Stock Guide - conteudos.xpi.com.br

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StockGuide

Last updated:08/18/2021

Multiples

Financials

- Target Actual ROE ROE P/E P/E P/BV P/BV Div. Yield Div. Yield

Company Ticker Analyst Recommendation price price % Upside 2021 2022 2021 2022 2021 2022 2021 2022

Itaú Unibanco ITUB4 Marcel Campos Neutral 28,00 30,29 -7,6% 16,7% 18,0% 12,0x 10,7x 2,0x 1,9x 3,7% 7,5%

Banco do Brasil BBAS3 Marcel Campos Buy 52,00 29,47 76,5% 12,8% 13,3% 4,5x 4,1x 0,6x 0,5x 8,5% 14,6%

Banrisul BRSR6 Marcel Campos Buy 19,00 11,98 58,6% 7,0% 8,2% 8,0x 6,5x 0,6x 0,5x 5,0% 6,1%

Bradesco BBDC4 Marcel Campos Neutral 26,00 22,80 14,0% 16,4% 17,4% 7,9x 7,1x 1,3x 1,2x 4,4% 9,6%

Santander Brasil SANB11 Marcel Campos Sell 36,00 40,08 -10,2% 19,0% 19,1% 9,8x 9,3x 1,9x 1,8x 8,0% 8,1%

Cielo CIEL3 Marcel Campos Neutral 5,00 2,86 74,8% 7,2% 7,6% 9,8x 9,0x 0,7x 0,7x 3,6% 3,9%

B3 B3SA3 Marcel Campos Neutral 21,67 13,54 60,0% 18,9% 20,2% 18,0x 17,1x 3,4x 3,5x 5,5% 5,7%

Méliuz CASH3 Marcel Campos Buy 48,00 45,41 5,7% 3,6% 6,4% n.m. n.m. 337,1x¹ 204,8x¹ 0,1% 0,1%

G2D G2DI33 Marcel Campos Buy 9,00 7,00 28,6% n.m n.m n.m n.m n.m n.m n.m. n.m.

BR partners BRBI11 Marcel Campos Buy 29,00 24,84 16,7% 17,1% 21,0% 21,0x 15,4x 3,6x¹ 3,3x¹ 2,4% 3,6%

Sector average - - - - - - 16,6% 17,6% 10,4x 9,5x 1,8x* 1,7x* 5,3% 8,6%

Insurers

- Target Actual ROE ROE P/E P/E P/BV P/BV Div. Yield Div. Yield


BB Seguridade BBSE3 Marcel Campos Buy 35,00 19,68 77,8% 72,0% 70,8% 9,0x 8,4x 6,4x 5,9x 8,5% 9,3%

Porto Seguro PSSA3 Marcel Campos Neutral 57,00 57,54 -0,9% 14,3% 14,6% 14,4x 12,7x 2,1x 1,9x 3,8% 4,0%

SulAmerica SULA11 Marcel Campos Buy 58,00 28,20 105,7% 12,5% 12,6% 10,3x 9,3x 1,3x 1,2x 4,1% 7,0%

Sector average - - - - - - 46,9% 46,3% 10,6x 9,7x 4,4x 4,1x 6,5% 7,5%

Agri, Food and Beverages

- Target Actual P/E P/E EV/EBITDA EV/EBITDA Net debt/ EBITDA Div. Yield Div. Yield


BRF BRFS3 Leonardo Alencar Neutral 30,00 22,96 30,7% 23,1x 28,8x 7,6x 6,7x 3,6x 3,2x 0,0% 0,0%

JBS JBSS3 Leonardo Alencar Buy 40,00 30,26 32,2% 7,7x 8,9x 4,6x 4,7x 1,7x 1,6x 0,0% 2,8%

Ambev ABEV3 Leonardo Alencar Buy 20,00 16,47 21,4% 23,5x 19,2x 11,2x 10,2x -0,7x -0,8x 2,1% 3,6%

Marfrig MRFG3 Leonardo Alencar Buy 24,00 19,40 23,7% 4,4x 7,7x 4,0x 5,1x 2,0x 2,4x 0,0% 4,5%

IMC MEAL3 Larissa Pérez Neutral 4,00 3,52 13,6% n.m. 13,8x 6,4x 4,5x 1,0x 0,3x 0,0% 0,0%

Jalles Machado JALL3 Leonardo Alencar Buy 14,00 8,75 60,0% 11,2x 6,7x 3,4x 2,6x 0,2x 0,1x 0,7% 5,4%

Sao Martinho SMTO3 Leonardo Alencar Buy 38,00 31,30 21,4% 12,9x 7,9x 5,0x 4,1x 1,4x 1,0x 1,7% 5,1%

Boa Safra Sementes SOJA3 Leonardo Alencar Buy 18,00 14,53 23,9% 6,6x 5,5x 5,4x 3,3x -2,2x -1,8x 0,0% 0,0%

Minerva BEEF3 Not covered - - 8,08 - 6,3x 8,3x 4,2x 4,2x 2,0x 2,0x 8,2% 5,6%

M Dias Branco MDIA3 Not covered - - 31,45 - 23,2x 15,6x 16,6x 10,6x 0,7x 0,2x 1,4% 0,8%

SLC Agricola SLCE3 Not covered - - 41,72 - 11,0x 6,8x 6,0x 4,4x 0,7x 0,6x 4,9% 7,4%

Camil Alimentos CAML3 Not covered - - 9,52 - 7,6x n.m. 5,6x 0,0x 1,1x 0,0x 2,7% n.m.

Sector average - - - - - - 21,5x 18,2x 10,3x 9,2x -0,2x -0,3x 2,0% 3,5%

Capital Goods



WEG WEGE3 Lucas Laghi Buy 50,00 33,58 48,9% 45,3x 40,0x 33,8x 30,1x -0,8x -0,8x 1,1% 1,3%

The data of the companies that are not under XP coverage come from the consensus according to Bloomberg. The sector averages are market cap weighted.

(1) EV/EBITDA. *Except Méliuz. **In USD. ***Does not include data from Vale.

Aeris AERI3 Lucas Laghi Neutral 10,00 8,04 24,4% 65,6x 28,5x 31,7x 18,4x 2,9x 2,2x n.a. n.a.

Embraer EMBR3 Not covered - - 18,83 - n.m. 66,7x 13,3x 9,1x 5,2x 3,8x n.a. n.a.

