Seeking Alpha • Jun 17

Ultrapar: Ipiranga Refuels The Story, But I Still Stay On Hold

Summary Ipiranga has refueled the Ultrapar story, but the 1Q26 margin spike looks too inventory-driven to underwrite as the new normal. Management’s R$200/m³ margin comment keeps the bull case alive, but my base-case math still points to limited upside. A R$200/m³ normalized margin would add roughly $566 million of enterprise value, or about 11% upside to equity value. UGP looks more interesting after the pullback, but not cheap enough to offset Brent volatility, inventory reversals, and margin normalization risk. Read the full article on Seeking Alpha

Seeking Alpha • Apr 18

Ultrapar: The Worst Is Over

Summary Ipiranga's margins have stalled after a decent improvement in late 2023, prompting investors to sell the stock throughout 2024. While not as good as 2016, Ipiranga's margins have improved since hitting bottom and support an improved outlook for Ultrapar. Instead of continuing to pay down debt to boost profitability, the company decided to fund additional M&A that doesn't contribute to earnings or cash flow. Since the valuation is really depressed and major risks have been priced in, I'm upgrading Ultrapar to Hold. A Buy rating depends on improved margins and on the USD/BRL exchange rate. Read the full article on Seeking Alpha

Seeking Alpha • Mar 11

Ultrapar Q4: Still Not Convincing, But The Case Has Improved (Rating Upgrade)

Summary I am upgrading Ultrapar shares from a sell to a hold recommendation due to improved momentum and attractive valuation despite mixed 4Q24 results. Ultrapar's net revenue increased 6% y/y, driven by Ipiranga and Ultragaz, but future growth is uncertain due to market competitiveness. The company maintains healthy financials with a net debt/EBITDA ratio of 1.4x and a $405 million investment plan for 2025. Read the full article on Seeking Alpha

Seeking Alpha • Aug 29

Ultrapar's Turnaround Complete: Time To Consider A Buy Rating

Summary Ultrapar has optimized its portfolio by divesting non-core assets, enhancing profitability, and maintaining strong cash generation, making its stock attractively priced. The company’s main businesses, Ipiranga, Ultragaz, and Ultracargo, show solid market positions and growth potential. Key risks include dependency on Ipiranga, regulatory and economic factors, and capital allocation, but management appears committed to disciplined investments. Despite sector uncertainties, Ultrapar's low valuation and high cash flow yield offer the potential for shareholder returns through dividends and strategic acquisitions. Read the full article on Seeking Alpha

Seeking Alpha • Jun 13

Ultrapar: Potential Regulatory Problems And Unattractive Valuation

Summary Ultrapar faces challenges with increased competition due to the possible return of state-owned Petrobras in the fuel distribution segment. New changes to tax rules could further increase sectoral uncertainties. The valuation is not attractive, both compared to peers and compared to its own history. Read the full article on Seeking Alpha

Seeking Alpha • Apr 01

Ultrapar: The Peak Is Here

Summary Ultrapar Q4 earnings were strong in all measures, but the stock price has fallen since. The improvements in Gross Margin and Deleverage seem to have been priced in and are expected to subdue during FY'24. I don't expect market-beating returns from Ultrapar as it has almost achieved my previous price target. I recommend investors to exit their positions. Read the full article on Seeking Alpha

Seeking Alpha • Dec 11

Ultrapar: It Seems Time To Move On (Rating Downgrade)

Summary Ultrapar's gross margin in its fuel distribution segment improved in Q3 due to Petrobras' new price policy. The company now seems to be fairly valued, in line with my previous valuation. Ultragaz and Ultracargo could provide additional upside for Ultrapar as they account for a growing portion of total EBITDA, but that may not be enough to create an upside. The stock has seen a 40% return since July and more than 100% YTD, the timing seems right for investors to start taking profits. Read the full article on Seeking Alpha

Seeking Alpha • Nov 28

Ultrapar's Impressive Q3 Performance Raises Valuation Concerns

Summary Ultrapar reported robust Q3 results, capitalizing on an oversupply of fuels and increased Russian diesel imports, leading to lower acquisition costs and significant year-over-year bottom line improvements. Despite a strong Q3, Ultrapar foresees inventory losses in Q4 due to an 11% premium on fuel prices in Brazil compared to international parity, signaling a more cautious outlook. Ultrapar's shares surged triple digits in 2023, raising valuation concerns. A discounted cash flow model implies a potential 28% downside, prompting a neutral stance. Read the full article on Seeking Alpha

