Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 30% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from R$0.418 to R$0.294 per share. Revenue forecast steady at R$724.0m. Net income forecast to grow 322% next year vs 29% growth forecast for Software industry in Brazil. Consensus price target of R$26.28 unchanged from last update. Share price was steady at R$26.63 over the past week. New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 120% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings released: R$0.039 loss per share (vs R$0.02 profit in 2Q 2022) Second quarter 2023 results: R$0.039 loss per share (down from R$0.02 profit in 2Q 2022). Revenue: R$166.6m (up 9.7% from 2Q 2022). Net loss: R$3.35m (down 297% from profit in 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Jul 23
EVERTEC, Inc. (NYSE : EVTC) agreed to acquire Sinqia S.A. (BOVESPA : SQIA3) for BRL 2.3 billion. EVERTEC, Inc. (NYSE : EVTC) agreed to acquire Sinqia S.A. (BOVESPA : SQIA3) for BRL 2.3 billion on July 21, 2023. Under the terms, consideration will be paid in BRL 27.19 per share in cash. Transaction has been unanimously approved by the boards of directors of both Evertec and Sinqia , subject to satisfaction of customary closing conditions and approvals. The transaction is subject to Sinqia stockholder approval of a simple majority (greater than 50%). As of the signing of the merger agreement Evertec has entered into an agreement with shareholders representing approximately 40% of Sinqia’s outstanding shares to vote in favor of the transaction. Transaction is expected to be completed during the fourth quarter of 2023. Truist bank is providing committed financing to support the acquisition.
Evercore, Seneca Evercore and Goldman Sachs are acting as lead financial advisors to Evertec. Truist Securities is also serving as a financial advisor to Evertec and Truist bank is providing committed financing to support the acquisition. Latham & Watkins and Mattos Filho are serving as legal advisors to Evertec. BTG Pactual is acting as financial advisor to Sinqia. Trindade Sociedade de Advogados and Simpson Thacher & Bartlett LLP are acting as legal advisor to Sinqia. Price Target Changed • May 19
Price target decreased by 7.2% to R$25.28 Down from R$27.25, the current price target is an average from 7 analysts. New target price is 34% above last closing price of R$18.93. Stock is up 1.0% over the past year. The company is forecast to post earnings per share of R$0.37 for next year compared to R$0.20 last year. Major Estimate Revision • May 15
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from R$0.451 to R$0.368 per share. Revenue forecast steady at R$729.4m. Net income forecast to grow 243% next year vs 26% growth forecast for Software industry in Brazil. Consensus price target down from R$27.25 to R$26.12. Share price rose 7.6% to R$16.77 over the past week. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: R$0.008 (down from R$0.11 in 1Q 2022). Revenue: R$164.2m (up 18% from 1Q 2022). Net income: R$681.0k (down 93% from 1Q 2022). Profit margin: 0.4% (down from 7.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 92%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • May 05
Price target increased by 7.3% to R$27.25 Up from R$25.40, the current price target is an average from 8 analysts. New target price is 71% above last closing price of R$15.90. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of R$0.45 for next year compared to R$0.20 last year. Upcoming Dividend • May 01
Upcoming dividend of R$0.055 per share at 0.3% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Brazilian dividend payers (8.3%). Lower than average of industry peers (0.9%). Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from R$0.523 to R$0.34 per share. Revenue forecast steady at R$736.5m. Net income forecast to grow 141% next year vs 26% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$25.89. Share price fell 3.3% to R$16.29 over the past week. Reported Earnings • Mar 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: R$0.20 (down from R$0.27 in FY 2021). Revenue: R$616.5m (up 75% from FY 2021). Net income: R$16.8m (down 17% from FY 2021). Profit margin: 2.7% (down from 5.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Dec 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R$0.23 to R$0.21 per share. Revenue forecast steady at R$611.5m. Net income forecast to grow 53% next year vs 26% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$26.78. Share price rose 3.6% to R$16.55 over the past week. Price Target Changed • Nov 24
Price target decreased to R$26.90 Down from R$29.00, the current price target is an average from 8 analysts. New target price is 64% above last closing price of R$16.45. Stock is down 2.9% over the past year. The company is forecast to post earnings per share of R$0.23 for next year compared to R$0.27 last year. Major Estimate Revision • Nov 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R$0.49 to R$0.23 per share. Revenue forecast steady at R$609.8m. Net income forecast to grow 81% next year vs 27% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$28.60. Share price fell 4.6% to R$16.08 over the past week. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. Member of Fiscal Council Hugo Ehrentreich is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: R$0.032 (down from R$0.041 in 3Q 2021). Revenue: R$159.5m (up 73% from 3Q 2021). Net income: R$2.71m (down 8.6% from 3Q 2021). Profit margin: 1.7% (down from 3.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$17.40, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 27x in the Software industry globally. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at R$20.60 per share. Buying Opportunity • Oct 05
Now 22% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be R$25.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 56% in 2 years. Earnings is forecast to grow by 162% in the next 2 years. Price Target Changed • Sep 21