Randon RAPT4 Not covered - - 11,54 - 10,4x 9,4x 5,1x 4,7x 1,3x 1,2x 3,6% 4,5%

Tupy TUPY3 Not covered - - 21,16 - 14,9x 10,5x 5,2x 4,5x 1,2x 0,9x 5,3% 5,2%

Iochpe-Maxion MYPK3 Not covered - - 14,00 - 11,1x 6,7x 4,3x 3,8x 2,7x 2,3x 0,1% 5,2%

Marcopolo POMO4 Not covered - - 2,57 - 17,7x 11,0x 11,5x 8,4x 2,7x 2,0x 2,7% 4,5%

Mahle Metal-Leve LEVE3 Not covered - - 34,17 - 11,8x 12,8x 6,8x 7,4x 0,0x 0,0x 2,8% 7,1%

Sector average - - - - - - 42,9x 39,1x 29,7x 25,8x 0,0x -0,2x 1,2% 1,4%

Education



Ânima ANIM3 Vitor Pini Buy 15,00 9,78 53,4% 19,2x 12,5x 6,1x 5,1x -1,5x -1,4x 1,1% 5,6%

Yduqs YDUQ3 Vitor Pini Buy 50,70 25,42 99,5% 14,8x 11,2x 6,6x 5,7x 1,1x 0,8x 0,9% 1,7%

Cogna COGN3 Vitor Pini Neutral 5,10 3,24 57,4% n.m. 86,7x 5,6x 4,8x 2,1x 1,6x 0,0% 0,0%

Ser SEER3 Vitor Pini Neutral 17,00 13,89 22,4% 17,3x 13,7x 6,4x 5,8x 0,6x 0,6x 3,6% 1,6%

Cruzeiro do Sul CSED3 Not covered - - 9,40 - 14,3x 10,3x 7,5x 6,1x 1,8x 1,2x 12,4% 11,2%

Sector average - - - - - - 16,0x 31,2x 6,4x 5,4x 1,0x 0,7x 2,7% 3,4%

Energy



AES Brasil AESB3 Victor Burke Buy 17,00 13,65 24,5% 15,8x 11,0x 8,3x 6,3x 3,6x 2,6x 6,2% 8,4%

Engie Brasil EGIE3 Victor Burke Neutral 48,00 36,97 29,8% 11,3x 7,8x 4,6x 3,9x 0,0x 0,0x 8,2% 11,9%

Cemig CMIG4 Victor Burke Neutral 12,00 11,93 0,6% 8,8x 9,1x 7,2x 6,9x 3,6x 3,4x 5,7% 5,5%

Cemig ADR CIG Victor Burke Neutral 2,40 2,16 11,1% 8,8x 9,1x 7,2x 6,9x 3,6x 3,4x 5,7% 5,5%

Equatorial EQTL3 Victor Burke Neutral 24,00 23,28 3,1% 17,5x 18,1x 10,4x 9,3x 2,8x 2,7x 1,4% 1,4%

CTEEP TRPL4 Victor Burke Neutral 26,00 23,15 12,3% 8,8x 8,2x 6,3x 5,2x 0,6x 0,0x 6,9% 8,0%

TAESA TAEE11 Victor Burke Neutral 37,00 39,52 -6,4% 14,7x 9,6x 9,3x 7,7x 2,5x 1,9x 5,9% 9,1%

EDP ENBR3 Victor Burke Buy 21,00 17,38 20,8% 8,6x 7,5x 3,7x 3,0x 0,0x -0,3x 5,8% 6,7%

Copel CPLE6 Victor Burke Buy 7,50 6,45 16,3% 7,0x 7,2x 4,2x 3,8x 0,7x 0,4x 15,0% 9,0%

Copel ADR ELP Victor Burke Buy 1,50 5,78 -74,0% 7,0x 7,2x 4,2x 3,8x 0,7x 0,4x 15,0% 9,0%

Omega OMGE3 Victor Burke Buy 50,00 32,91 51,9% 17,7x 14,3x 9,1x 8,7x 3,6x 3,2x 0,2% 1,4%

Cesp CESP6 Victor Burke Buy 34,00 22,59 50,5% n.m. 19,3x 8,3x 6,3x 0,0x 0,0x 8,2% 8,2%

CPFL Energia CPFE3 Not covered - - 26,45 - 8,4x 7,5x 6,3x 5,6x 2,1x 1,8x 7,4% 9,9%

Eletrobras ELET3 Not covered - - 37,21 - 7,0x 5,8x 5,9x 4,8x 1,9x 1,3x 4,0% 4,8%

Eletrobras ELET6 Not covered - - 37,59 - 7,0x 5,8x 5,9x 4,8x 1,9x 1,3x 4,5% 7,3%

Eneva ENEV3 Not covered - - 15,33 - 16,1x 15,3x 10,3x 9,0x 2,2x 1,5x 0,5% 2,6%

Energisa ENGI11 Not covered - - 42,33 - 9,3x 8,8x 7,7x 6,9x 3,7x 3,3x 4,5% 4,4%

Light LIGT3 Not covered - - 14,00 - 14,6x 10,5x 7,2x 5,2x 4,0x 2,7x 1,1% 3,4%

Alupar ALUP11 Not covered - - 24,53 - 13,0x 9,4x 6,9x 5,6x 3,4x 2,7x 5,4% 9,2%

Braskem BRKM5 Not covered - - 54,71 - 3,1x 5,4x 2,8x 3,9x 1,2x 1,5x 0,1% 5,9%

Petro Rio PRIO3 Not covered - - 17,28 - 10,1x 8,4x 4,7x 3,9x -0,3x -0,5x 0,6% 0,9%



Enauta ENAT3 Not covered - - 13,20 - 4,5x 6,6x 1,0x 1,2x -2,5x -1,4x 3,3% 5,7%


Basic Materials



Duratex DTEX3 Not covered - - 20,63 - 16,0x 15,9x 8,1x 7,9x 0,8x 0,6x 3,3% 3,4%


Metals and Mining



Vale (ADR)** VALE Yuri Pereira Buy 25,00 19,31 29,5% 4,6x 5,3x 2,7x 2,8x -0,3x -0,7x 9,1% 7,0%

Vale (Local)** VALE3 Yuri Pereira Buy 122,00 103,41 18,0% 4,6x 5,3x 2,7x 2,8x -0,3x -0,7x 9,1% 7,0%

Gerdau GGBR4 Yuri Pereira Buy 32,00 28,70 11,5% 5,3x 5,1x 3,3x 2,8x 0,3x -0,2x 4,7% 4,5%

Usiminas USIM5 Yuri Pereira Neutral 16,50 18,11 -8,9% 3,8x 3,2x 1,8x 1,4x -0,2x -0,6x 1,1% 6,6%

Aura Minerals AURA33 Yuri Pereira Buy 95,00 57,98 63,8% 35,8x 32,0x 20,4x 18,9x -0,5x -0,8x 0,3% 0,7%

Sector average - - - - - - 6,6x*** 6,1x*** 3,8x*** 3,3x*** 0,1x*** -0,3x*** 3,4%*** 4,9%***

Pulp and Paper



Klabin KLBN11 Yuri Pereira Buy 32,00 24,22 32,1% 9,9x 12,0x 8,7x 9,1x 3,8x 4,0x 4,1% 4,0%

Irani RANI3 Yuri Pereira Buy 8,50 7,20 18,1% 5,5x 4,8x 3,2x 2,8x 0,3x 0,3x 7,0% 7,9%


Sanitation



Sanepar SAPR11 Victor Burke Neutral 24,50 19,01 28,9% 4,7x 4,6x 3,2x 3,0x 0,8x 0,6x 5,3% 5,5%

Sabesp SBSP3 Victor Burke Neutral 50,00 31,69 57,8% 8,7x 7,2x 4,9x 4,1x 1,5x 1,0x 2,9% 3,4%

Copasa CSMG3 Victor Burke Sell 15,00 13,30 12,8% 6,1x 8,2x 3,8x 3,9x 1,2x 1,0x 3,6% 2,8%

Orizon ORVR3 Maíra Maldonado Buy 30,00 23,80 26,1% 39,3x 15,6x 13,1x 7,6x 0,5x 0,9x 0,0% 0,0%


