 25.1x 15.7x 9.2 3.6 8.9
MULTIPLAN EMPREENDIMENTOS MULT3 22.03 28.30 28.46 Outperform 30-Apr-20 1.01 6.48 -33.1 -18.4 36.01 14.67 176.2 13,235 1,229 1,279 1,420 931 747 1,020 75.76 58.42 71.82 473 303 522 3,072 16,306 0.47 2.1 44.1x 44.1x 24.1x 17.5x 21.8x 16.0x 9.0 5.8 9.0
SAO CARLOS EMPREENDIMENTOS SCAR3 36.16 35.47 -1.92 -- 2.29 17.82 -23.0 17.1 58.77 26.90 0.7 2,088 370 272 304 194 208 240 52.50 76.44 79.14 16 62 95 1,361 3,448 0.36 1.0 34.0x 34.0x 22.7x 17.8x 16.6x 14.3x 1.1 4.0 5.8

INDUSTRIA E TRANSPORTES 27.7x 27.7x 20.6x 11.0x 10.4x 7.4x 14.2 19.9 12.4
Industria 20.6x 20.6x 16.9x 9.2x 10.5x 7.4x 12.3 7.4 11.5
EMBRAER SA EMBR3 8.76 14.00 59.82 Market Perform 2-Jun-20 -1.24 22.52 -55.6 -52.9 20.59 5.89 231.3 6,486 7,888 20,589 23,451 (73) 92 1,376 -   0.45 5.87 (669) (2,056) (400) (4,637) 1,849 -   - - - - -25.3x 20.1x 1.3x (4.7) (7.0) (0.5)
FRAS-LE SA FRAS3 5.42 7.40 36.53 -- -0.55 20.18 -4.9 16.7 7.34 2.91 0.9 1,179 1,141 - - 184 - - 16.10 -   -   93 - - 280 1,459 0.30 5.5 - - - 7.9x 0.0x 0.0x 11.8 - -
MAHLE-METAL LEVE SA LEVE3 18.75 17.00 -9.33 -- -3.15 5.51 -34.7 -19.9 33.24 14.37 11.0 2,406 2,592 2,356 2,493 467 379 416 18.02 16.07 16.69 292 180 198 250 2,656 2.14 11.4 13.4x 13.4x 12.1x 5.7x 7.0x 6.4x 21.5 9.0 12.8
IOCHPE-MAXION S.A. MYPK3 14.22 23.50 65.26 Outperform 18-May-20 -3.20 2.97 -36.4 -30.0 24.98 8.82 32.7 2,186 9,616 10,411 10,751 1,072 990 1,197 11.14 9.51 11.13 201 181 266 2,415 4,601 0.85 6.0 11.6x 11.6x 8.2x 4.3x 4.6x 3.8x 7.6 4.7 8.1
MARCOPOLO SA-PREF POMO4 2.97 3.74 25.93 -- -0.67 12.50 -32.6 -17.5 5.69 1.92 48.7 2,771 4,197 4,365 4,390 267 357 401 6.36 8.18 9.12 187 214 246 577 3,348 0.13 4.5 13.0x 13.0x 11.5x 12.5x 9.4x 8.4x 9.3 8.3 8.6
RANDON PARTICIPACOES SA-PREF RAPT4 9.83 10.00 1.73 Market Perform 5-Jun-20 -1.40 11.70 -26.6 13.4 15.09 3.96 42.4 3,206 4,263 5,426 5,748 560 609 789 13.13 11.22 13.72 152 169 274 1,014 4,219 0.36 3.7 19.7x 19.7x 12.9x 7.5x 6.9x 5.4x 10.3 8.4 15.1
INDUSTRIAS ROMI SA ROMI3 12.80 14.00 9.38 -- 0.00 19.96 -21.9 34.9 18.84 6.46 3.7 805 743 - - 79 - - 10.67 -   -   84 - - 201 1,006 1.15 9.0 - - - 12.7x 0.0x 0.0x 12.6 - -
