At 4:30 pm, shares fell 1.23% to R$7.25 (Image: Disclosure)
A MRV (MRVE3) informed the market that its subsidiary in the United States, Resia, sold the Old Cutler project located in Miami, for a General Sales Value (PSV) of US$ 118.5 million. After the announcement, the developer's shares opened lower and followed the trend. At 4:30 pm, they fell 1.23%, to R$7.25.
Analysts see the movement with a cautious tone, since the gross margin of the sale — 9% against a historical average of 43% and 13% in the previous sale — reflects a challenging transaction market in the US.
In this way, the Goldman Sachs understands that the transaction highlights one of MRV's main problems, which is the increase in leverage (net debt and credit receivables in relation to equity) which, in the second quarter of 2024, reached 125%.
“If the proceeds from the sale (US$119 million, or R$644 million at the current exchange rate) are used to reduce debt, leverage could be reduced to 118%”, ponders the bank.
The analysts of the SantanderFanny Oreng, Antonio Castrucci and Matheus Meloni, also follow the same line. They see pressure on the company's leverage and understand that the sale of the project is an important point that can help MRV.
At the beginning of the year, MRV even said at an event for investors and analysts that its American subsidiary has a golden rule of not burning cash and that it “will still be very valuable”.
A Resia still is present in five other cities and three US states: Dallas and Houston (Texas), Atlanta (Georgia) and Miami and West Palm Beach (Florida), and plans to build 5 thousand units per year from 2025.
In a statement, the company also highlights that the city of Miami is experiencing a cycle of great expansion, with high demand for housing driven by both investors and new residents, attracted by the climate, quality of life and economic opportunities.
O Goldman Sachs continues with its neutral recommendation for MRVE3 of R$8.50, which implies an appreciation potential of 15.8% in relation to the current price of R$7.34.
Already the Santander continues with “outperform”, that is, above the average for the sector, with a target price of R$14.