Healthcare



Rede D'Or RDOR3 Vitor Pini Buy 88,00 73,38 19,9% 53,1x 37,5x 27,1x 20,7x 2,2x 2,2x 0,0% 0,0%

Hapvida HAPV3 Vitor Pini Buy 19,00 14,60 30,1% 44,7x 33,0x 25,0x 20,4x -1,5x -1,8x 0,4% 0,4%

GNDI GNDI3 Vitor Pini Buy 110,00 80,01 37,5% 72,9x 38,7x 31,9x 20,6x 0,3x 0,3x 0,4% 0,6%

Alliar AALR3 Vitor Pini Neutral 10,00 12,33 -18,9% 23,1x 21,2x 7,6x 6,9x 2,1x 1,8x 0,3% 1,0%

Fleury FLRY3 Vitor Pini Neutral 29,00 22,73 27,6% 20,7x 18,2x 7,8x 7,0x 0,5x 0,2x 0,8% 1,1%

Hermes Pardini PARD3 Vitor Pini Neutral 21,00 21,09 -0,4% 17,7x 17,6x 7,8x 7,5x 0,0x -0,2x 1,1% 1,3%

Blau BLAU3 Vitor Pini Buy 64,00 47,00 36,2% 8,3x 6,8x 4,8x 4,1x -0,9x -0,7x 5,3% 6,9%

Hypera HYPE3 Vitor Pini Buy 48,00 34,02 41,1% 14,2x 12,7x 13,4x 10,8x 2,4x 1,8x 4,0% 3,3%



Dasa DASA3 Not covered - - 47,97 - 35,8x 20,6x 15,7x 10,7x 3,0x 2,3x 0,5% 4,8%

Materdei MATD3 Not covered - - 20,17 - 42,2x 27,2x 20,6x 12,9x -1,4x -0,2x 5,8% 5,5%

Qualicorp QUAL3 Not covered - - 19,97 - 11,8x 11,2x 5,9x 5,4x 0,6x 0,5x 7,9% 8,5%

Odontoprev ODPV3 Not covered - - 12,61 - 19,3x 18,3x 11,7x 11,3x -1,4x -1,4x 4,0% 4,6%


TMT



Locaweb LWSA3 Bernardo Guttmann Buy 32,00 22,60 41,6% n.m. 67,3x n.m. 43,2x -13,7x -6,3x 0,0% 0,0%

Bemobi BMOB3 Bernardo Guttmann Buy 30,00 19,47 54,1% 34,6x 19,6x 18,9x 16,0x -7,6x -7,0x 10,5% 1,2%

Positivo POSI3 Bernardo Guttmann Buy 16 11,58 38,2% 9,1x 7,3x 6,2x 5,2x 0,9x -0,2x 0,0% 0,0%

Totvs TOTS3 Not covered - - 34,60 - 53,5x 40,3x 26,3x 21,2x -0,3x -0,5x 0,6% 1,0%

Tim TIMS3 Not covered - - 11,65 - 14,1x 11,3x 3,6x 3,3x 0,4x 0,3x 3,4% 4,9%

Telefônica VIVT3 Not covered - - 43,21 - 13,8x 12,0x 4,2x 3,9x 0,2x 0,1x 7,5% 6,5%


Transportation and Logistics



CCR CCRO3 Pedro Bruno Buy 12,40 11,83 4,8% 19,8x 18,3x 6,2x 6,4x 2,5x 2,4x 2,4% 4,1%

Ecorodovias ECOR3 Pedro Bruno Neutral 9,20 9,22 -0,2% 17,8x 28,4x 5,8x 7,4x 3,1x 4,1x 0,5% 1,3%

Rumo RAIL3 Pedro Bruno Buy 23,00 18,05 27,4% 32,0x 25,8x 11,0x 9,6x 3,1x 2,9x 0,2% 1,3%

Hidrovias do Brasil HBSA3 Pedro Bruno Buy 9,20 4,36 111,0% 46,4x 12,0x 8,7x 7,4x 4,5x 3,8x 0,8% 1,0%

Santos Brasil STBP3 Pedro Bruno Neutral 8,50 7,56 12,4% 36,8x 18,1x 11,5x 7,8x -1,2x -1,0x 1,0% 3,3%

Localiza RENT3 Pedro Bruno Buy 76,00 55,21 37,7% 28,5x 23,7x 15,7x 13,8x 2,6x 2,8x 0,8% 1,1%

Unidas LCAM3 Pedro Bruno Buy 34,00 24,75 37,4% 17,9x 15,7x 9,6x 8,8x 2,9x 3,1x 1,4% 1,9%

Movida MOVI3 Pedro Bruno Buy 23,00 18,06 27,4% 14,7x 12,5x 7,6x 6,9x 3,2x 3,3x 1,7% 2,4%

Simpar SIMH3 Pedro Bruno Buy 59,00 14,40 309,7% 5,4x 4,1x 4,2x 4,0x 3,4x 3,3x 3,3% 7,1%

JSL JSLG3 Pedro Bruno Buy 12,00 9,90 21,2% 13,8x 11,3x 7,2x 6,6x 3,3x 3,0x 1,8% 2,2%

Sequoia SEQL3 Not covered - - 19,32 - 39,2x 19,4x 13,3x 9,1x 1,4x 1,0x 0,3% 0,7%

Azul AZUL4 Not covered - - 34,36 - n.m. n.m. 16,1x 6,9x 9,0x 3,8x 0,0% 0,5%

Gol GOLL4 Not covered - - 17,23 - n.m. 44,3x 46,9x 6,6x 34,0x 4,7x 0,3% 1,2%


Retail



Americanas S.A. AMER3 Danniela Eiger Buy 82,00 39,93 105,4% n.m. 27,6x 9,0x 6,6x -0,8x -0,7x 0,3% 0,8%

Lojas Americanas LAME4 Danniela Eiger Buy 12,00 5,41 121,8% 52,5x 7,8x 2,9x 2,2x 0,1x 0,1x 2,5% 5,6%

Via Varejo VIIA3 Danniela Eiger Neutral 20,00 10,75 86,0% 22,7x 15,2x 6,1x 5,2x 0,1x 0,2x 0,0% 0,0%

Mosaico MOSI3 Danniela Eiger Buy 38,00 11,50 230,4% 24,7x 22,5x 14,8x 16,6x -7,8x -8,8x 1,0% 1,1%

Enjoei ENJU3 Danniela Eiger Buy 15,00 6,48 131,5% n.m. n.m. n.m. n.m. 0,8x -0,4x 0,0% 0,0%

Arezzo ARZZ3 Danniela Eiger Buy 110,00 87,80 25,3% 34,4x 25,0x 21,3x 16,4x 0,3x -0,4x 1,8% 0,8%



Lojas Renner LREN3 Danniela Eiger Neutral 50,00 39,00 28,2% 52,2x 35,2x 17,5x 13,3x -1,6x -1,5x 0,4% 1,0%

Vivara VIVA3 Danniela Eiger Buy 40,00 30,01 33,3% 34,5x 24,3x 21,3x 15,9x 0,2x 0,2x 0,5% 0,8%