TEGMA GESTAO LOGISTICA TGMA3 22.47 33.50 49.09 -- -0.22 17.77 -40.3 -18.2 41.55 15.24 20.2 1,483 1,254 1,232 1,251 182 178 194 14.54 14.47 15.51 108 95 93 151 1,634 1.84 8.2 13.7x 13.7x 15.1x 9.0x 9.2x 8.4x 23.2 9.4 16.4
TUPY SA TUPY3 19.11 23.00 20.36 Outperform 15-May-20 1.65 25.97 -24.5 -7.2 27.33 10.23 19.1 2,755 4,828 5,488 5,723 649 529 676 13.45 9.65 11.80 272 161 244 644 3,399 0.17 0.9 14.6x 14.6x 10.1x 5.2x 6.4x 5.0x 13.0 7.2 11.7
WEG SA WEGE3 46.21 24.00 -48.06 Market Perform 15-May-20 0.17 10.47 33.9 121.1 50.13 20.56 213.1 96,979 11,970 14,101 15,052 1,821 2,318 2,729 15.21 16.44 18.13 1,338 1,604 2,001 (902) 96,077 0.41 0.9 58.3x 58.3x 48.6x 52.8x 41.4x 35.2x 18.5 19.6 19.5

Transportes 34.8x 34.8x 24.3x 12.7x 10.2x 7.3x 16.2 32.4 13.3
AZUL SA AZUL4 21.80 30.00 37.61 Market Perform 29-May-20 -0.59 52.66 -62.6 -52.0 62.87 8.74 680.3 7,458 9,057 5,732 9,365 2,478 2,160 3,745 27.36 37.69 39.99 (636) (4,678) (65) 12,517 19,975 -   - - - - 8.1x 9.2x 5.3x - 136.8 26.5
São Paulo, 19 de June de 2020
Dados da Ação Indicadores Financeiros Múltiplos
Última Preço Potencial Vol. 21 d Valor de LUCRO LÍQUIDO Dívida Divid
Variação (%) ROL (R$ mm) EBITDA ** (R$ mm) Margem Ebitda *** (%) P/L EV/ EBITDA **** ROE (%)
Última revisao Máxima Mínima (R$ mm) EV DPA
Cotação Potencial Valorização Ratings Md.Móvel Mercado Líquida(R end
de preço em: 52 sem 52 sem (R$mm) (R$)
Nome Cod. (R$) (R$) * (%) Dia Mês Ano 12 m (R$mm) (R$mm) 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E $mm) Yield 2018 2019E 2020E 2018 2019E 2020E 2018 2019E 2020E
(%)
GOL LINHAS AEREAS INT SA-PRE GOLL4 18.38 20.00 8.81 Market Perform 29-May-20 -1.50 52.78 -50.1 -44.0 44.62 4.81 375.5 6,538 11,411 6,830 11,668 2,068 2,523 3,511 18.12 36.95 30.09 (1,085) (2,644) (35) 11,863 18,401 -   - - - 44.4x 8.9x 7.3x 5.2x - 36.0 (1.4)
JSL SA JSLG3 23.10 26.00 12.55 Outperform 18-May-20 0.83 13.57 -12.9 62.2 36.81 9.55 29.4 4,798 8,075 10,663 11,356 1,598 2,169 2,545 19.79 20.34 22.41 131 208 303 8,706 13,504 0.24 1.1 22.9x 22.9x 15.8x 8.4x 6.2x 5.3x 18.2 2.9 16.1
COMPANHIA DE LOCACAO DAS AME LCAM3 17.30 21.00 21.39 Outperform 21-May-20 0.64 16.97 -22.8 11.7 26.10 7.00 74.4 8,801 2,917 6,068 5,985 841 1,214 1,612 28.82 20.01 26.93 189 292 483 2,790 11,591 0.35 2.0 30.7x 30.7x 17.5x 13.8x 9.5x 7.2x 12.4 4.9 10.2