Seeking Alpha • Sep 11

Ultrapar: Caution Amidst Brazil's Uncertain Fuel Pricing

Summary Ultrapar, a major Brazilian business group, operates in cyclical industries, focusing on core businesses like Ipiranga, Ultracargo, and Ultragaz. The company faces uncertainty in Brazil's fuel market due to Petrobras' independent pricing, increased Russian oil imports, and oversupply of diesel. Ultrapar's recent financial results for Q2 2023 showed a decline in net profit and revenue, primarily attributed to lower turnover at Ipiranga and decreased EBITDA in challenging market conditions. Read the full article on Seeking Alpha

Seeking Alpha • Jul 04

Making Sense Of Ultrapar's Run-Up And Why It's Still A Buy

Summary Brazilian holding company Ultrapar has seen a resurgence in its share price due to expected improvements in gross margin and recent financial deleveraging. The company's gross margin decline since 2018 has been attributed to rising gasoline prices in Brazil, but changes in PBR's price policy could reverse this trend. Ultra's management has successfully reduced the company's debt, which peaked in 2020 at $17.4B BRL and has since been brought down to $11.8B BRL. Higher margins, less debt, and a pending cut of interest rates are what is driving Ultra's stock and will likely take it further. Ultra is a buy. Read the full article on Seeking Alpha

Seeking Alpha • Feb 15

Ultrapar Participacoes reports Q4 2022 results

Ultrapar Participacoes press release (NYSE:UGP): Q4 adj. EBITDA of R$1.83B (+54.4% Y/Y). Revenue of R$35.96B (+4.5% Y/Y).

Seeking Alpha • Jan 13

Ultrapar Continues Over Investing But Is A Speculative Play On Brazil

Summary UGP has a significant market share in Brazil's service stations, bottled LPG and hydrocarbon port storage. These businesses earn a low return on capital and have weak competitive characteristics. The company has made the situation worse by applying pro-cyclical CAPEX policies and taking on expensive debt. Although UGP has repaid some of its debts, it has also released plans of continued over-investment, particularly in its less profitable segment (service stations). I do not like UGP for long-term holding, but some readers might be interested in it on speculative grounds, particularly relating to Brazil's economic cycle. Ultrapar Participacoes (UGP) is a Brazilian holding with important market shares in gas stations, LPG distribution and hydrocarbon port storage. The company has recently divested two unrelated segments. In previous articles from January 2022 and September 2022, I did not recommend the stock based on its businesses lack of competitive advantage, low margins and low return on invested capital. Above all, I criticized UGP's capital allocation strategy, considering it more valuable to repay debt than to continue with capital expenditures. These considerations have not changed. In this review, with data from 3Q22 and the 2023 Investment Plan, I reconsider other aspects, like the cyclicality of Ultrapar's industry, and its correlation with the Brazilian economy. Although I still do not consider UGP a valuable long-term investment at these prices, I do consider it an interesting speculative play on Brazil and on its downstream hydrocarbon industry cyclical recovery. Note: Unless otherwise stated, all information has been obtained from UGP's filings with the SEC. Historical operations For a more thorough review of UGP's operations, please read the previous articles from January 2022 and September 2022. In this article I will only mention the key aspects of my previous thesis. UGP participates in low return commoditized businesses: UGP participates in service stations (Ipiranga), bottled LPG (Ultragaz) and hydrocarbon port storage (UltraCargo). These three segments suffer from similar diseases: high fixed asset requirements and mostly undifferentiated products, which cause high competition and very low margins. This can be seen in UGP's low return on assets (calculated as operating profit over total assets) and return on invested capital. Data by YCharts Procyclical capital allocation: Ideally, a business can enhance its return on invested capital when participating in a low return or cyclical industry by investing contrary to the cycle. That is, accumulate cash during the upturn in the industry, refrain from investing, and when the downturn finally hits, buy assets at a discount. Unfortunately, the chart below shows that UGP's management has followed a very procyclical investment route. Data by YCharts Underrepresented depreciation: UGP's net income is overstated by depreciation that does not represent the true capital deployments needed to keep the business running. The first evidence of this is the consistent positive difference between CAPEX and depreciation. A second piece of evidence comes from the company's 2023 investment plan, where they expect depreciation expenses of almost R$1.2 billion against yearly depreciation charges of R$750 million. Data by YCharts Cannot earn its cost of debt: The company's return on invested capital (rarely above 8%) is lower than the cost of its debt (rarely below 8%). This means that the company is paying more to service the debt used to purchase assets than what those assets generate. Data by YCharts A speculative play in the future Reducing debt: UGP started the process of reducing its debt leverage a few years ago. It has accelerated this process after the divestment of Extrafarma (pharmacy stores) and Oxiteno (chemicals), two businesses unrelated to its core industry. Long term debt stands at R$12.1 billion (about $2.4 billion) as of 3Q22, and ideally the company should be repaying (not rolling over) another R$3.5 billion this year, but it has no cash to do so given its planned investments. Data by YCharts Continued over investment: The company's 2023 investment plan includes a R$2 billion CAPEX account, against R$750 million of depreciation. With CFO close to R$2 to R$2.5 billion in the past few years, it will be difficult for the company to invest and repay debt at the same time. I would go for the latter. Super beta Brazil: UGP's profitability and share price are closely related to Brazil's destiny. In my opinion this is caused by capital inflows making the country more or less expensive by cycles, which in turn affects UGP's profit at the unit level. Data by YCharts For example, data below from the National Petroleum Agency shows the rise and fall of petroleum products sales (first table), compounded by falling prices in dollar terms (second table in reais per liter). The price of a liter of gasoline was almost $1.5 in 2014, but only $1.15 in 2021. This fall in volumes and prices affects UGP's profitability because the company takes prices from the market, rather than having its own pricing power. Petroleum fuels sales in Brazil (first row after total is gasoline) (National Petroleum Agency (Agencia Nacional do Petroleo)) Gasoline sales prices in Brazilian reais (National Petroleum Agency Brazil (Agencia Nacional do Petroleo)) Not for the business but for the speculation I do not believe UGP is a great long term investment. The reason is industry undesirability coupled with bad capital allocation policies. However, the stock may outperform based on a cyclical recovery in Brazil and the industry.