C&A CEAB3 Danniela Eiger Buy 18,00 9,34 92,7% 23,9x 11,5x 7,0x 4,7x 0,8x 1,0x 0,9% 2,0%

Carrefour CRFB3 Danniela Eiger Neutral 28,00 18,10 54,7% 14,0x 12,4x 7,4x 6,6x 1,5x 1,2x 1,7% 1,9%

Pão de Açúcar PCAR3 Danniela Eiger Neutral 39,00 29,00 34,5% 22,7x 18,6x 2,8x 2,6x 0,9x 0,9x 1,0% 1,2%

Assaí ASAI3 Danniela Eiger Buy 120,00 16,66 620,3% 3,5x 2,6x 2,7x 1,9x 1,3x 0,8x 2,4% 2,6%

Grupo Mateus GMAT3 Danniela Eiger Buy 11,00 7,00 57,1% 16,2x 12,3x 11,1x 8,9x -1,5x -1,0x 0,0% 0,0%

Raia Drogasil RADL3 Danniela Eiger Neutral 27,00 25,30 6,7% 50,8x 40,3x 23,4x 19,1x 0,4x 0,2x 0,5% 0,6%

Pague Menos PGMN3 Danniela Eiger Buy 13,00 12,37 5,1% 35,9x 17,8x 16,4x 11,8x 1,5x 1,3x 0,0% 0,0%

d1000 DMVF3 Danniela Eiger Buy 13,00 7,36 76,6% n.m. 26,2x 17,4x 7,2x -2,3x 0,2x 0,0% -0,7%

CVC CVCB3 Not covered - - 17,70 - n.m. 76,2x n.m. 11,7x -15,9x 3,3x n.m. n.m.

Cia Hering HGTX3 Not covered - - 38,16 - 36,7x 29,4x 24,9x 19,8x -1,6x -1,3x 1,3% 1,9%

Natura NTCO3 Not covered - - 52,33 - n.m. 47,5x 18,0x 13,5x 1,8x 1,2x 0,1% 0,3%

Guararapes GUAR3 Not covered - - 15,40 - 29,6x 18,0x 9,3x 7,2x 2,3x 1,9x 0,9% 2,1%

Grupo SBF SBFG3 Not covered - - 32,19 - 65,0x 26,3x 15,3x 10,6x 0,3x 0,3x 0,2% 0,7%


Homebuilders

- Target Actual P/E P/E P/BV P/BV EV/EBITDA EV/EBITDA Div. Yield Div. Yield


Cyrela CYRE3 Renan Manda Buy 33,00 18,31 80,2% n.m n.m 1,2x 1,1x 7,8x 6,1x 7,6% 7,7%

MRV MRVE3 Renan Manda Neutral 23,00 12,65 81,8% n.m n.m 1,0x 1,0x 6,2x 5,9x 2,0% 7,3%

Even EVEN3 Renan Manda Neutral 13,00 8,85 46,9% n.m n.m 1,0x 1,0x 3,2x 3,0x 1,5% 6,7%

Trisul TRIS3 Renan Manda Buy 14,00 7,27 92,6% n.m n.m 1,0x 0,9x 5,3x 4,2x 3,0% 4,6%

Lavvi LAVV3 Renan Manda Buy 11,50 6,65 72,9% n.m n.m 1,1x 1,0x 4,0x 2,3x 2,1% 3,5%

Melnick MELK3 Renan Manda Buy 9,00 5,04 78,6% n.m n.m 0,9x 0,8x 4,9x 3,3x 1,2% 4,1%

Cury CURY3 Renan Manda Buy 15,00 8,15 84,0% n.m n.m 4,6x 3,8x 6,3x 4,6x 4,8% 6,6%

Direcional DIRR3 Renan Manda Buy 20,50 12,32 66,4% n.m n.m 1,6x 1,4x 5,4x 4,3x 5,5% 4,7%

Plano & Plano PLPL3 Renan Manda Buy 10,00 3,95 153,2% n.m n.m 2,6x 2,0x 3,5x 3,1x 5,0% 11,4%

Tenda TEND3 Renan Manda Buy 38,00 20,06 89,4% n.m n.m 1,3x 1,2x 5,3x 4,3x 3,2% 4,3%

EZTec EZTC3 Renan Manda Buy 48,00 24,97 92,2% n.m n.m 1,3x 1,1x 15,4x 9,1x 2,4% 3,0%

Gafisa GFSA3 Not covered - - 3,07 - 12,1x 7,2x n.m. n.m. n.m. n.m. n.m. n.m.


Commercial Properties

- Target Actual P/FFO P/FFO EV/EBITDA EV/EBITDA Net debt/ EBITDA Div. Yield Div. Yield


Multiplan MULT3 Renan Manda Buy 29,50 21,32 38,4% 34,1x 21,8x 22,5x 15,6x 18,9x 13,3x 0,4% 1,6%

brMalls BRML3 Renan Manda Buy 13,00 9,26 40,4% 35,2x 14,9x 28,2x 14,0x 17,2x 11,2x 0,0% 0,7%

JHSF JHSF3 Renan Manda Buy 9,70 6,68 45,2% n.m n.m 1,2x 1,1x 12,7x 8,7x 0,7% 2,2%

Aliansce Sonae ALSO3 Not covered - - 24,89 - 27,7x 18,4x 12,2x 9,4x 0,8x 0,3x 1,1% 1,9%

LOG CP LOGG3 Renan Manda Neutral 40,40 25,25 60,0% 22,8x 18,2x 22,6x 18,1x 19,8x 16,2x 1,3% 1,0%

BR Properties BRPR3 Not covered - - 8,00 - 24,8x 17,7x 20,8x 13,6x 6,6x 4,1x 1,8% 1,0%




Small Caps



Priner PRNR3 Matheus Soares Buy 13,40 7,71 73,8% n.m. n.m. 9,7x 7,4x -3,9x -3,5x 0,0% 0,0%

Mills MILS3 Matheus Soares Buy 8,20 7,14 14,8% 46,0x 25,4x 7,9x 6,2x -1,3x -1,6x 0,0% 0,5%

Estapar ALPK3 Matheus Soares Neutral 9,70 6,28 54,5% n.m. n.m. 8,3x 5,5x 3,3x 2,1x 0,0% 0,0%

Vulcabras VULC3 Matheus Soares Buy 12,00 8,55 40,4% 10,4x 7,7x 7,9x 5,3x 0,0x -0,9x 0,0% 0,3%

Grendene GRND3 Matheus Soares Neutral 10,70 10,88 -1,7% 18,4x 16,0x 12,9x 11,1x -3,6x -3,5x 4,5% 3,1%

Allied ALLD3 Matheus Soares Buy 38,00 28,59 32,9% 13,7x 11,0x 6,3x 5,1x -0,8x -0,8x 2,7% 1,8%






Operational Data

Financials

- Target Actual Mkt cap NII (BRL M) Net income (BRL M) EPS (BRL M)

Company Ticker Analyst Recommendation price price % Upside (BRL B) 2021 2022 2021 2022 2021 2022

Itaú Unibanco ITUB4 Marcel Campos Neutral 28,00 30,29 -7,6% 295,7 73.615 78.582 24.609 27.587 2,5 2,8

Banco do Brasil BBAS3 Marcel Campos Buy 52,00 29,47 76,5% 84,0 60.402 62.684 18.829 20.511 6,6 7,2

