Reported Earnings • Nov 09
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: R$0.24 loss per share. Revenue: R$1.31b (up 17% from 3Q 2024). Net loss: R$22.5m (loss narrowed 31% from 3Q 2024). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 43% decline forecast for the Hospitality industry in South America. New Risk • Oct 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$162m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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$162m free cash flow). Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (R$16m net loss in 2 years). Major Estimate Revision • Sep 14
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from R$4.35b to R$5.00b. Forecast losses expected to reduce from -R$0.23 to -R$0.18 per share. Hospitality industry in Brazil expected to see average net income growth of 25% next year. Consensus price target of R$6.81 unchanged from last update. Share price was steady at R$3.50 over the past week. New Risk • Sep 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: R$189m Forecast net loss in 3 years: R$2.7m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (R$2.7m net loss in 3 years). Breakeven Date Change • Sep 13
No longer forecast to breakeven The 4 analysts covering Zamp no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of R$23.1m in 2027. New consensus forecast suggests the company will make a loss of R$14.4m in 2027. Duyuru • Sep 10
Zamp S.A.(BOVESPA:ZAMP3) dropped from Brazil Special Tag Along Stock Index Zamp S.A. has been dropped from the Brazil Special Tag Along Stock Index Reported Earnings • Aug 11
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: R$0.18 loss per share (further deteriorated from R$0.10 loss in 2Q 2024). Revenue: R$1.28b (up 16% from 2Q 2024). Net loss: R$72.5m (loss widened 164% from 2Q 2024). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 25% per year. Breakeven Date Change • Aug 10 The 4 analysts covering Zamp previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 48% per year to 2026. The company is expected to make a profit of R$14.4m in 2027. Average annual earnings growth of 97% is required to achieve expected profit on schedule.
Price Target Changed • Jun 08
Price target increased by 12% to R$6.81 Up from R$6.08, the current price target is an average from 4 analysts. New target price is 105% above last closing price of R$3.32. Stock is down 2.4% over the past year. The company is forecast to post a net loss per share of R$0.28 next year compared to a net loss per share of R$0.69 last year. Major Estimate Revision • May 21
Consensus EPS estimates fall by 56% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -R$0.18 to -R$0.28 per share. Revenue forecast unchanged at R$5.02b. Hospitality industry in Brazil expected to see average net income growth of 25% next year. Consensus price target broadly unchanged at R$6.02. Share price was steady at R$3.10 over the past week. Breakeven Date Change • May 15
Forecast breakeven date pushed back to 2027 The 4 analysts covering Zamp previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 51% per year to 2026. The company is expected to make a profit of R$23.1m in 2027. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Board Change • May 15
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Director Renan Andrade is the most experienced director on the board, commencing their role in 2024. Independent Director Thiago Frias Peres was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Apr 01
Zamp S.A., Annual General Meeting, Apr 29, 2025 Zamp S.A., Annual General Meeting, Apr 29, 2025. Duyuru • Nov 14
Zamp S.A.(BOVESPA:ZAMP3) dropped from Brazil Special Tag Along Stock Index Zamp S.A. has been dropped from the Brazil Special Tag Along Stock Index - ITAG Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 28%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from R$4.28b to R$4.51b. Forecast EPS reduced from -R$0.30 to -R$0.383 per share. Hospitality industry in Brazil expected to see average net income decline 8.3% next year. Consensus price target broadly unchanged at R$5.09. Share price was steady at R$3.45 over the past week. New Risk • Aug 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: R$97m Forecast net loss in 3 years: R$6.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (R$6.5m net loss in 3 years). Share price has been volatile over the past 3 months (7.6% average weekly change). New Risk • Jul 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: R$133m Forecast net loss in 3 years: R$3.7m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.1% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (R$3.7m net loss in 3 years). Breakeven Date Change • Jul 16
No longer forecast to breakeven The 5 analysts covering Zamp no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of R$35.8m in 2025. New consensus forecast suggests the company will make a loss of R$8.80m in 2026. Breakeven Date Change • Jun 14
Forecast breakeven date pushed back to 2025 The 4 analysts covering Zamp previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 97% to 2024. The company is expected to make a profit of R$39.2m in 2025. Average annual earnings growth of 113% is required to achieve expected profit on schedule. Price Target Changed • Jun 09
Price target decreased by 22% to R$5.07 Down from R$6.54, the current price target is an average from 5 analysts. New target price is 49% above last closing price of R$3.40. Stock is down 29% over the past year. The company is forecast to post earnings per share of R$0.13 next year compared to a net loss per share of R$0.36 last year. Reported Earnings • May 05
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: R$0.33 loss per share (further deteriorated from R$0.20 loss in 1Q 2023). Revenue: R$1.03b (up 16% from 1Q 2023). Net loss: R$90.8m (loss widened 65% from 1Q 2023). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 128%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 19