Seeking Alpha • Dec 22

Ultrapar: On Hold Despite The Ambitious New Capex Plan

Summary Ultrapar announces an aggressive new capex update for FY23. Most of the growth capex will be allocated to Ipiranga, while Ultragaz also gets a significant boost as it builds on the recent NEOgás acquisition. The stock screens cheaply on an EBITDA basis but still trades at comes with funding risks and heightened regulatory risks post-election. Brazilian fuel distribution leader Ultrapar (UGP) confirmed its growth ambitions with an aggressive new capex plan for FY23. Unsurprisingly, most of the capex dollars will be allocated to fuel distribution subsidiary Ipiranga and the LNG distribution arm Ultragaz, where EBITDA margins continue to trend strongly. My only concern is free cash generation - despite outperforming in Q3 on a headline basis, FCF would have been negative after adjusting for working capital benefits. While the balance sheet should support most of the funding needs for now, the sustainability of the FY23 capex run rate and the resulting impact on the yield are areas to monitor going forward. The valuation seems undemanding at ~5x fwd EV/EBITDA. Still, the funding risk is a concern, along with potential post-election changes to the regulatory regime (e.g., a return of federal taxes on fuels next year). On balance, I remain neutral. Data by YCharts An Aggressive FY23 Capex Update Ultrapar has outlined a bold new investment plan for FY23 amounting to ~R$2.2bn. Per management, the capex will be allocated across business portfolio expansion, with key initiatives including capacity expansions and efficiency gains, as well as points of sale optimization. Most of the capex dollars (~R$1.2bn) will go toward maintenance, though the remaining >R$1bn earmarked for expansion is significant as well. While management didn't commit to a specific return target, prior guidance for a return rate of >15% for new projects likely remains intact. Ultrapar The higher growth capex guide should come as no surprise - recall that management had previously flagged its increased cash generation as supportive of a bigger allocation. While Ultrapar's Q3 headline free cash generation was indeed impressive, it was propped up by a favorable >R$600m working capital inflow from the recent fuel price declines. So while fuel distributors freed up working capital in Q3, this should reverse over the coming quarters, weighing on FCF. Given that Ultrapar's free cash generation would have been negative excluding the working capital contribution, I am concerned about future capex ramp-ups. For now, though, the expanded balance sheet capacity should fund any capex needs - in addition to the Q3 deleveraging, pending receivables related to the divestments of Oxiteno and Extrafarma should keep the net debt/EBITDA well below ~2x. Ultrapar Ipiranga As The Key Growth Driver Given its relative contribution and recent outperformance, Ultrapar's decision to allocate most of its capex to the fuel distribution arm Ipiranga makes sense. From an industry perspective, Ipiranga's supply capacity has also proven valuable in a tight market, giving it an advantage in the domestic market. All in all, the company has guided to R$1.4bn of investments here in FY23, of which R$585m will be for expansion and R$791m for maintenance and other investments. Of note, expansion capex will be mainly directed to the branding of service stations with higher throughput, as well as the expansion of capacity and logistics infrastructure across the existing base. The size of the additional capex allocation for service station branding at R$265m is a particularly positive readthrough for the sector, in my view, reinforcing the value proposition for more service station owners signing branding deals with distributors over time. The mid to long-term growth potential needs to be balanced, however, against near-term margin pressure from lower domestic fuel prices and service disruptions (e.g., the trucker protests last month). Pending measures to address these headwinds, Ipiranga could still underwhelm in the coming quarters, in my view. Ultragaz Gets A Hefty Capex Allocation Post NEOgás Acquisition Meanwhile, the LNG distribution subsidiary Ultragaz will be allocated R$428m of investments for next year. Of this allocation, growth capex will amount to R$190m for customer acquisition in the bulk segment (e.g., by opening new points of sales), as well as optimizing infrastructure and exploring energy diversification projects. The segment has benefited from innovation and efficiency gains thus far, with the recent Q3 EBITDA outperformance mostly down to efficiency and productivity initiatives. Thus, deploying more capex to unlock more of these benefits makes sense, in my view.

