Vibra (VBBR3): Void left by Wilson Ferreira Júnior stops the movement;  Still worth buying?

Vibra (VBBR3): Void left by Wilson Ferreira Júnior stops the movement; Still worth buying?

Synergies arising from operations that include CooperSucar, Zeg, Vem, EzVolt and, above all, Comerc have not been priced by the market, says Ativa (Photo: REUTERS/Paulo Whitaker)

Directed by Wilson Ferreira Jr. Leaves a “power vacuum” that prevents actions vibrating energy (VBBR3) to negotiate closer to its “intrinsic value,” he says revitalization of investments.

Just over a month ago, Vibra announced Ferreira Jr. is stepping down as the company’s CEO, fueling rumors that the CEO would return to the recently privatized company. Electrobrass (ELET3) – which was confirmed days later.

Ferreira Jr will take charge of Eletrobras on September 20, returning to the position he held from 2016 to 2021.

As for Vibra, the name of the new CEO is still unknown in the market.

Although changing the order is considered a risk factor for Mowaseh’s thesis fuelAtiva continues to “buy” recommendation for the name, with a new target price of R$29 (from R$33).

Show strength in difficult times

Analyst Ilan Arptman, in a report published on Wednesday (24), explains that Vibra has shown resilience in particularly difficult times.

Arbetman says Vibra has once again proven that it can maintain the health of its operations in the midst of challenging dynamics, reporting an Ebitda margin of R$175/m3 on the latest balance sheet crop, which “is parsing the efficiency gains made since 2019”.

“We remind you that from 2017 to 2020, the company operated with an Ebitda margin of R$71/m3, R$62/m3, R$78/m3 and R$104/m3, which indicates the excellence of The work that has been developed,” comments the analyst.

Vibra is also showing improvements in the expense segment, with adjusted operating rate increasing from a level of R$98/m3 in 2017 to R$64/m3 in the second quarter of 2022.

Ativa recognizes that the company has managed to outpace the increase in import prices, thus operating with healthier profit margins.

“It is from the delivery of their qualitative features, such as Vibra . ecosystemand convenient and reliable solutions in the logistics and supply solutions offered by the company, which currently owns market share At 28% versus 27.8% at the end of Q1 2022, this Vibra will be closer to alliance with more stable margins, and therefore, a better value proposition, culminating in maintaining its market leadership, says Arbetman.

New ways to grow

Vibra is strengthening its core business through a series of strategies that include completing the joint venture with CopperSucare And the growth of the joint venture with American stores.

According to Ativa, the partnership with Copersucar will allow us to capture synergies in ethanol marketing by combining a large long player with another large short player.

“The formation of a JV could lead to greater logistical gains and negotiating power for Vibra,” says Arbetman.

From the analyst’s point of view, in tradeVibra’s intention is to position itself in the growth of the free market, which is responsible for a third of the country’s energy consumption.

Arbetman highlights that 80% of Vibra’s 18,000+ B2B clients are not in the free market. With Comerc already the largest distributed generation operator in the country, the synergies look “promising.”

“We also believe that in the future, the company will be interested in investing in the LNG business,” he adds.

Ativa has ensured that synergies arising from operations that include CooperSucar, Zeg, Vem, EzVolt and, above all, Comerc are not yet priced in the market. The broker envisioned Vibra shares trading at a discount compared to the average of the past three years.

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