MOVIDA PARTICIPACOES SA MOVI3 13.60 16.10 18.38 Outperform 14-May-20 1.72 21.97 -28.4 -2.9 22.56 7.07 53.1 4,065 2,539 4,539 5,008 482 647 917 18.98 14.26 18.32 160 111 283 2,097 6,162 0.37 2.7 29.4x 29.4x 14.3x 12.8x 9.5x 6.7x 10.9 3.0 11.4
LOCALIZA RENT A CAR RENT3 41.90 40.00 -4.53 Market Perform 15-May-20 1.67 8.89 -11.4 8.4 56.28 20.61 347.4 31,780 7,896 11,183 13,802 1,590 1,985 2,746 20.14 17.75 19.90 659 605 1,114 7,191 38,971 0.39 0.9 56.2x 56.2x 29.6x 24.5x 19.6x 14.2x 23.1 10.6 16.8

INFRAESTRUTURA 29.5x 29.5x 21.6x 11.8x 6.8x 6.0x 8.9 19.1 32.6
CCR SA CCRO3 15.00 20.50 36.67 Outperform 15-May-20 2.67 2.04 -19.1 12.4 20.08 9.06 163.8 30,300 9,716 11,235 10,530 3,656 5,508 5,754 37.63 49.02 54.64 783 1,167 1,418 14,140 44,440 0.76 5.1 24.3x 24.3x 21.0x 12.2x 8.1x 7.7x 9.6 11.2 15.9
ECORODOVIAS INFRA E LOG SA ECOR3 13.24 19.00 43.50 Outperform 19-Feb-20 1.85 0.68 -18.8 26.1 19.22 8.01 76.2 7,397 3,169 4,223 4,457 1,618 1,938 2,275 51.05 45.89 51.04 375 330 476 6,648 14,045 -   - 20.9x 20.9x 14.8x 8.7x 7.2x 6.2x 57.7 33.9 67.4
RUMO SA RAIL3 23.83 26.91 12.92 -- 1.58 5.77 -8.7 16.4 26.89 13.50 230.5 37,151 6,585 7,619 8,732 3,232 4,173 4,861 49.08 54.78 55.67 264 885 1,282 12,534 49685.3588 -   - 43.2x 43.2x 29.0x 15.4x 11.9x 10.2x 3.4 12.1 14.3
TPI - TRIUNFO PARTICIPACOES TPIS3 1.28 ND - -- 0.00 19.63 -24.3 -21.5 2.44 0.72 1.2 225 1,196 - - 193 - - 16.16 -   -   (365) - - 1,862 2,088 -   - - - - 10.8x 0.0x 0.0x (34.9) - -

MATERIAIS BÁSICOS #DIV/0! #DIV/0! 12.8x 9.2x -249.1x -239.4x 11.6 (30.4) 30.2
Papel e Celulose #DIV/0! #DIV/0! 11.2x 13.2x 8.7x 7.2x 2.4 (62.9) 49.3
KLABIN SA - UNIT KLBN11 20.51 25.00 21.89 Outperform 4-May-20 2.14 4.06 11.5 31.8 23.42 11.74 163.1 22,733 10,016 10,390 11,169 3,996 4,189 4,799 39.89 40.32 42.97 137 (2,181) 1,967 14,852 37,585 0.86 4.2 - - 15.5x 9.4x 9.0x 7.8x 2.0 (20.6) 50.4
SUZANO SA SUZB3 39.50 44.00 11.39 Market Perform 13-Feb-20 -0.13 4.33 -0.5 19.7 51.20 22.68 383.5 53,770 13,437 26,918 28,819 6,561 13,214 16,828 48.83 49.09 58.39 318 (12,172 6,909 58,269 112,039 -   - - - 7.0x 17.1x 8.5x 6.7x 2.7 (105.2) 48.2

