(Image: Disclosure)
O Assaí (ASAI3), which is no longer having a good year on the stock market, falls sharply this Monday (30) after the Federal Revenue issue a Enrollment Term worth R$1.3 billion. The figure refers to tax liabilities arising from the spin-off of the GPAfour years after the operation.
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At around 11:11 am, the stock was leading Ibovespa's losses, with a drop of 4.80%, to R$7.73. Year to date, the company has already lost around R$38 billion in market value. PCAR3 fell 2.80%.
To the facts
Although the value is frightening at first glance, the billion-dollar figure does not mean that Assaí will have to pay this amount or the properties will be blocked.
According to the relevant fact, this measure is used by the Revenue to monitor any transfer of assets owned by an alleged tax debtor to ensure that he has sufficient assets to settle a liability under discussion.
In other words, there is no impact on finances or operations. The listing also does not prevent Assaí, for example, from selling or transferring these assets, although it is subject to the requirement to notify the Federal Revenue Service if it does so.
All related liabilities have also been provisioned by GPA.
But then why is the stock melting down?
Noises
For the Bradesco BBIthe problem is that the news brings noise about the ASAI3 thesis and, ultimately, volatility for the stock in the short term, as the movement adds uncertainty, something the market hates.
“Despite there being no immediate provisioning or impacts on cash flow, as this is a first administrative step in the process, this fact is, from a qualitative perspective, unpleasant at a time when Assaí could, for example, take advantage of movements of selling and/or leasing assets to accelerate your deleveraging process – not that this is an impediment”, he says.
BBI also remembers that tax issues generally take years to resolve. In other words, in the worst case scenario, provisioning/cash flow impacts are only expected a few years ahead, and only if Assaí loses its resource.
“So, let’s not expect any visible impact on Assaí’s fundamentals for now.”
What to do with Assaí
In a report from last Thursday (26), the Genial notes that the high volatility of shares is a reflection of a worsening in the macroeconomic scenario, with the increase in interest rates in Brazil, and the direct impact on the company's estimated profit in the coming years, given Assaí's high financial leverage.
“Although we understand that the case does not have triggers positive results in the short term and that leverage continues to be a critical point for the company, especially after the announcement of three debenture issues throughout 2024, we believe that the sales flow of the last few days seems a little exaggerated”, he highlights.
According to Genial's calculations, Assaí trades at 10.5x P/E (price over earnings) in 2025, 43% below the historical average of the last four years.
For the brokerage, the company has some optionalities to deleverage financially. The recommendation is to buy, with a target price of R$10, potential for an increase of 24%.