Banrisul BRSR6 Marcel Campos Buy 19,00 11,98 58,6% 4,9 5.260 5.439 610 750 1,5 1,8

Bradesco BBDC4 Marcel Campos Neutral 26,00 22,80 14,0% 201,5 64.052 67.588 25.612 28.360 2,9 3,2

Santander Brasil SANB11 Marcel Campos Sell 36,00 40,08 -10,2% 149,7 51.847 54.362 15.288 16.165 4,1 4,3

Cielo CIEL3 Marcel Campos Neutral 5,00 2,86 74,8% 7,8 794 866 794 866 0,3 0,3

B3 B3SA3 Marcel Campos Neutral 21,67 13,54 60,0% 82,5 8.603 9.173 4.578 4.833 0,8 0,8

Méliuz CASH3 Marcel Campos Buy 48,00 45,41 5,7% 5,7 220¹ 309¹ 14 25 0,1 0,2

G2D G2DI33 Marcel Campos Buy 9,00 7,00 28,6% 0,3 n.m. n.m. n.m. n.m. n.m. n.m.

BR partners BRBI11 Marcel Campos Buy 29,00 24,84 16,7% 2,6 309¹ 403¹ 124 168 1,2 1,6

Sector average - - - - - - 92,5 58.411* 61.798* 20.070 22.149 3,1 3,4

Insurers

- Target Actual Mkt cap Net revenue (BRL M) Net income (BRL M) EPS (BRL M)


BB Seguridade BBSE3 Marcel Campos Buy 35,00 19,68 77,8% 39,4 5.830 6.229 4.397 4.705 2,2 2,4

Porto Seguro PSSA3 Marcel Campos Neutral 57,00 57,54 -0,9% 18,6 18.029 18.930 1.289 1.461 4,0 4,5

SulAmerica SULA11 Marcel Campos Buy 58,00 28,20 105,7% 11,1 21.074 22.127 1.083 1.191 2,7 3,0

Sector average - - - - - - 23,0 11.568 12.208 3.027 3.266 2,8 3,0

Agri, Food and Beverages

- Target Actual Mkt cap Net revenue (BRL M) EBITDA (BRL M) EPS (BRL M)


BRF BRFS3 Leonardo Alencar Neutral 30,00 22,96 30,7% 18,7 42.959 44.040 4.708 5.256 1,0 0,8

JBS JBSS3 Leonardo Alencar Buy 40,00 30,26 32,2% 76,0 302.271 305.174 26.535 24.168 3,9 3,4

Ambev ABEV3 Leonardo Alencar Buy 20,00 16,47 21,4% 259,2 65.402 68.202 21.798 23.535 0,7 0,9

Marfrig MRFG3 Leonardo Alencar Buy 24,00 19,40 23,7% 13,8 71.140 68.357 7.141 5.067 4,4 2,5

IMC MEAL3 Larissa Pérez Neutral 4,00 3,52 13,6% 1,0 1.662 1.834 189 244 -0,1 0,3

Jalles Machado JALL3 Leonardo Alencar Buy 14,00 8,75 60,0% 2,5 1.057 1.271 781 998 0,8 1,3

Sao Martinho SMTO3 Leonardo Alencar Buy 38,00 31,30 21,4% 10,9 4.445 5.008 2.993 3.496 2,4 3,9

Boa Safra Sementes SOJA3 Leonardo Alencar Buy 18,00 14,53 23,9% 1,6 1.072 1.647 214 318 2,2 2,7

Minerva BEEF3 Not covered - - 8,08 - 4,4 22.632 22.585 2.089 2.064 1,3 1,0

M Dias Branco MDIA3 Not covered - - 31,45 - 10,7 7.571 8.244 668 1.026 1,4 2,0

SLC Agricola SLCE3 Not covered - - 41,72 - 8,1 4.362 6.188 1.515 2.113 3,8 6,1

Camil Alimentos CAML3 Not covered - - 9,52 - 3,5 7.566 n.m. 786 n.m. 1,3 n.m.

Sector average - - - - - - 34,2 56.926 59.679 17.655 19.185 1,0 1,2

Capital Goods




(1) Net revenue (BRL M). *Except Méliuz. **In USD. ***Does not include data from Vale.

WEG WEGE3 Lucas Laghi Buy 50,00 33,58 48,9% 140,9 22 24 4 5 0,7 0,8

Aeris AERI3 Lucas Laghi Neutral 10,00 8,04 24,4% 6,2 2.553 4.029 214 380 0,1 0,3

Embraer EMBR3 Not covered - - 18,83 - 13,9 22.681 28.165 1.738 2.628 -0,7 0,3

Randon RAPT4 Not covered - - 11,54 - 4,0 7.140 7.839 1.057 1.144 1,7 1,9

Tupy TUPY3 Not covered - - 21,16 - 3,1 5.587 6.132 753 868 1,4 2,0

Iochpe-Maxion MYPK3 Not covered - - 14,00 - 2,2 12.053 13.272 1.296 1.434 1,3 2,1

Marcopolo POMO4 Not covered - - 2,57 - 2,4 3.907 4.409 267 371 0,2 0,4

Mahle Metal-Leve LEVE3 Not covered - - 34,17 - 4,4 3.244 3.313 645 596 2,9 2,7

Sector average - - - - - - 22,1 2.429 2.963 220 302 0,7 0,9

Education



Ânima ANIM3 Vitor Pini Buy 15,00 9,78 53,4% 4,0 1.828 2.017 527 623 0,5 0,8

Yduqs YDUQ3 Vitor Pini Buy 50,70 25,42 99,5% 7,9 4.168 4.509 1.419 1.605 1,7 2,3

Cogna COGN3 Vitor Pini Neutral 5,10 3,24 57,4% 6,1 5.780 5.955 1.713 1.897 -0,1 0,0

Ser SEER3 Vitor Pini Neutral 17,00 13,89 22,4% 1,8 1.288 1.380 308 338 0,8 1,0

Cruzeiro do Sul CSED3 Not covered - - 9,40 - 3,6 1.839 2.017 627 724 0,7 0,9

Sector average - - - - - - 4,7 3.606 3.833 1.135 1.279 0,81 1,13

Energy



AES Brasil AESB3 Victor Burke Buy 17,00 13,65 24,5% 5,4 2.102 2.283 1.150 1.497 0,9 1,2

Engie Brasil EGIE3 Victor Burke Neutral 48,00 36,97 29,8% 30,2 9.300 9.824 6.620 7.682 3,3 4,8

Cemig CMIG4 Victor Burke Neutral 12,00 11,93 0,6% 17,4 21.370 21.939 4.789 4.905 1,4 1,3

Cemig ADR CIG Victor Burke Neutral 2,40 2,16 11,1% 3,2 21.370 21.939 4.789 4.905 1,4 1,3

Equatorial EQTL3 Victor Burke Neutral 24,00 23,28 3,1% 23,5 18.643 19.542 3.088 3.588 1,3 1,3

CTEEP TRPL4 Victor Burke Neutral 26,00 23,15 12,3% 15,3 3.255 3.307 2.712 2.905 2,6 2,8

TAESA TAEE11 Victor Burke Neutral 37,00 39,52 -6,4% 13,6 1.529 1.589 1.993 2.345 2,7 4,1