Price target decreased to R$27.71 Down from R$30.14, the current price target is an average from 4 analysts. New target price is 51% above last closing price of R$18.38. Stock is down 17% over the past year. The company is forecast to post earnings per share of R$0.49 for next year compared to R$0.27 last year. Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$598.2m to R$609.8m. EPS estimate fell from R$0.55 to R$0.49 per share. Net income forecast to grow 56% next year vs 28% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$29.86. Share price fell 2.9% to R$18.85 over the past week. Buying Opportunity • Aug 27
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be R$25.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 57% in 2 years. Earnings is forecast to grow by 141% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: R$0.02 (down from R$0.069 in 2Q 2021). Revenue: R$151.8m (up 73% from 2Q 2021). Net income: R$1.70m (down 65% from 2Q 2021). Profit margin: 1.1% (down from 5.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 62%. Over the next year, revenue is forecast to grow 25%, compared to a 19% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Annonce • Aug 12
Sinqia S.A. to Report Q3, 2022 Results on Nov 10, 2022 Sinqia S.A. announced that they will report Q3, 2022 results on Nov 10, 2022 Board Change • Jul 24
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Member of Fiscal Council Wesley Figueira was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jul 14
Sinqia S.A. Announces Changes to Its Board Sinqia S.A. announced the arrival of João Carlos Bolonha as Chief Product, People, Technology, and Sales Officer. With 25 years of experience in technology, he served on Google's executive board for 5 years, where he was responsible for the Cloud platform in Latin America, and he played an important role in the development of the cloud services offer. The executive was also previously with Microsoft, for 6 years. Two new names were also announced to booster Sinqia's Board of Directors: Carolina Strobel, is a former COO with Redpoint Ventures, and Gustavo Roxo, founded 39A, a Venture Capital company for digital companies and businesses. Buying Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be R$19.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 107%. Revenue is forecast to grow by 74% in 2 years. Earnings is forecast to grow by 116% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$16.20, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 27x in the Software industry globally. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$19.98 per share. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$436.3m to R$520.2m. EPS estimate unchanged from R$0.45 at last update. Software industry in Brazil expected to see average net income growth of 24% next year. Consensus price target of R$29.67 unchanged from last update. Share price fell 3.5% to R$18.82 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: R$0.11 (up from R$0.011 in 1Q 2021). Revenue: R$138.9m (up 103% from 1Q 2021). Net income: R$9.67m (up R$8.89m from 1Q 2021). Profit margin: 7.0% (up from 1.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 14%, compared to a 31% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$541.7m to R$436.3m. EPS estimate unchanged from R$0.45 per share at last update. Software industry in Brazil expected to see average net income growth of 22% next year. Consensus price target of R$29.50 unchanged from last update. Share price was steady at R$17.93 over the past week. Annonce • May 03
Sinqia S.A. to Report Q2, 2022 Results on Aug 11, 2022 Sinqia S.A. announced that they will report Q2, 2022 results on Aug 11, 2022 Upcoming Dividend • May 03
Upcoming dividend of R$0.067 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Brazilian dividend payers (6.6%). Lower than average of industry peers (1.0%). Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$486.2m to R$541.6m. EPS estimate fell from R$0.46 to R$0.40. Net income forecast to grow 57% next year vs 22% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$29.50. Share price fell 6.9% to R$17.32 over the past week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Claudio Prado was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Apr 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$503.3m to R$541.6m. EPS estimate fell from R$0.45 to R$0.40 per share. Net income forecast to grow 57% next year vs 23% growth forecast for Software industry in Brazil. Consensus price target broadly unchanged at R$29.50. Share price was steady at R$18.15 over the past week. Major Estimate Revision • Mar 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$436.3m to R$503.3m. EPS estimate unchanged from R$0.45 at last update. Software industry in Brazil expected to see average net income growth of 24% next year. Consensus price target down from R$31.36 to R$30.57. Share price rose 16% to R$19.86 over the past week. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 16% share price gain to R$17.88, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 30x in the Software industry globally. Total returns to shareholders of 121% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$29.10 per share. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS R$0.041 (vs R$0.012 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$92.1m (up 75% from 3Q 2020). Net income: R$2.97m (up 248% from 3Q 2020). Profit margin: 3.2% (up from 1.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 10
Price target decreased to R$32.17 Down from R$34.80, the current price target is an average from 4 analysts. New target price is 77% above last closing price of R$18.16. Stock is down 15% over the past year. The company is forecast to post earnings per share of R$0.25 for next year compared to R$0.07 last year. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS R$0.069 (vs R$0.008 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$87.8m (up 77% from 2Q 2020). Net income: R$4.81m (up R$4.23m from 2Q 2020). Profit margin: 5.5% (up from 1.2% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 28