Siderurgia e Mineração 163.3x 163.3x 14.4x 5.2x -507.0x -486.0x 20.9 2.1 11.1
CIA SIDERURGICA NACIONAL SA CSNA3 11.21 10.00 -10.79 Market Perform 18-May-20 -3.78 8.62 -20.5 -31.0 17.80 5.48 165.6 15,554 22,969 25,124 23,158 8,084 6,703 6,644 35.19 26.68 28.69 5,074 373 1,796 24,624 40,178 0.62 5.5 102.8x 102.8x 7.8x 5.0x 6.0x 6.0x 64.5 (5.1) 20.6
GERDAU SA-PREF GGBR4 15.45 14.00 -9.39 Outperform 6-May-20 0.98 15.04 -22.6 4.3 22.54 8.16 277.4 25,272 46,159 42,175 44,249 5,929 4,151 5,474 12.84 9.84 12.37 2,304 10 1,433 10,560 35,832 0.21 1.4 532.8x 532.8x 18.5x 6.0x 8.6x 6.5x 9.3 0.8 4.9
METALURGICA GERDAU SA-PREF GOAU4 7.06 8.30 17.56 -- 0.57 14.42 -23.7 0.5 10.85 3.71 118.2 7,366 46,159 - - 5,915 (7) (7) 12.81 -   -   799 807 937 9,755 17,121 0.12 1.7 9.4x 9.4x 8.1x 2.9x -2563.0x -2452.8x 9.0 - -
USINAS SIDER MINAS GER-PF A USIM5 6.98 7.00 0.29 Market Perform 22-May-20 2.65 13.50 -25.9 -18.5 11.53 3.78 201.3 9,325 13,737 15,340 16,004 1,911 1,361 1,918 13.91 8.87 11.98 727 (350) 386 3,294 12,619 0.05 0.8 - - 30.6x 6.6x 9.3x 6.6x 5.2 (3.7) 1.5
VALE SA VALE3 55.17 59.00 6.94 Outperform 29-Apr-20 -1.78 4.09 3.5 8.3 57.36 32.45 1,696.0 291,544 134,483 189,082 189,963 56,108 78,904 83,516 41.72 41.73 43.96 25,657 33,548 40,244 30,216 321,760 1.41 2.6 8.2x 8.2x 6.9x 5.7x 4.1x 3.9x 16.3 16.4 17.6

PETRÓLEO E GÁS 17.0x 17.0x 11.9x 11.8x 8.6x 6.8x 24.7 7.1 13.9
BRASKEM SA-PREF A BRKM5 25.70 25.00 -2.72 Neutral 3-Jun-20 0.35 -7.35 -13.9 -26.2 39.00 10.00 115.6 20,621 58,000 52,948 56,581 11,295 7,714 8,870 19.47 14.57 15.68 2,867 (3,435) 476 33,449 54,070 0.84 3.3 - - 27.8x 4.8x 7.0x 6.1x 43.1 (698.2) (25.5)
PETROBRAS DISTRIBUIDORA SA BRDT3 22.22 22.00 -0.99 Underperform 16-Dec-19 -2.88 2.68 -26.1 -8.2 31.47 13.21 217.1 25,886 97,770 74,371 86,377 2,772 2,341 3,343 2.84 3.15 3.87 3,193 992 1,571 4,413 30,299 0.46 2.1 28.9x 28.9x 16.6x 10.9x 12.9x 9.1x 34.5 10.4 16.3
CIA DE GAS DE SAO PAULO-PR A CGAS5 180.50 ND - -- 0.84 11.04 27.4 199.5 262.50 68.02 0.9 25,405 6,840 7,700 7,694 2,186 2,017 2,398 31.96 26.19 31.17 1,339 - - 4,172 29,577 28.67 15.9 - - - 13.5x 14.7x 12.3x 56.5 - -
