According to analysts, the exchange is tactical, between peers in the same sector and with similar macroeconomic drivers. (Image: Getty Images)
A Agora Investments made an exchange in your recommended wallet small caps for October, removing Iguatemi (IGTI11) to give rise to garlic (ALOS3).
According to analysts, the exchange is tactical, between peers in the same sector and with similar macroeconomic drivers.
In addition to the new member, the portfolio includes shares of EcoRodovias (ECOR3), Marcopolo (POMO4), MRV (MRVE3) e Vivara (VIVA3).
For Ágora, the recent drop in ALOS3 shares means the shares are being traded at a P/FFO multiple for 2025 of 8.4x, a 24% discount to MULT3, which for them is excessive.
“Looking ahead, our model assumes a payout of 50% of Operating Cash Flow (FFO), which leads to an average dividend yield of approximately 5.5%-6% in 2025 (vs. 3-4% of peers), with upside potential considering additional repurchases”, explain the analysts.
The report also recalls that Allos Allos has already returned R$1.1 billion to shareholders in the year to date (yield of 8.7%), of which approximately 60% in dividends and 40% in buybacks.
“Therefore, ALOS3 is our preference in the sector, considering the balance between valuation discount and shareholder returns.”
See the small caps recommended by Ágora for October
| Enterprise | Ticker | Target price | Yield 2024E |
|---|---|---|---|
| EcoRodovias | ECOR3 | R$ 15 | 3,2% |
| garlic | ALOS3 | R$ 34 | 5,2% |
| Marcopolo | POMO4 | R$ 11 | 5,9% |
| MRV | MRVE3 | R$ 15 | 1,0% |
| Vivara | VIVA3 | R$ 33 | 1,5% |