Price target increased to R$34.40 Up from R$30.20, the current price target is an average from 4 analysts. New target price is 14% above last closing price of R$30.16. Stock is up 27% over the past year. Major Estimate Revision • Jul 23
Consensus EPS estimates increase to R$0.27 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from R$326.0m to R$341.9m. EPS estimate increased from R$0.22 to R$0.27 per share. Net income forecast to grow 448% next year vs 19% growth forecast for Software industry in Brazil. Consensus price target up from R$30.20 to R$31.40. Share price rose 11% to R$30.64 over the past week. Price Target Changed • Jul 22
Price target increased to R$31.40 Up from R$29.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R$30.20. Stock is up 17% over the past year. Major Estimate Revision • May 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from R$298.5m to R$337.5m. EPS estimate unchanged from R$0.18 at last update. Software industry in Brazil expected to see average net income growth of 18% next year. Consensus price target of R$30.00 unchanged from last update. Share price rose 4.0% to R$23.69 over the past week. Upcoming Dividend • Apr 25
Inaugural dividend of R$0.02 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 15 May 2021. The company last paid an ordinary dividend in May 2019. The average dividend yield among industry peers is 0.9%. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 35%. Over the next year, revenue is forecast to grow 36%, compared to a 19% growth forecast for the Software industry in Brazil. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS R$0.07 (vs R$0.086 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$210.0m (up 20% from FY 2019). Net income: R$4.96m (up R$9.54m from FY 2019). Profit margin: 2.4% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Annonce • Mar 06
Sinqia S.A. to Report Q4, 2020 Results on Mar 10, 2021 Sinqia S.A. announced that they will report Q4, 2020 results After-Market on Mar 10, 2021 Is New 90 Day High Low • Mar 04
New 90-day low: R$20.92 The company is down 3.0% from its price of R$21.65 on 03 December 2020. The Brazilian market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R$8.07 per share. Major Estimate Revision • Feb 20
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from R$0.29 to R$0.19. Revenue estimate was approximately flat at R$207.0m. Net income is expected to grow by 1,420% next year compared to 24% growth forecast for the Software industry in Brazil. The consensus price target of R$26.50 was unchanged from the last update. Share price is up 5.5% to R$23.63 over the past week. Price Target Changed • Dec 12
Price target lowered to R$26.50 Down from R$29.00, the current price target is provided by 1 analyst. The new target price is 25% above the current share price of R$21.28. As of last close, the stock is down 2.7% over the past year. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 18% growth forecast for the Software industry in Brazil. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS R$0.012 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: R$52.8m (up 14% from 3Q 2019). Net income: R$851.0k (down 26% from 3Q 2019). Profit margin: 1.6% (down from 2.5% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Annonce • Nov 06
Sinqia S.A. to Report Q3, 2020 Results on Nov 10, 2020 Sinqia S.A. announced that they will report Q3, 2020 results on Nov 10, 2020 Is New 90 Day High Low • Oct 30
New 90-day low: R$21.59 The company is down 10.0% from its price of R$24.09 on 31 July 2020. The Brazilian market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R$7.41 per share. Annonce • Oct 07
Sinqia S.A. (BOVESPA:SQIA3) agreed to acquire Tree Solution for BRL 17.5 million. Sinqia S.A. (BOVESPA:SQIA3) agreed to acquire Tree Solution for BRL 17.5 million on October 6, 2020. The initial acquisition price will be BRL 13.3 million, consisting of a cash installment of BRL 10.5 million paid on this date, and a installment of BRL 2.8 million, to be paid in 5 annual installments of BRL 560k. Therefore, the initial purchase price represents an EV / Revenue multiple of 1.6x. The final acquisition price may be increased by up to BRL 4.2 million, consisting of 2 additional installments of up to BRL 2.1 million to be paid in the years 2022 and 2023, subject to the achievement of certain goals. The transaction was approved by the Board of Sinqia. Is New 90 Day High Low • Sep 30
New 90-day low: R$21.65 The company is down 2.0% from its price of R$22.10 on 02 July 2020. The Brazilian market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Software industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R$7.55 per share. Annonce • Aug 09
Sinqia S.A. to Report Q2, 2020 Results on Aug 11, 2020 Sinqia S.A. announced that they will report Q2, 2020 results on Aug 11, 2020 Annonce • Aug 06
Sinqia S.A. (BOVESPA:SQIA3) signed an agreement to acquire all operations of Itaú Soluções Previdenciárias Ltda. for BRL 82 million. Sinqia S.A. (BOVESPA:SQIA3) signed an agreement to acquire all operations of Itaú Soluções Previdenciárias Ltda. for BRL 82 million on August 4, 2020. The consideration consists of a cash installment of BRL 33.6 million, to be paid at the closing date, and a term installment of BRL 48.4 million, to be paid in 5 annual installments from the 1st anniversary of the closing. The operations had gross revenues of BRL 50 million in the last 12 months ended on June 30, 2020. The closing of the transaction will be subject to compliance with the usual conditions for this type of operation including approval of Sinqia's shareholders at a general meeting to be called in the coming weeks. The signing of the agreement was authorized by the Board of Directors of Sinqia.