ENAUTA PARTICIPACOES SA ENAT3 10.16 13.17 29.64 -- -1.55 0.59 -28.2 -6.6 18.69 6.04 28.0 2,701 797 1,121 1,206 574 745 684 71.95 66.45 56.75 425 242 254 (1,114) 1,587 1.14 11.2 10.2x 10.2x 10.0x 2.8x 2.1x 2.3x 13.5 4.1 7.7
PETROBRAS - PETROLEO BRAS-PR PETR4 21.47 23.50 9.46 Outperform 15-May-20 -0.60 5.56 -28.9 -19.8 31.24 10.85 1,778.4 286,094 310,255 189,769 214,163 103,774 97,738 127,058 33.45 51.50 59.33 25,779 (17,614 17,873 317,635 603,729 0.82 3.8 - - 15.5x 5.8x 6.2x 4.8x 9.5 (5.6) 6.5
PETRO RIO SA PRIO3 35.12 33.67 -4.11 -- -0.14 13.36 6.2 120.7 51.50 9.10 140.5 5,081 849 2,194 2,766 247 1,045 1,501 29.12 47.63 54.25 205 270 639 1,512 6,593 -   - 4.4x 4.4x 1.1x 26.7x 6.3x 4.4x 21.7 19.5 26.9
ULTRAPAR PARTICIPACOES SA UGPA3 18.66 15.50 -16.93 Market Perform 14-May-20 -0.96 9.00 -25.8 -8.7 28.07 10.11 159.7 20,804 90,698 79 86,107 2,712 3,195 3,814 2.99 4,034.6 4.43 1,150 859 1,262 9,800 30,604 0.44 2.4 24.6x 24.6x 16.3x 11.3x 9.6x 8.0x 12.3 7.2 12.2

SMALL CAPS 33.8x 33.8x 25.1x 21.6x 15.0x 12.2x 17.8 10.9 15.3
CENTRO DE IMAGEM DIAGNOSTICO AALR3 10.52 13.87 31.81 -- -1.96 3.14 -41.6 -23.1 23.40 8.00 13.5 1,244 1,077 909 1,025 205 177 223 19.04 19.44 21.77 40 (18) 26 670 1,915 0.09 0.8 - - 47.8x 9.3x 10.8x 8.6x 3.2 2.0 3.0
ANIMA HOLDING SA ANIM3 24.83 28.94 16.54 -- 5.88 13.22 -16.6 29.2 39.90 12.50 13.7 2,759 1,102 1,299 1,537 96 289 368 8.66 22.28 23.92 2 58 129 1,063 3,822 -   - 46.1x 46.1x 20.5x 40.0x 13.2x 10.4x 0.3 1.6 7.2
AREZZO INDUSTRIA E COMERCIO ARZZ3 44.58 53.67 20.38 -- 1.43 5.89 -30.3 -9.9 69.10 31.65 24.0 4,055 1,527 1,851 2,131 232 274 341 15.21 14.82 16.00 143 166 216 112 4,167 0.58 1.3 23.2x 23.2x 18.6x 17.9x 15.2x 12.2x 20.7 18.1 25.5
COGNA EDUCACAO COGN3 6.31 8.00 26.78 Buy 4-Jun-20 -0.32 19.96 -44.8 -39.6 13.66 3.57 389.0 11,841 6,061 6,479 6,219 1,724 2,438 2,523 28.44 37.62 40.58 1,404 609 709 11,263 23,104 0.09 1.5 19.7x 19.7x 17.3x 13.4x 9.5x 9.2x 9.0 2.3 2.4
CVC BRASIL OPERADORA E AGENC CVCB3 19.84 23.25 17.19 -- 3.33 37.78 -54.7 -61.4 57.48 5.18 169.1 2,963 1,693 1,752 1,468 659 645 532 38.91 36.83 36.24 270 245 174 1,067 4,030 0.44 2.2 12.1x 12.1x 14.6x 6.1x 6.2x 7.6x 28.7 16.5 21.9