Consensus EPS estimates fall by 144% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -R$0.09 to -R$0.22 per share. Revenue forecast unchanged at R$4.09b. Hospitality industry in Brazil expected to see average net income growth of 27% next year. Consensus price target broadly unchanged at R$6.79. Share price rose 9.7% to R$3.51 over the past week. Breakeven Date Change • Apr 09
Forecast breakeven date pushed back to 2025 The 4 analysts covering Zamp previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of R$26.0m in 2025. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Price Target Changed • Apr 03
Price target decreased by 11% to R$7.55 Down from R$8.50, the current price target is an average from 6 analysts. New target price is 144% above last closing price of R$3.09. Stock is down 21% over the past year. The company is forecast to post earnings per share of R$0.04 next year compared to a net loss per share of R$0.36 last year. Reported Earnings • Mar 10
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: R$0.36 loss per share (further deteriorated from R$0.20 loss in FY 2022). Revenue: R$3.84b (up 5.4% from FY 2022). Net loss: R$97.8m (loss widened 75% from FY 2022). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 8.4%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings have declined by 23% per year over the past 5 years. Reported Earnings • Nov 13
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: R$0.14 loss per share (further deteriorated from R$0.13 loss in 3Q 2022). Revenue: R$948.0m (up 4.3% from 3Q 2022). Net loss: R$38.5m (loss widened 11% from 3Q 2022). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 81%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 02
Consensus EPS estimates fall by 61% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -R$0.214 to -R$0.344 per share. Revenue forecast unchanged at R$4.06b. Hospitality industry in Brazil expected to see average net income growth of 28% next year. Consensus price target of R$8.98 unchanged from last update. Share price fell 3.4% to R$5.46 over the past week. New Risk • Aug 23
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 11% 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. Breakeven Date Change • Aug 20
Forecast breakeven date pushed back to 2024 The 7 analysts covering Zamp previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 27% to 2023. The company is expected to make a profit of R$67.3m in 2024. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Reported Earnings • Aug 12
Second quarter 2023 earnings: Revenues in line with analyst expectations Second quarter 2023 results: Revenue: R$934.7m (up 5.8% from 2Q 2022). Net loss: R$63.5m (loss widened 101% from 2Q 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in South America. Breakeven Date Change • Aug 11
Forecast breakeven date pushed back to 2024 The 7 analysts covering Zamp previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 27% to 2023. The company is expected to make a profit of R$67.3m in 2024. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Price Target Changed • Jul 24
Price target decreased by 7.6% to R$9.01 Down from R$9.75, the current price target is an average from 8 analysts. New target price is 119% above last closing price of R$4.11. Stock is down 25% over the past year. The company is forecast to post earnings per share of R$0.12 next year compared to a net loss per share of R$0.20 last year. New Risk • Jun 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 9.9% 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 13
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: R$0.20 loss per share (further deteriorated from R$0.11 loss in 1Q 2022). Revenue: R$885.2m (up 11% from 1Q 2022). Net loss: R$55.2m (loss widened 76% from 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 04
Full year 2022 earnings released: R$0.20 loss per share (vs R$1.00 loss in FY 2021) Full year 2022 results: R$0.20 loss per share (improved from R$1.00 loss in FY 2021). Revenue: R$3.64b (up 32% from FY 2021). Net loss: R$55.8m (loss narrowed 80% from FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in South America. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • Dec 23
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. 2 experienced directors. No highly experienced directors. Chairman of the Board Marcos Grodetzky is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Nov 04
Zamp S.A.(BOVESPA:) dropped from Brazil Special Tag Along Stock Index Zamp S.A removed from Brazil Special Tag Along Stock Index. Duyuru • Oct 28
Zamp S.A.(UNQ:BKBR3) dropped from Brazil Special Tag Along Stock Index BK Brasil Operação e Assessoria a Restaurantes S.A. has been removed from Brazil Special Tag Along Stock Index - ITAG . Duyuru • Sep 24
Mubadala Fund Withdraws Proposal to Buy Burger King in Brazil Mubadala Fund of Funds turned back this Friday, September 23, 2022 in the proposal to buy Burger King in Brazil. The revocation occurred because there was no guarantee of keeping unchanged franchise and licensing contracts of the brands Burger King and Popeys, if the purchase agreement was closed. For the Abu Dhabi sovereign wealth fund, the answer given by the franchisor Restaurant Brands International is an impediment for the execution of the acquisition operation of Zamp (current name of Burger King Brasil). The purchase would be made through a public offering (OPA). Mubadala announced its interest in buying the business, offering BRL 7.55 per Zamp share, a value that rose to BRL 8.31 shortly after for 45.1% of the company. Currently, the fund owns 5% of the company. After the announcement of the revocation of the purchase offer, Zamp's shares plummeted on Friday, dropping more than 5% by midday. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$3.58b to R$3.67b. Forecast EPS reduced from -R$0.15 to -R$0.21 per share. Hospitality industry in Brazil expected to see average net income growth of 20% next year. Consensus price target up from R$10.59 to R$10.90. Share price rose 7.4% to R$8.54 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: R$883.3m (up 56% from 2Q 2021). Net loss: R$31.6m (loss narrowed 67% from 2Q 2021). Revenue exceeded analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 16%, compared to a 34% growth forecast for the industry in Brazil. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Duyuru • Jul 28
