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Brazil Transactions Insights – Fall 2020.Pdf Brazil Transactions Insights | Fall 2020 Brazil Transactions Insights — Fall 2020 1 Brazil Transactions Insights | Fall 2020 Q3 2020 BY T H E NUMBERS Overview Despite the adverse effects of the COVID-19 pandemic (with an expected GDP contraction of 4.5% in 2020) and a certain level of uncertainty in the political arena, the Brazilian economy is showing From January to September 2020, 18 initial public offerings signs of a strong recovery in Q3 2020, driven by internal demand 37 (IPOs) and 19 Follow-ons were and fast-maturing capital markets. registered at B3, Brazil’s Stock Exchange. Over forty IPOs are expected for Q4 2020. The federal government remains committed to a series of important structural reforms, including the simplification of the IPOs and Follow-ons raised over-complex domestic tax environment and the administrative +BRL 78 billion (bn) (USD 16 reform, aimed to reduce public spending. The privatization 78.0 bn) until September 2020. program remains one of the main priorities in the government’s agenda for the coming months, pointing to relevant opportunities for long-term investments in infrastructure and the foundation of As of September 2020, Brazilian the country sustained growth. stock exchange companies had 0.7 a total market capitalization of With domestic interest rates at an all-time low of 2% p.a., there is over USD 0.7 trillion. an ongoing, positive revolution underway in the Brazilian capital markets, driven by a strong shift in traditionally low-risk investments to the real economy. IPO volume in 2020 at record 3.06 million is the number of levels and the massive increase in individual investors in the local individual investors in Brazil’s +82% capital markets, an 82% stock exchange are signs of this new scenario. increase in relation to 2019. As in the rest of the world, Brazil’s challenging time with the economic downturn reflected in M&A activities during the H1 2020. The country is seeing a V-shape recovery in M&A activity and record number of operations is expected in 2020. 2 Source: Company press releases, B3 (Bovespa) and S&P Global Market Intelligence as of September 30,2020 Brazil Transactions Insights | Fall 2020 Equities Activity Companies’ access to capital markets is deeply related to economic perspectives. President Bolsonaro’s election, supported by the Economy Minister Paulo Guedes, aligned a liberal and market-driven economy and likely fostered companies’ confidence to access capital markets and fund growth (and financial sponsors divestments) projects in 2019. Despite the severe negative effects of the COVID-19 pandemic, which hit the country by the end of Q1 2020, Brazil has already registered 18 IPOs and 19 Follow-ons in 2020. Internal favorable factors, such as prime interest rates close to zero (an unparalleled event in the country’s history) and internal consumption, are among the key drivers of local investors’ appetite. Number of Public Offerings (Brazilian companies) Public Offerings Funds Raised (USD bn) $25.0 37 $16.1 $13.8 19 19 16 12 $6.8 9 $6.4 $6.0 6 7 4 $3.2 1 1 1 1 2 2014 2015 2016 2017 2018 2019 3Q 2020 2014 2015 2016 2017 2018 2019 3Q 2020 IPO Follow-on Source: Company press releases, B3 (Bovespa) and S&P Global Market Intelligence as of September 30,2020 3 Brazil Transactions Insights | Fall 2020 Equities Activity 2020 started as a promising year for IPOs. COVID-19 and uncertainty hit Q1 and Q2 operations, but they quickly resumed and recovered (in a V-shape format). Main sectors driving this movement are construction/real estate, retail and infrastructure. PE-backed companies accounted for 45% of IPOs in 2020. 2020 IPOs As of 9/30/2020 Price to Offer Price vs. Market LTM Industry Gross Offer Marketed Stock Capitalization Earnings IPO Date Company Name Ticker Incorporation Sector Proceeds Price Range Price (USD mn) Multiple 10/13/2020 Grupo Mateus BOVESPA:GMAT3 Brazil Food Retail $832.2 $1.62 Within NA NA 0.0x Air Freight/ 10/7/2020 Sequoia Log BOVESPA:SEQL3 Brazil $154.4 $2.2 Below NA NA 0.0x Logistics Research and 9/29/2020 Boa Vista BOVESPA: BOAS3 Brazil Consulting $333.5 $2.16 Within $2.5 $1,142.7 90.4x Services Real Estate 9/28/2020 Melnick BOVESPA: MELK3 Brazil $171.7 NA NA $1.46 $303.5 22.9x Development Infrastructure/ 9/25/2020 Hidrovias do Brasil BOVESPA: HBSA3 Brazil $544.3 $1.36 Within $1.29 $981.3 NM Logistics 9/21/2020 Cury BOVESPA: CURY3 Brazil Homebuilding $160.6 $1.77 Below $1.92 $561.1 37.5x Education 9/18/2020 Vitru Educação NasdaqGS: VTRU Cayman Islands $96.0 $16.0 Below $12.98 $299.3 NM Services 9/17/2020 Plano&Plano BOVESPA: PLPL3 Brazil Homebuilding $114.7 $1.8 Below $1.65 $336.3 0.0x 9/11/2020 Petz BOVESPA: PETZ3 Brazil Specialty Stores $424.5 $2.6 Within $2.55 $949.0 118.6x Source: Comissão de Valores Mobiliários (CVM) is the Securities and Exchange Commission of Brazil, company press releases and 4 S&P Global Market Intelligence as of September 30,2020 Brazil Transactions Insights | Fall 2020 Equities Activity 2020 IPOs As of 9/30/2020 Price to Offer Price vs. Market LTM Industry Gross Offer Marketed Stock Capitalization Earnings IPO Date Company Name Ticker Incorporation Sector Proceeds Price Range Price (USD mn) Multiple Farmácias Pague 9/2/2020 BOVESPA: PGMN3 Brazil Drug Retail NA $1.55 Below $1.64 $726.7 95.3 Menos 9/2/2020 Lavvi BOVESPA: LAVV3 Brazil Homebuilding $216.4 $1.77 Below $1.42 $305.6 28.5x 8/10/2020 d1000 varejo farma BOVESPA: DVMF3 Brazil Drug Retail $74.6 $3.17 Within $2.02 $119.0 16.8x Home 8/10/2020 Lojas Quero-Quero BOVESPA: LJQQ3 Brazil Improvement $346.3 $2.26 Within $2.48 $465.1 0.0x Retail Apparel, 7/31/2020 Grupo de moda Soma BOVESPA:SOMA3 Brazil Accessories and $314.1 $1.92 Within $1.74 $821.1 NM Luxury Goods Environmental 7/13/2020 Ambipar BOVESPA: AMBP3 Brazil and Facilities $211.8 $4.64 Within $5.22 $589.0 66.6x Services Environmental 5/15/2020 Estapar BOVESPA: ALPK3 Brazil and Facilities $53.0 $1.78 Within $1.75 $339.0 NM Services Diversified 2/17/2020 Priner BOVESPA: PRNR3 Brazil $54.2 $2.31 Within $1.55 $59.9 NM Support Services Real Estate 2/13/2020 Moura Dubeux BOVESPA: MDNE3 Brazil $255.6 $4.4 Within $1.74 $148.0 NM Development Internet Services 2/6/2020 Locaweb BOVESPA: LWSA3 Brazil $312.5 $4.07 Within $10.61 $1,335.5 NM / Infrastructure Real Estate 2/5/2020 Mitre Realty BOVESPA: MTRE3 Brazil $283.0 $4.55 NA $2.35 $248.9 79.6x Development Source: CVM, company press releases and S&P Global Market Intelligence as of September 30, 2019 5 Brazil Transactions Insights | Fall 2020 Equities Activity: What Lies Ahead in 2020 Equities’ activity is expected to reach historical highs in terms of offerings in 2020. Based on market estimates, companies offering memoranda and investment banks, IPOs and Follow-ons may reach close to BRL 120 bn (USD 24 bn) by the end of the year, with more than 40 operations expected for Q4 2020. The real estate and retail sectors remain in the spotlight. Company Name Classification Industry Sector Business Description Operates as an educational institution that offers early childhood, elementary, middle Cruzeiro do Sul Educacional S.A. IPO Education Services and technical education Internet and Direct Marketing W2W E-Commerce de Vinhos S.A.* IPO Operates a web store for wines in Latin America Retail Housi S.A.* IPO Interactive Media and Services 100% digital platform for renting housing properties by subscription Açu Petróleo S.A. IPO Marine Provides transportation services for liquid and gaseous cargo Meliuz S.A. IPO Advertising Operates a cashback program in Brazil Oil and Gas Refining and Granbio Investimentos S.A. IPO Engages in the production of biofuel from sugarcane residues Marketing Grupo MPR Participações S.A. IPO Household Products Produces and sells alcohol-based cleaning products and related consumer goods Internet and Direct Marketing Enjoei.com.br Atividades de Internet S.A. IPO Operates a marketplace platform for the purchase and sale of products Retail 3R Óleo e Gás S.A. IPO Oil and Gas Is a holding company that consolidates investments in oil and gas industries Urba Desenvolvimento Urbano S.A. IPO Real Estate Development Engages in the subdivision, development and sale of real estate properties Lojas Le Biscuit S.A. IPO General Merchandise Stores Engages in the retail of diversified products Engages in the retail trade of medicines, perfumes, personal hygiene and beauty Farmácia e Drogaria Nissei S.A. IPO Drug Retail products, cosmetics, dermo-cosmetics and food products Banco Votorantim S.A. IPO Diversified Banks Provides wholesale banking, consumer financing and wealth management services HBR Realty Empreendimentos Imobiliários S.A. IPO Real Estate Operating Companies Develops, leases and manages commercial real estate properties Aeris Ind. E Com. De Equip. para Ger. De Eng. S.A. IPO Heavy Electrical Equipment Operates as a wind blades manufacturer in Brazil Emccamp Residencial S.A. IPO Homebuilding Engages in the development and construction of residential and condominium buildings Engages in the placement of advertising through its website and third parties and Mosaico Negócios de Internet S.A. IPO Advertising related services CFL Inc Par S.A. IPO Real Estate Development Operates as a real estate developer in Brazil Source: Bloomberg Brazil, Valor Econômico, CVM, Bain & Company and S&P Global Market Intelligence as of September 30, 2019 Definition: B2B: Business-to-business 6 (*): In IPO process but under review/ canceled in October 2020.
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