FLEURY SA FLRY3 25.11 26.12 4.02 -- -3.42 7.54 -15.7 24.8 34.09 17.15 60.6 7,955 2,664 2,562 3,092 692 540 827 25.96 21.09 26.74 332 183 298 1,575 9,530 0.94 3.7 43.4x 43.4x 23.5x 13.8x 17.6x 11.5x 19.2 7.0 17.3
NOTRE DAME INTERMED PAR SA GNDI3 64.67 69.18 6.97 -- 2.68 3.80 -4.9 58.4 76.48 29.48 296.3 39,041 6,135 10,853 12,382 876 1,589 1,921 14.27 14.64 15.52 334 713 909 (2,124) 36,917 0.17 0.3 52.2x 52.2x 41.0x 42.2x 23.2x 19.2x 18.1 10.4 12.8
HAPVIDA PARTICIPACOES E INVE HAPV3 62.81 64.21 2.23 -- 4.16 14.49 -1.4 62.2 69.25 28.32 150.6 46,667 4,576 8,296 9,467 913 1,736 2,096 19.95 20.93 22.14 787 895 1,171 (559) 46,108 0.33 0.5 52.2x 52.2x 39.9x 50.5x 26.6x 22.0x 38.7 12.7 14.8
ODONTOPREV S.A. ODPV3 14.12 16.35 15.79 -- 0.57 5.01 -15.4 -20.9 18.90 11.84 26.4 7,502 1,592 1,871 2,029 393 473 515 24.70 25.30 25.40 285 326 344 (516) 6,986 0.34 2.4 23.0x 23.0x 22.2x 17.8x 14.8x 13.6x 29.2 27.7 29.4
INSTITUTO HERMES PARDINI SA PARD3 22.02 22.43 1.86 -- 0.41 18.96 -18.7 17.2 32.86 14.91 8.6 2,884 1,205 1,176 1,435 226 193 317 18.77 16.44 22.11 123 53 145 337 3,221 0.32 1.4 54.0x 54.0x 19.8x 14.2x 16.7x 10.1x 21.6 7.7 18.7
SER EDUCACIONAL SA SEER3 16.70 22.83 36.68 -- 3.41 14.70 -39.7 -27.2 34.16 11.94 19.8 2,150 1,262 1,325 1,326 312 301 340 24.72 22.70 25.61 201 92 132 544 2,693 0.09 0.6 26.2x 26.2x 17.8x 8.6x 9.0x 7.9x 13.5 6.7 10.3
TOTVS SA TOTS3 22.59 24.05 6.46 -- -0.66 12.33 5.2 52.0 27.91 12.38 118.7 13,055 2,111 2,489 2,867 348 523 638 16.48 21.00 22.23 60 307 392 (1,113) 11,942 0.18 0.8 35.6x 35.6x 27.5x 34.3x 22.8x 18.7x 4.7 12.8 15.5
YDUQS PARTICIPACOES SA YDUQ3 35.24 40.00 13.51 Buy 4-Jun-20 3.34 23.74 -24.4 23.0 57.63 20.11 145.6 10,892 3,619 3,950 4,185 967 1,282 1,468 26.73 32.47 35.08 645 581 699 1,043 11,935 0.51 1.4 18.6x 18.6x 15.4x 12.3x 9.3x 8.1x 24.0 16.5 19.5

UTILITIES 13.9x 13.9x 10.5x 9.2x 8.1x 7.1x 16.2 14.4 17.4
ALUPAR INVESTIMENTO SA-UNIT ALUP11 24.51 26.30 7.30 Market Perform 16-Apr-20 -0.45 -1.45 -9.9 -2.5 30.71 19.56 18.7 7,182 1,883 1,533 2,155 1,260 1,534 2,002 66.93 100.09 92.92 387 395 524 4,554 11,736 0.33 1.3 13.5x 13.5x 8.4x 9.3x 7.6x 5.9x 9.4 9.8 17.1