EDP ENBR3 Victor Burke Buy 21,00 17,38 20,8% 10,5 12.374 13.063 2.872 3.209 2,0 2,3

Copel CPLE6 Victor Burke Buy 7,50 6,45 16,3% 17,7 18.354 18.418 5.062 5.240 0,9 0,9

Copel ADR ELP Victor Burke Buy 1,50 5,78 -74,0% 15,8 18.354 18.418 5.062 5.240 0,9 0,9

Omega OMGE3 Victor Burke Buy 50,00 32,91 51,9% 6,4 1.498 1.518 1.151 1.155 1,9 2,3

Cesp CESP6 Victor Burke Buy 34,00 22,59 50,5% 7,4 1.987 1.710 890 1.166 0,3 1,2

CPFL Energia CPFE3 Not covered - - 26,45 - 30,5 31.783 33.938 7.187 8.010 3,1 3,5

Eletrobras ELET3 Not covered - - 37,21 - 58,5 31.597 33.637 14.548 16.785 6,5 7,8

Eletrobras ELET6 Not covered - - 37,59 - 58,5 31.597 33.637 14.548 16.785 29,9 36,0

Eneva ENEV3 Not covered - - 15,33 - 19,4 4.731 5.085 2.394 2.571 1,0 1,0

Energisa ENGI11 Not covered - - 42,33 - 18,4 21.255 22.076 4.520 5.167 5,4 5,7

Light LIGT3 Not covered - - 14,00 - 5,2 12.527 13.102 1.598 2.171 1,0 1,3

Alupar ALUP11 Not covered - - 24,53 - 7,2 2.534 2.965 2.053 2.477 1,9 2,6



Braskem BRKM5 Not covered - - 54,71 - 42,5 97.144 88.290 26.354 18.076 39,3 22,8

Petro Rio PRIO3 Not covered - - 17,28 - 15,2 4.141 4.507 3.039 3.391 1,7 2,1

Enauta ENAT3 Not covered - - 13,20 - 3,5 1.603 2.109 998 1.336 2,9 2,0

Sector average - - - - - - 19,3 26.896 26.948 9.177 9.249 10,28 9,91

Basic Materials



Duratex DTEX3 Not covered - - 20,63 - 14,3 7.634 7.923 1.964 1.973 1,3 1,3

Sector average - - - - - - 14,3 7.634 7.923 1.964 1.973 1,29 1,30

Metals and Mining



Vale (ADR)** VALE Yuri Pereira Buy 25,00 19,31 29,5% 99,1 55.433 53.516 32.667 28.305 4,2 3,6

Vale (Local)** VALE3 Yuri Pereira Buy 122,00 103,41 18,0% 99,1 55.433 53.516 32.667 28.305 4,2 3,6

Gerdau GGBR4 Yuri Pereira Buy 32,00 28,70 11,5% 48,9 67.200 71.839 16.165 16.455 5,4 5,6

Usiminas USIM5 Yuri Pereira Neutral 16,50 18,11 -8,9% 22,3 27.979 29.568 10.704 11.336 4,8 5,7

Aura Minerals AURA33 Yuri Pereira Buy 95,00 57,98 63,8% 4,2 435 481 201 214 1,6 1,8

Sector average - - - - - - 25,1*** 51.895*** 55.378*** 13.662*** 14.038*** 5,0*** 5,4***

Pulp and Paper



Klabin KLBN11 Yuri Pereira Buy 32,00 24,22 32,1% 26,6 13.612 13.540 5.475 5.153 2,4 2,0

Irani RANI3 Yuri Pereira Buy 8,50 7,20 18,1% 1,8 1.756 1.871 633 741 1,3 1,5

Sector average - - - - - - 14,2 12.841 12.781 5.160 4.866 2,36 1,99

Sanitation



Sanepar SAPR11 Victor Burke Neutral 24,50 19,01 28,9% 5,7 5.295 5.578 2.354 2.473 4,0 4,2

Sabesp SBSP3 Victor Burke Neutral 50,00 31,69 57,8% 21,7 15.008 15.718 6.473 7.099 3,7 4,4

Copasa CSMG3 Victor Burke Sell 15,00 13,30 12,8% 5,1 5.151 5.075 1.962 1.721 2,2 1,6

Orizon ORVR3 Maíra Maldonado Buy 30,00 23,80 26,1% 1,7 415 501 135 252 0,6 1,5

Sector average - - - - - - 8,5 11.189 11.680 4.797 5.184 3,34 3,79

Healthcare



Rede D'Or RDOR3 Vitor Pini Buy 88,00 73,38 19,9% 147,5 21.011 26.592 5.914 7.978 1,4 2,0

Hapvida HAPV3 Vitor Pini Buy 19,00 14,60 30,1% 56,2 10.379 11.946 2.118 2.530 0,3 0,4

GNDI GNDI3 Vitor Pini Buy 110,00 80,01 37,5% 48,8 13.298 15.384 1.547 2.401 1,1 2,1

Alliar AALR3 Vitor Pini Neutral 10,00 12,33 -18,9% 1,5 1.175 1.210 264 284 0,5 0,6

Fleury FLRY3 Vitor Pini Neutral 29,00 22,73 27,6% 7,2 3.262 3.410 986 1.061 1,1 1,3



Hermes Pardini PARD3 Vitor Pini Neutral 21,00 21,09 -0,4% 2,8 1.710 1.612 356 358 1,2 1,2

Blau BLAU3 Vitor Pini Buy 64,00 47,00 36,2% 3,0 1.427 1.663 524 623 5,7 6,9

Hypera HYPE3 Vitor Pini Buy 48,00 34,02 41,1% 21,5 6.059 7.037 1.965 2.392 2,4 2,7

Dasa DASA3 Not covered - - 47,97 - 26,3 10.727 13.828 2.081 3.151 1,3 2,3

Materdei MATD3 Not covered - - 20,17 - 7,2 1.055 1.740 325 546 0,5 0,7

Qualicorp QUAL3 Not covered - - 19,97 - 5,7 2.177 2.323 1.065 1.158 1,7 1,8

Odontoprev ODPV3 Not covered - - 12,61 - 6,7 1.817 1.940 512 525 0,7 0,7

Sector average - - - - - - 27,9 14.389 17.751 3.547 4.772 1,22 1,76

TMT



Locaweb LWSA3 Bernardo Guttmann Buy 32,00 22,60 41,6% 13,2 764 1.123 180 297 0,2 0,3

Bemobi BMOB3 Bernardo Guttmann Buy 30,00 19,47 54,1% 1,8 263 292 101 119 0,6 1,0

Positivo POSI3 Bernardo Guttmann Buy 16 11,58 38,2% 1,6 3.372 4.162 300 360 1,3 1,6

Totvs TOTS3 Not covered - - 34,60 - 20,0 3.121 3.679 753 923 0,6 0,9

Tim TIMS3 Not covered - - 11,65 - 28,2 18.298 19.289 8.728 9.437 0,8 1,0

Telefônica VIVT3 Not covered - - 43,21 - 73,1 43.984 45.745 18.268 19.135 3,1 3,6

Sector average - - - - - - 23,0 27.615 28.876 11.595 12.236 1,96 2,30

Transportation and Logistics



CCR CCRO3 Pedro Bruno Buy 12,40 11,83 4,8% 23,9 11.128 10.139 6.331 5.974 0,6 0,6