BK Brasil Operação e Assessoria a Restaurantes S.A. to Report Q2, 2022 Results on Aug 11, 2022 BK Brasil Operação e Assessoria a Restaurantes S.A. announced that they will report Q2, 2022 results After-Market on Aug 11, 2022 Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$3.46b to R$3.51b. Forecast EPS reduced from -R$0.10 to -R$0.15 per share. Hospitality industry in Brazil expected to see average net income growth of 25% next year. Consensus price target of R$11.00 unchanged from last update. Share price rose 8.5% to R$7.81 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: R$0.11 loss per share (up from R$0.59 loss in 1Q 2021). Revenue: R$801.2m (up 42% from 1Q 2021). Net loss: R$31.4m (loss narrowed 81% from 1Q 2021). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 20%, compared to a 46% growth forecast for the industry in Brazil. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Major Estimate Revision • May 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$3.47b to R$3.43b. 2022 losses expected to reduce from -R$0.23 to -R$0.20 per share. Hospitality industry in Brazil expected to see average net income growth of 23% next year. Consensus price target of R$11.13 unchanged from last update. Share price fell 4.4% to R$6.07 over the past week. Board Change • Apr 27
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. Deputy Board Member Felipe Seroa da Motta Austregesilo Athayde is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Apr 16
BK Brasil Operação e Assessoria a Restaurantes S.A., Annual General Meeting, Apr 29, 2022 BK Brasil Operação e Assessoria a Restaurantes S.A., Annual General Meeting, Apr 29, 2022, at 13:00 Coordinated Universal Time. Agenda: At the Extraordinary General Meeting: to consider election of an alternate member of the Board of Directors; to consider change of the company's corporate name from "BK Brasil Operação e Assessoria a Restaurants S.A." to "ZAMP S.A.", with the consequent amendment of article 1 of the Bylaws company's Social; to consider amendment of article 12 of the company's Bylaws; to consider the consolidation of Bylaws; At the Annual General Meeting: to consider examination, discussion and resolution on the accounts of the Managers and the company's financial statements, accompanied by the Management Report, opinion of the Independent Auditors and the summary of the report and opinion of the Audit Committee Audit, referring to the fiscal year ended on December 31, 2021; and to consider approval of the allocation of income for the fiscal year ended December 31, 2021. Major Estimate Revision • Apr 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from R$3.41b to R$3.47b. Forecast EPS reduced from -R$0.03 to -R$0.10 per share. Hospitality industry in Brazil expected to see average net income growth of 33% next year. Consensus price target broadly unchanged at R$11.13. Share price fell 3.2% to R$7.46 over the past week. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: R$2.75b (up 23% from FY 2020). Net loss: R$273.8m (loss narrowed 39% from FY 2020). Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 27%, compared to a 52% growth forecast for the restaurants industry in Brazil. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Duyuru • Feb 19
BK Brasil Operação e Assessoria a Restaurantes S.A. to Report Q4, 2021 Results on Feb 24, 2022 BK Brasil Operação e Assessoria a Restaurantes S.A. announced that they will report Q4, 2021 results After-Market on Feb 24, 2022 Price Target Changed • Feb 09
Price target decreased to R$12.11 Down from R$13.10, the current price target is an average from 9 analysts. New target price is 99% above last closing price of R$6.10. Stock is down 37% over the past year. The company is forecast to post a net loss per share of R$1.05 next year compared to a net loss per share of R$1.92 last year. Reported Earnings • Nov 07
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: R$710.0m (up 36% from 3Q 2020). Net loss: R$37.9m (loss narrowed 64% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2021 earnings released: R$0.35 loss per share (vs R$0.82 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$567.9m (up 94% from 2Q 2020). Net loss: R$97.1m (loss narrowed 48% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 07
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from R$2.69b to R$2.78b. Forecast EPS reduced from -R$0.83 to -R$1.14 per share. Hospitality industry in Brazil expected to see average net income growth of 56% next year. Consensus price target broadly unchanged at R$13.14. Share price fell 4.9% to R$10.00 over the past week. Major Estimate Revision • Jun 24
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -R$0.40 to -R$0.49 per share. Revenue forecast unchanged at R$2.73b. Hospitality industry in Brazil expected to see average net income growth of 80% next year. Consensus price target broadly unchanged at R$13.04. Share price rose 8.2% to R$12.17 over the past week. Major Estimate Revision • May 14
Consensus EPS estimates increase to -R$0.35 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from R$2.83b to R$2.87b. EPS estimate increased from -R$0.48 to -R$0.35. Hospitality industry in Brazil expected to see average net income growth of 77% next year. Consensus price target of R$12.95 unchanged from last update. Share price rose 8.3% to R$10.70 over the past week. Reported Earnings • May 09
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: R$562.6m (down 13% from 1Q 2020). Net loss: R$162.4m (loss widened 192% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 28
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: R$2.24b (down 22% from FY 2019). Net loss: R$445.6m (down R$494.2m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.7%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Over the next year, revenue is forecast to grow 37%, compared to a 19% growth forecast for the Hospitality industry in Brazil. Is New 90 Day High Low • Feb 27
New 90-day low: R$8.83 The company is down 20% from its price of R$11.07 on 27 November 2020. The Brazilian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R$0.037 per share.