Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to R$3.39, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 7x in the Multiline Retail industry in South America. Total loss to shareholders of 97% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released First quarter 2026 results: Revenue: R$3.09b (up 1.0% from 1Q 2025). Net loss: R$336.0m (loss narrowed 32% from 1Q 2025). Annonce • May 08
Americanas S.A. to Report Q1, 2026 Results on May 13, 2026 Americanas S.A. announced that they will report Q1, 2026 results After-Market on May 13, 2026 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to R$7.24, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 8x in the Multiline Retail industry in South America. Total loss to shareholders of 94% over the past three years. Reported Earnings • Apr 01
Full year 2025 earnings released: EPS: R$0.49 (vs R$89.71 in FY 2024) Full year 2025 results: EPS: R$0.49 (down from R$89.71 in FY 2024). Revenue: R$12.3b (down 14% from FY 2024). Net income: R$98.0m (down 99% from FY 2024). Profit margin: 0.8% (down from 57% in FY 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Annonce • Mar 31
Americanas S.A., Annual General Meeting, Apr 30, 2026 Americanas S.A., Annual General Meeting, Apr 30, 2026. Annonce • Mar 19
Americanas S.A. to Report Q4, 2025 Results on Mar 25, 2026 Americanas S.A. announced that they will report Q4, 2025 results After-Market on Mar 25, 2026 Annonce • Nov 06
Americanas S.A. to Report Q3, 2025 Results on Nov 12, 2025 Americanas S.A. announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$3.06b (down 18% from 1Q 2024). Net loss: R$493.0m (down 209% from profit in 1Q 2024). Annonce • May 09
Americanas S.A. to Report Q1, 2025 Results on May 14, 2025 Americanas S.A. announced that they will report Q1, 2025 results at 6:00 PM, E. South America Standard Time on May 14, 2025 Annonce • Apr 01
Americanas S.A., Annual General Meeting, Apr 29, 2025 Americanas S.A., Annual General Meeting, Apr 29, 2025. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: R$41.21 (vs R$252 loss in FY 2023) Full year 2024 results: EPS: R$41.21 (up from R$252 loss in FY 2023). Revenue: R$14.3b (down 4.0% from FY 2023). Net income: R$8.25b (up R$10.5b from FY 2023). Profit margin: 57% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Annonce • Mar 28
Americanas S.A. to Report Q4, 2024 Results on Mar 26, 2025 Americanas S.A. announced that they will report Q4, 2024 results on Mar 26, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$3.20b (down 2.0% from 3Q 2023). Net income: R$10.2b (up R$11.9b from 3Q 2023). Annonce • Nov 08
Americanas S.A. to Report Q3, 2024 Results on Nov 13, 2024 Americanas S.A. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 New Risk • Aug 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 20x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (994% average daily change). Negative equity (-R$30b). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 20x increase in shares outstanding). Reported Earnings • Aug 17
Full year 2023 earnings released Full year 2023 results: Revenue: R$14.9b (down 42% from FY 2022). Net loss: R$2.27b (loss narrowed 82% from FY 2022). Buy Or Sell Opportunity • Aug 16
Now 53% undervalued after recent price drop Over the last 90 days, the stock has fallen 74% to R$0.14. The fair value is estimated to be R$0.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 76%. Annonce • Aug 08
Americanas S.A. to Report First Half, 2024 Results on Aug 14, 2024 Americanas S.A. announced that they will report first half, 2024 results on Aug 14, 2024 New Risk • May 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: R$6.26m (US$1.21m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$7.1b free cash flow). Negative equity (-R$31b). Earnings have declined by 69% per year over the past 5 years. Market cap is less than US$10m (R$6.26m market cap, or US$1.21m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • Mar 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$7.1b free cash flow). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Negative equity (-R$31b). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 69% per year over the past 5 years. Annonce • Mar 22
Americanas S.A. (BOVESPA:AMER3) acquired 30% stake in Uni.Co Comércio S/A BRL 110 million. Americanas S.A. (BOVESPA:AMER3) acquired 30% stake in Uni.Co Comércio S/A for BRL 110 million on March 21, 2024.