Ecorodovias ECOR3 Pedro Bruno Neutral 9,20 9,22 -0,2% 6,4 4.364 3.793 2.340 1.913 0,5 0,3

Rumo RAIL3 Pedro Bruno Buy 23,00 18,05 27,4% 33,5 8.297 9.653 4.197 5.005 0,6 0,7

Hidrovias do Brasil HBSA3 Pedro Bruno Buy 9,20 4,36 111,0% 3,3 1.628 2.038 778 933 0,1 0,4

Santos Brasil STBP3 Pedro Bruno Neutral 8,50 7,56 12,4% 6,5 1.430 1.764 513 736 0,2 0,4

Localiza RENT3 Pedro Bruno Buy 76,00 55,21 37,7% 41,9 13.285 17.215 3.190 3.783 1,9 2,3

Unidas LCAM3 Pedro Bruno Buy 34,00 24,75 37,4% 12,5 7.147 8.408 1.868 2.200 1,4 1,6

Movida MOVI3 Pedro Bruno Buy 23,00 18,06 27,4% 5,4 5.106 6.720 1.236 1.496 1,2 1,4

Simpar SIMH3 Pedro Bruno Buy 59,00 14,40 309,7% 2,9 12.882 15.698 3.300 4.122 2,7 3,5

JSL JSLG3 Pedro Bruno Buy 12,00 9,90 21,2% 2,8 4.154 4.472 728 792 0,7 0,9

Sequoia SEQL3 Not covered - - 19,32 - 2,7 1.678 2.331 224 331 0,5 1,0

Azul AZUL4 Not covered - - 34,36 - 11,9 9.376 13.243 1.672 3.754 -7,3 -1,3

Gol GOLL4 Not covered - - 17,23 - 6,8 8.114 13.959 528 3.687 -8,8 0,5

Sector average - - - - - - 11,7 9.084 10.980 3.145 3.750 0,08 1,11

Retail



Americanas S.A. AMER3 Danniela Eiger Buy 82,00 39,93 105,4% 35,9 28.505 38.663 3.652 4.945 0,2 1,4

Lojas Americanas LAME4 Danniela Eiger Buy 12,00 5,41 121,8% 10,1 13.440 15.907 3.652 4.945 0,1 0,7



Via Varejo VIIA3 Danniela Eiger Neutral 20,00 10,75 86,0% 17,2 34.563 41.307 2.869 3.490 0,5 0,7

Mosaico MOSI3 Danniela Eiger Buy 38,00 11,50 230,4% 1,5 320 509 64 58 0,5 0,5

Enjoei ENJU3 Danniela Eiger Buy 15,00 6,48 131,5% 1,0 135 240 -40 -36 -0,2 -0,2

Arezzo ARZZ3 Danniela Eiger Buy 110,00 87,80 25,3% 8,7 2.613 3.102 416 521 2,6 3,5

Lojas Renner LREN3 Danniela Eiger Neutral 50,00 39,00 28,2% 35,0 10.181 12.503 1.836 2.355 0,7 1,1

Vivara VIVA3 Danniela Eiger Buy 40,00 30,01 33,3% 7,1 1.447 1.764 336 452 0,9 1,2

C&A CEAB3 Danniela Eiger Buy 18,00 9,34 92,7% 2,9 5.366 6.723 459 762 0,4 0,8

Carrefour CRFB3 Danniela Eiger Neutral 28,00 18,10 54,7% 35,9 77.398 85.958 6.096 6.651 1,3 1,5

Pão de Açúcar PCAR3 Danniela Eiger Neutral 39,00 29,00 34,5% 7,8 53.145 55.949 4.231 4.501 1,3 1,6

Assaí ASAI3 Danniela Eiger Buy 120,00 16,66 620,3% 4,5 44.263 57.628 3.201 4.225 4,8 6,4

Grupo Mateus GMAT3 Danniela Eiger Buy 11,00 7,00 57,1% 15,4 14.091 17.875 1.227 1.568 0,4 0,6

Raia Drogasil RADL3 Danniela Eiger Neutral 27,00 25,30 6,7% 41,8 23.994 28.944 1.816 2.211 0,5 0,6

Pague Menos PGMN3 Danniela Eiger Buy 13,00 12,37 5,1% 5,5 7.566 8.724 369 520 0,3 0,7

d1000 DMVF3 Danniela Eiger Buy 13,00 7,36 76,6% 0,4 1.141 1.397 19 53 -0,3 0,3

CVC CVCB3 Not covered - - 17,70 - 3,6 892 1.517 -76 424 -1,4 0,2

Cia Hering HGTX3 Not covered - - 38,16 - 6,2 1.509 1.704 234 292 1,0 1,3

Natura NTCO3 Not covered - - 52,33 - 72,2 41.863 45.357 4.464 5.849 0,4 1,1

Guararapes GUAR3 Not covered - - 15,40 - 7,7 7.415 8.865 1.104 1.456 0,5 0,9

Grupo SBF SBFG3 Not covered - - 32,19 - 7,8 4.771 5.853 518 758 0,5 1,2

Sector average - - - - - - 20,2 30.767 36.336 2.645 3.407 0,51 0,90

Homebuilders



Cyrela CYRE3 Renan Manda Buy 33,00 18,31 80,2% 7,3 4.492 5.226 982 1.250 2,0 2,6

MRV MRVE3 Renan Manda Neutral 23,00 12,65 81,8% 6,1 6.906 7.975 1.306 1.367 1,8 1,7

Even EVEN3 Renan Manda Neutral 13,00 8,85 46,9% 1,9 1.898 1.996 325 352 1,2 1,4

Trisul TRIS3 Renan Manda Buy 14,00 7,27 92,6% 1,4 1.120 1.405 268 339 1,1 1,4

Lavvi LAVV3 Renan Manda Buy 11,50 6,65 72,9% 1,4 596 864 127 221 0,5 0,9

Melnick MELK3 Renan Manda Buy 9,00 5,04 78,6% 1,0 647 815 102 153 0,4 0,6

Cury CURY3 Renan Manda Buy 15,00 8,15 84,0% 2,4 1.685 2.085 354 483 0,9 1,3

Direcional DIRR3 Renan Manda Buy 20,50 12,32 66,4% 1,8 1.873 2.204 363 452 1,1 1,7

Plano & Plano PLPL3 Renan Manda Buy 10,00 3,95 153,2% 0,8 1.292 1.602 258 287 0,9 1,0