CIA ENERGETICA DE SP-PREF B CESP6 29.10 33.15 13.93 -- 4.41 1.86 -1.7 17.4 36.36 21.94 82.3 9,851 1,634 1,673 1,725 614 1,008 1,132 37.56 60.23 65.59 294 255 394 1,050 10,900 1.85 6.4 18.4x 18.4x 18.3x 17.8x 10.8x 9.6x 4.1 3.4 5.0
CIA ENERGETICA MINAS GER-PRF CMIG4 11.38 13.46 18.31 -- 0.18 5.37 -17.5 -20.5 16.21 7.54 157.4 16,869 22,266 22,917 23,815 3,449 4,349 5,039 15.49 18.98 21.16 1,700 1,846 2,378 13,487 30,355 0.73 6.4 9.5x 9.5x 6.7x 8.8x 7.0x 6.0x 11.8 10.7 14.4
CPFL ENERGIA SA CPFE3 32.18 38.18 18.63 -- 1.55 -0.22 -9.5 8.0 39.61 22.18 172.3 37,080 28,137 28,456 29,543 5,303 6,129 6,631 18.85 21.54 22.44 2,058 2,786 3,016 16,121 53,201 0.48 1.5 13.3x 13.3x 12.3x 10.0x 8.7x 8.0x 21.4 18.8 18.6
CIA PARANAENSE DE ENERGI-PFB CPLE6 65.90 64.68 -1.85 -- 0.70 4.11 -4.6 39.4 78.71 42.21 120.6 17,711 14,935 15,406 16,363 3,007 3,913 4,320 20.14 25.40 26.40 1,407 1,831 2,027 8,417 26,128 2.47 3.7 10.2x 10.2x 9.2x 8.7x 6.7x 6.0x 9.0 9.4 10.5
CIA SANEAMENTO MINAS GERAIS CSMG3 60.12 65.00 8.12 Market Perform 5-May-20 0.94 4.19 -8.9 -7.6 74.52 32.52 70.6 7,620 4,737 5,479 5,826 1,491 1,866 1,969 31.47 34.06 33.80 579 731 789 2,844 10,465 1.61 2.7 10.0x 10.0x 9.2x 7.0x 5.6x 5.3x 9.3 10.4 11.1
ENGIE BRASIL ENERGIA SA EGIE3 43.25 44.90 3.81 -- -0.80 1.98 -14.9 3.1 54.33 35.56 82.9 35,289 8,795 9,397 9,266 4,328 5,372 6,027 49.21 57.16 65.05 2,314 2,650 3,138 11,027 46,316 1.62 3.8 13.2x 13.2x 11.4x 10.7x 8.6x 7.7x 35.2 37.5 46.2
CENTRAIS ELETRICAS BRAS-PR B ELET6 31.60 49.64 57.09 -- -1.80 2.93 -17.4 -11.4 47.99 16.12 107.5 48,534 25,772 28,492 29,454 17,622 12,148 12,940 68.38 42.64 43.93 13,262 7,045 7,796 34,711 83,245 -   - 7.0x 7.0x 6.3x 4.7x 6.9x 6.4x 27.1 8.8 9.7
EDP - ENERGIAS DO BRASIL SA ENBR3 18.20 20.90 14.86 -- 1.39 3.00 -15.2 0.5 23.32 13.19 45.1 11,045 13,834 12,744 13,505 2,770 2,477 2,946 20.02 19.44 21.81 1,273 882 1,137 5,691 16,736 0.58 3.2 12.4x 12.4x 9.8x 6.0x 6.8x 5.7x 15.5 10.7 14.1
ENERGISA SA-UNITS ENGI11 48.85 53.64 9.81 -- 2.63 2.84 -8.2 9.3 60.44 32.97 84.5 19,022 15,788 18,659 20,085 3,818 3,234 3,803 24.18 17.33 18.93 1,148 1,121 1,346 14,134 33,156 0.60 1.2 18.1x 18.1x 15.0x 8.7x 10.3x 8.7x 24.9 17.9 19.7