Americanas S.A. (BOVESPA:AMER3) completed the acquisition of 30% stake in Uni.Co Comércio S/A on March 21, 2024. Reported Earnings • Feb 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$3.26b (down 40% from 3Q 2022). Net loss: R$1.62b (loss widened R$1.41b from 3Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Global Multiline Retail industry. Annonce • Jan 16
Americanas S.A., Annual General Meeting, Apr 30, 2024 Americanas S.A., Annual General Meeting, Apr 30, 2024. New Risk • Nov 19
New major risk - Negative shareholders equity The company has negative equity. Total equity: -R$27b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-R$27b). Earnings have declined by 55% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 12
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2022 fiscal period end). Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.2% net profit margin). Annonce • Nov 08
Americanas Decides to Halt Efforts to Sell its Fruit and Vegetable Unit Hortifruti Natural Da Terra Brazilian retailer Americanas S.A. (BOVESPA:AMER3) has decided to halt efforts to sell its fruit and vegetable unit Hortifruti Natural da Terra (HNT) (Hortigil Hortifruti S.A.) less than a week after saying it had entered into exclusive talks for the divestment. Americanas, which is under bankruptcy protection since early 2023 after uncovering a billion-dollar accounting scandal, said in a securities filing late on November 6, 2023 that the decision came as it needed to maintain its teams focused on filing updated financial results for 2021 and 2022. The retailer, backed by the billionaire trio that founded 3G Capital, had previously said it was also halting the process to sell subsidiary Uni.co because proposed conditions for the divestment did not reflect what it considered to be the "fair value" of the asset. "Despite being a relevant part of the bankruptcy process under discussion with creditors, the sale of the UPIs only make sense within certain parameters, mainly price," Americanas said. The retailer added it would continue to monitor such parameters to decide whether it would be appropriate to resume the divestment efforts in the future, but noted it had no plans to do so in the short term. "The company is in discussions with the potential interested party in HNT to formalize the termination of the exclusivity period previously negotiated between the parties," it said. Americanas did not name the interested party, but Brazilian newspaper Valor Economico reported last week that supermarket chain St Marche had opened talks for the potential acquisition. Annonce • Oct 28
Americanas S.A. to Report Fiscal Year 2022 Results on Nov 13, 2023 Americanas S.A. announced that they will report fiscal year 2022 results on Nov 13, 2023 Price Target Changed • May 19
Price target decreased by 8.3% to R$23.70 Down from R$25.85, the current price target is provided by 1 analyst. New target price is 2,055% above last closing price of R$1.10. Stock is down 95% over the past year. The company posted earnings per share of R$0.73 last year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R$1.20, the stock trades at a trailing P/E ratio of 25.3x. Average forward P/E is 15x in the Multiline Retail industry in South America. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$1.10, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 21x in the Online Retail industry globally. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R$1.13, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 21x in the Online Retail industry globally. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 81% After last week's 81% share price gain to R$1.45, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 22x in the Online Retail industry globally. Total loss to shareholders of 98% over the past three years. Annonce • Jan 24
Americanas S.A.(BOVESPA:AMER3) dropped from S&P Global BMI Index Americanas S.A.(BOVESPA:AMER3) dropped from S&P Global BMI Index Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 72% share price decline to R$3.15, the stock trades at a trailing P/E ratio of 66.3x. Average forward P/E is 23x in the Online Retail industry globally. Total loss to shareholders of 96% over the past three years. Price Target Changed • Jan 13
Price target decreased to R$21.50 Down from R$24.60, the current price target is an average from 12 analysts. New target price is 690% above last closing price of R$2.72. Stock is down 91% over the past year. The company is forecast to post a net loss per share of R$0.63 compared to earnings per share of R$0.73 last year. Buying Opportunity • Jan 13
Now 66% undervalued after recent price drop Over the last 90 days, the stock is down 84%. The fair value is estimated to be R$7.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 62% per annum over the same time period. Price Target Changed • Jan 06
Price target decreased to R$24.27 Down from R$26.33, the current price target is an average from 15 analysts. New target price is 133% above last closing price of R$10.41. Stock is down 62% over the past year. The company is forecast to post a net loss per share of R$0.50 compared to earnings per share of R$0.73 last year. Price Target Changed • Dec 22