Tenda TEND3 Renan Manda Buy 38,00 20,06 89,4% 2,1 2.728 2.910 368 455 2,2 2,8

EZTec EZTC3 Renan Manda Buy 48,00 24,97 92,2% 5,7 1.312 1.836 429 728 2,2 3,2

Gafisa GFSA3 Not covered - - 3,07 - 1,0 996 1.034 0 0 0 0

Sector average - - - - - - 2,9 3.236 3.806 668 826 1,65 2,09

Commercial Properties



Multiplan MULT3 Renan Manda Buy 29,50 21,32 38,4% 12,8 1.205 1.469 766 1.056 1,6 2,1



brMalls BRML3 Renan Manda Buy 13,00 9,26 40,4% 8,1 955 1.274 612 913 1,0 1,3

JHSF JHSF3 Renan Manda Buy 9,70 6,68 45,2% 4,6 1.006 1.384 397 579 0,3 0,5

Aliansce Sonae ALSO3 Not covered - - 24,89 - 6,6 839 977 579 730 0,9 1,4

LOG CP LOGG3 Renan Manda Neutral 40,40 25,25 60,0% 2,3 162 207 127 164 1,7 2,2

BR Properties BRPR3 Not covered - - 8,00 - 3,9 376 527 277 416 0,3 0,5

Sector average - - - - - - 6,4 918 1.160 568 793 1,07 1,44

Small Caps



Priner PRNR3 Matheus Soares Buy 13,40 7,71 73,8% 0,3 301 337 22 27 0,0 0,1

Mills MILS3 Matheus Soares Buy 8,20 7,14 14,8% 1,8 581 669 196 232 0,2 0,3

Estapar ALPK3 Matheus Soares Neutral 9,70 6,28 54,5% 1,2 887 1.213 243 352 -0,5 0,1

Vulcabras VULC3 Matheus Soares Buy 12,00 8,55 40,4% 2,1 1.694 1.887 267 336 0,8 1,1

Grendene GRND3 Matheus Soares Neutral 10,70 10,88 -1,7% 9,8 2.371 2.558 595 673 0,6 0,7

Allied ALLD3 Matheus Soares Buy 38,00 28,59 32,9% 2,6 5.094 5.811 368 439 2,1 2,6

Sector average - - - - - - 3,0 2.373 2.635 450 522 0,71 0,92


(1) Net revenue (BRL M). * Except Méliuz. **In USD. ***Does not include data from Vale.



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No part of analyst(s) compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.4) The signatory of this report declare that the recommendations reflect solely and exclusively their personal analyses and opinions, which have been produced independently, including in relation to XP Investimentos and which are subject to modifications without notice due to changes in market conditions, and that their remuneration are indirectly affected by revenue from business and financial transactions carried out by XP Investimentos. 5) The analyst responsible for the content of this report and the compliance with CVM Resolution 20/2021 is indicated above, and, in the event of an indication of another analyst in the report, the person responsible will be the first accredited analyst to be mentioned in Report. 6) XP Investimentos’ analysts are obligated to comply with all the rules laid down in the APIMEC’s conduct code for the secur ities analyst and XP Investimentos’ analyst of securities conduct policy. 7) Customer service is carried out by XP Investimentos employees or by autonomous investment agents who perform their activit ies through XP, in accordance with CVM Resolution 16/2021, which are registered in the national association of brokers and distributors of securities (“ANCORD”). The autonomous agent of investment may not provide consulting, administration or management of customer net worth, and must act as an intermediary and request prior authorization from the client for the realization of any operation in the capital market. 8) The products presented in this report may not be suitable for all types of customer. Before making any decisions, customers should ensure that the products presented are suitable for their investor profile. This material does not suggest any change of portfolio, but only guidance on products suitable to a certain investor profile.9) The profitability of financial products may present variations and their price or value may increase or decrease in a short period of time. Past performance is not necessarily indicative of future results. Performance disclosed is not net of any applicable taxes. The information present in this material is based on simulations and the actual results may be significantly different. 10) This report is intended exclusively for to the XP Investimentos’ network, including independent XP agents and XP customers, and may also be released on XP’s website. It is prohibited to reproduce or redistribute this report to any person, in whole or in part, whatever the purpose, without the prior express consent of XP Investimentos. 11) XP Investimentos’ ombudsman has the mission to serve as a contact channel whenever customers who do not feel satisfied wi th the solutions given by the company to their problems. The contact can be made via telephone 0800 722 3710 if you are in Brazil or via ombudsman form if you are in other localities: ttps://institucional.xpi.com.br/ouvidoria.aspx/. 12) The cost of the transactions billing policies are defined in the operational cost tables which are made available on XP Investimentos website: www.xpi.com.br.13) XP Investimentos is exempt from any liability for any damages, direct or indirect, that come from the use of this report or its contents. 14) Technical analysis and fundamental analysis follow different methodologies. Technical analysis is performed following concepts such as trends, support, resistance, candles, volume, and moving averages, amongst others. Fundamental analysis uses as information the results disseminated by the issuing companies and their projections. In this way, the opinions of fundamental analysts, who seek the best returns given the market conditions, the macroeconomic scenario and the specific events of the company and the sector, may differ from the opinions of technical analysts, which aim to Identify the most likely movements on asset prices, using "stops" limit possible losses. 15) Investment in stocks is appropriate for moderate and aggressive profile investors, according to the suitability policy practiced by XP Investimentos. Equity investments available are portion a company’s capital that is traded on the market. Stock is a variable financial investment (i.e. an investment in which profitability is not pre-established and varies depending on market quotations). Investment in stock is a high-risk investment and past performance is not necessarily indicative of future results and no statement or warranty, expressed or implied, is made in this material in relation to future performance. Market conditions, macroeconomic scenario, company and sector specific events can affect investment performance and may even result in significant asset losses. The recommended duration for equity investments is medium-long term. There is no guarantee of investment return for customers’ investments in stock. 16) Investment in options is preferably indicated for aggressive profile investors, according to the suitability policy practiced by XP Investimentos. In options market, the purchase or sale rights of a good shall be negotiated at a price fixed at a future date, and the purchaser of the negotiated duty should pay a premium to the seller as in a secure agreement. Operations with these derivatives are considered very high risk for presenting high risk and return relationships and some positions present the possibility of losses higher than the capital invested. The recommended duration for the investment is short-term and the customer's assets are not guaranteed in this type of product. 17) Investment in terms is indicated for aggressive profile investors, according to the suitability policy practiced by XP Investimentos. They are contracts for the purchase or sale of a certain number of shares at a fixed price for settlement within a specified period. The term of the contract is freely chosen by the investors, complying with the minimum period of 16 days and a maximum of 999 days. The price will be the value of the added share of a portion corresponding to the interest-which are set freely on the market, depending on the term of the contract. Every transaction in the term requires a guarantee deposit. These guarantees are provided in two forms: coverage or margin. 18) Investments in futures markets are subject to significant loss of principal, and are therefore appropriate for aggressive profile investors, according to the suitability policies practiced by XP Investimentos. A commodity is an object or price determinant of a future contract or other derivative instrument, which may substantiate an index, a fee, a movable value or a physical product. Commodities are considered high risk investments, which include the possibility of price fluctuation due to the use of financial leverage. The recommended duration for commodity investments is short-term and customers’ assets are not guaranteed in this type of product. Market conditions and the macroeconomic scenario can affect the performance investments. 19) This institution is adhering ANBIMA Code of Regulation and best practices for the distribution activity of retail investment products.20) XP Investments US, LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission, has assumed responsibil ity for this research for purposes of U.S. law. All transactions arising from this research should be directed to XP Investments US, LLC, at +1 646-664-0525.21) XP Investimentos (a) managed or co-managed a public offering of securities for the subject company in the past 12 months, or (b) received compensation for investment banking services from the subject company in the past 12 months; or (c) expects to receive or intends to seek compensation for investment banking services from the subject company in the next 3 months.

Documents

Stock Guide - conteudos.xpi.com.br