EQUATORIAL ENERGIA SA - ORD EQTL3 22.15 21.87 -1.25 -- 1.93 10.47 -2.8 22.4 26.92 15.13 193.9 22,378 11,253 13,324 14,123 2,478 2,887 3,793 22.02 21.67 26.86 918 1,114 1,668 10,980 33,357 0.19 0.9 19.9x 19.9x 13.3x 13.5x 11.6x 8.8x 17.7 17.4 20.2
LIGHT SA LIGT3 16.48 13.85 -15.96 -- 0.67 18.39 -30.6 -17.8 24.70 6.86 59.4 5,009 11,971 10,992 11,600 1,593 1,446 1,894 13.30 13.15 16.33 166 219 541 7,168 12,177 -   - 24.0x 24.0x 8.8x 7.6x 8.4x 6.4x 4.9 6.2 6.8
NEOENERGIA SA NEOE3 19.74 22.30 12.97 Outperform 28-Apr-20 3.67 7.70 -19.1 - 27.92 14.21 50.3 23,960 25,954 25,792 27,782 4,519 5,122 6,002 17.41 19.86 21.60 1,536 1,766 2,263 18,549 42,509 0.69 3.5 13.6x 13.6x 10.6x 9.4x 8.3x 7.1x 9.4 9.4 11.1
CIA DE SANEAMENTO DO PA-UNIT SAPR11 32.50 37.00 13.85 Outperform 8-May-20 1.50 18.31 -2.4 28.1 37.24 19.50 65.0 10,256 4,162 5,044 5,463 1,646 2,143 2,458 39.54 42.49 44.99 892 1,126 1,296 2,806 13,062 1.11 3.4 7.8x 7.8x 6.6x 7.9x 6.1x 5.3x 16.4 17.9 18.6
CIA SANEAMENTO BASICO DE SP SBSP3 57.66 64.60 12.04 Market Perform 30-Mar-20 -0.24 6.15 -1.6 24.5 66.77 28.37 269.5 39,411 16,085 18,591 20,642 6,563 6,278 7,301 40.80 33.77 35.37 2,835 1,418 3,235 10,991 50,403 1.38 2.4 24.4x 24.4x 12.1x 7.7x 8.0x 6.9x 15.3 6.6 13.9
TRANSMISSORA ALIANCA DE-UNIT TAEE11 28.97 33.15 14.43 Outperform 15-May-20 0.35 1.51 -4.1 16.7 32.35 24.00 81.6 9,980 1,635 3,096 3,208 1,135 1,196 1,220 69.41 38.63 38.03 1,071 837 832 2,919 12,899 2.32 8.0 10.9x 10.9x 10.6x 11.4x 10.8x 10.6x 24.0 23.0 23.2
AES TIETE ENERGIA SA-UNIT TIET11 15.00 13.15 -12.33 Market Perform 8-May-20 3.09 10.54 -5.2 35.5 19.52 11.31 28.3 5,987 1,924 2,003 1,934 1,011 1,187 1,315 52.57 59.25 67.97 288 402 479 2,955 8,942 0.69 4.6 14.1x 14.1x 11.8x 8.8x 7.5x 6.8x 18.7 26.2 36.4
CIA DE TRANSMISSAO DE ENE-PF TRPL4 20.39 22.25 9.12 Market Perform 30-Apr-20 -0.44 -1.97 -8.7 -9.3 26.58 16.96 40.8 14,706 3,185 2,918 2,969 2,270 2,252 2,329 71.27 77.19 78.43 1,882 1,308 1,388 583 15,289 1.74 8.5 9.8x 9.8x 9.1x 6.7x 6.8x 6.6x 17.1 15.6 16.0

* Preço Potencial para 12 meses

** Para o setor de bancos, considerar Resultado Operacional
** Para o setor de bancos, considerar Margem Operacional
**** Para o setor de bancos e os indices, considerar P/VPA
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