Price target decreased to R$24.60 Down from R$27.63, the current price target is an average from 15 analysts. New target price is 184% above last closing price of R$8.66. Stock is down 72% over the past year. The company is forecast to post a net loss per share of R$0.56 compared to earnings per share of R$0.73 last year. Price Target Changed • Nov 29
Price target decreased to R$27.63 Down from R$29.76, the current price target is an average from 15 analysts. New target price is 164% above last closing price of R$10.47. Stock is down 65% over the past year. The company is forecast to post a net loss per share of R$0.31 compared to earnings per share of R$0.73 last year. Major Estimate Revision • Nov 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -R$0.26 to -R$0.21 per share. Revenue forecast steady at R$30.5b. Online Retail industry in Brazil expected to see average net income growth of 12% next year. Consensus price target down from R$29.76 to R$28.12. Share price fell 15% to R$10.38 over the past week. Price Target Changed • Nov 18
Price target decreased to R$28.12 Down from R$30.82, the current price target is an average from 14 analysts. New target price is 171% above last closing price of R$10.38. Stock is down 69% over the past year. The company is forecast to post earnings per share of R$0.18 for next year compared to R$0.73 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: R$5.43b (down 13% from 3Q 2021). Net loss: R$211.6m (down 188% from profit in 3Q 2021). Revenue missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Online Retail industry in Brazil. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$13.89, the stock trades at a forward P/E ratio of 145x. Average forward P/E is 19x in the Online Retail industry globally. Total loss to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$22.60 per share. Major Estimate Revision • Oct 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$31.7b to R$31.2b. EPS estimate rose from R$0.08 to R$0.18. Net income forecast to shrink 39% next year vs 6.8% growth forecast for Online Retail industry in Brazil . Consensus price target broadly unchanged at R$31.21. Share price fell 16% to R$13.76 over the past week. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 25% share price decline to R$14.23, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$25.92 per share. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 16% share price gain to R$19.87, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$29.63 per share. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to R$17.06, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 18x in the Online Retail industry globally. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$27.83 per share. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 22% share price gain to R$18.50, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$32.79 per share. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$32.5b to R$32.0b. EPS estimate rose from R$0.04 to R$0.10. Net income forecast to shrink 41% next year vs 6.9% growth forecast for Online Retail industry in Brazil . Consensus price target down from R$33.04 to R$31.71. Share price rose 2.6% to R$13.63 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: R$6.70b (up 53% from 2Q 2021). Net loss: R$97.9m (loss widened 329% from 2Q 2021). Revenue missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 22%, compared to a 28% growth forecast for the industry in Brazil. Major Estimate Revision • Aug 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R$0.13 to R$0.03 per share. Revenue forecast steady at R$32.5b. Net income forecast to shrink 73% next year vs 7.6% growth forecast for Online Retail industry in Brazil . Consensus price target down from R$37.04 to R$33.04. Share price fell 4.7% to R$14.74 over the past week. Price Target Changed • Aug 02
Price target decreased to R$33.04 Down from R$37.26, the current price target is an average from 12 analysts. New target price is 140% above last closing price of R$13.76. Stock is down 72% over the past year. The company is forecast to post earnings per share of R$0.13 for next year compared to R$0.73 last year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 15% share price gain to R$15.50, the stock trades at a forward P/E ratio of 66x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 59% over the past three years. Price Target Changed • Jul 01
Price target decreased to R$40.28 Down from R$43.66, the current price target is an average from 12 analysts. New target price is 216% above last closing price of R$12.73. Stock is down 81% over the past year. The company is forecast to post earnings per share of R$0.12 for next year compared to R$0.73 last year. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$17.50, the stock trades at a forward P/E ratio of 168x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 43% over the past three years. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 forecast for profit of -R$0.06 instead of a loss of R$0.09 per share previously. Revenue forecast unchanged at R$33.0b. Online Retail industry in Brazil expected to see average net income growth of 15% next year. Consensus price target down from R$43.66 to R$41.35. Share price was steady at R$24.07 over the past week. Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from R$0.10 to R$0.13. Revenue forecast steady at R$32.9b. Net income forecast to shrink 61% next year vs 11% growth forecast for Online Retail industry in Brazil . Consensus price target broadly unchanged at R$43.66. Share price rose 6.3% to R$22.95 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: R$6.77b (up 130% from 1Q 2021). Net loss: R$137.3m (loss narrowed 16% from 1Q 2021). Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 30%, compared to a 45% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Apr 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$28.54, the stock trades at a forward P/E ratio of 99x. Average forward P/E is 19x in the Online Retail industry globally. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to R$28.67, the stock trades at a forward P/E ratio of 99x. Average forward P/E is 19x in the Online Retail industry globally. Total loss to shareholders of 24% over the past three years. Price Target Changed • Mar 21
Price target decreased to R$45.57 Down from R$49.24, the current price target is an average from 11 analysts. New target price is 69% above last closing price of R$26.96. Stock is down 57% over the past year. The company is forecast to post earnings per share of R$0.29 for next year compared to R$0.73 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$27.51, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$14.21 per share. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: R$22.7b (up 124% from FY 2020). Net income: R$543.8m (up R$754.6m from FY 2020). Profit margin: 2.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 45%, compared to a 66% growth forecast for the retail industry in Brazil. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.8%. The fair value is estimated to be R$37.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% per annum over the last 3 years. The company has become profitable over the last year. Major Estimate Revision • Feb 16
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from R$27.5b to R$27.2b. EPS estimate rose from R$0.43 to R$0.64. Net income forecast to grow 510% next year vs 6.8% growth forecast for Online Retail industry in Brazil. Consensus price target down from R$56.75 to R$50.01. Share price rose 4.1% to R$35.44 over the past week. Price Target Changed • Feb 14
Price target decreased to R$51.56 Down from R$56.84, the current price target is an average from 9 analysts. New target price is 53% above last closing price of R$33.72. Stock is down 61% over the past year. The company is forecast to post earnings per share of R$0.43 next year compared to a net loss per share of R$0.39 last year. Buying Opportunity • Jan 29
Now 20% undervalued Over the last 90 days, the stock is up 5.8%. The fair value is estimated to be R$39.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% per annum over the last 3 years. The company has become profitable over the last year. Upcoming Dividend • Jan 25
Upcoming dividend of R$0.61 per share Eligible shareholders must have bought the stock before 01 February 2022. Payment date: 09 March 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Brazilian dividend payers (5.3%). Higher than average of industry peers (0.6%). Price Target Changed • Dec 24
Price target decreased to R$55.57 Down from R$65.11, the current price target is an average from 10 analysts. New target price is 81% above last closing price of R$30.77. Stock is down 59% over the past year. The company is forecast to post earnings per share of R$0.49 next year compared to a net loss per share of R$0.39 last year. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from R$0.27 to R$0.35. Revenue forecast steady at R$27.5b. Net income forecast to grow 316% next year vs 10.0% growth forecast for Online Retail industry in Brazil. Consensus price target of R$61.75 unchanged from last update. Share price rose 15% to R$30.80 over the past week. Price Target Changed • Nov 10
Price target decreased to R$66.19 Down from R$71.48, the current price target is an average from 10 analysts. New target price is 87% above last closing price of R$35.45. Stock is down 51% over the past year. The company is forecast to post earnings per share of R$0.27 next year compared to a net loss per share of R$0.39 last year. Price Target Changed • Sep 28
Price target decreased to R$69.30 Down from R$76.17, the current price target is an average from 7 analysts. New target price is 107% above last closing price of R$33.40. Stock is down 63% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: R$0.036 loss per share (vs R$0.14 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: R$4.38b (up 80% from 2Q 2020). Net loss: R$22.8m (loss narrowed 69% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 27
Price target decreased to R$71.92 Down from R$93.36, the current price target is an average from 11 analysts. New target price is 35% above last closing price of R$53.08. Stock is down 56% over the past year. Breakeven Date Change • Jul 27
Forecast breakeven moved forward to 2021 The 11 analysts covering Americanas previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of R$198.5m in 2021. Earnings growth of 49% is required to achieve expected profit on schedule. 