Seeking Alpha • Nov 11

Ultrapar Participacoes GAAP EPS of R$0.07, revenue of R$39.48B

Ultrapar Participacoes press release (NYSE:UGP): Q3 GAAP EPS of R$0.07. Revenue of R$39.48B (+23.7% Y/Y).

Seeking Alpha • Sep 13

Ultrapar Likely Has No Margin Of Safety And Should Deleverage

Summary UGP is a Brazilian conglomerate concentrated around O&G downstream. Its operations are profitable but located in low moat, cyclical industries. UGP's biggest problem is its high indebtedness coupled with Brazil's historic high real interest rates. The company is unable to earn a return on assets that justifies the cost paid for capital in the form of debt. Progressive deleveraging would be a positive factor for long term profitability and stability. Ultrapar Participacoes (NYSE:UGP) is a Brazilian conglomerate with leading positions in service stations, bottled LPG and hydrocarbon liquid port facilities. Back in January I wrote an article with a hold rating for UGP. Since then, the stock has returned 20%. In that article I questioned UGP's excessive financial leverage. I also commented on the difficulty of determining UGP's long term profitability while the company was divesting two of its segments. In this review I find that UGP has concluded its most important divestment, for about $1.3 billion, using half the proceeds to reduce its debts. The company is also about to close its second, smaller divestment, for $140 million. My opinion is still that the company's share price is high. There are two main reasons. First, the company cannot earn more on its assets than what it pays on its debt. This could be solved by deleveraging. Second, its businesses are difficult to defend from competitive forces, are cyclical and have bad long term perspectives. Note: Unless otherwise stated, all information has been obtained from UGP's filings with the SEC. UGP's divestments and current segments Since I wrote an article on UGP in January, the company has posted its 20-F annual report for FY21, and quarterly reports for 1Q22 and 2Q22. These months have brought a few changes in the company and in its environment: the company divested one important segment; Brazil is growing fast; hydrocarbon prices soared; and the country's interest rate is back to positive real territory. To begin with, UGP had announced in 2021 its decision to divest both Oxiteno and Extrafarma, two segments unrelated to the company's core businesses. Oxiteno is a profitable chemical manufacturer. In FY21, Oxiteno generated almost $50 million in net income. The segment was sold to a chemical conglomerate for about $1.4 billion, with the transaction concluding in April 2022. Extrafarma is an unprofitable pharmacy retailer. This segment has generated significant impairment losses for UGP, which sold it for about $140 million. The transaction has been approved by regulators but is still pending payment. In my previous article, I commented that UGP should use some of the proceeds from the divestments to repay debts. It is good to see that the company has done so. UGP launched a tender offer for some of its dollar denominated debt, absorbing about $600 million. The rest has not been used for other purposes yet, currently strengthening the company's cash position. After the divestments, UGP has businesses in three major segments. The company participates in gas stations and downstream fuel commercialization through its brand Ipiranga. UGP controls 18% of the light-vehicle fuel market through Ipiranga. This positions the company as the third player in the segment. Ipiranga is the main profit center of the company, generating triple the operating profits of the other two segments combined in 1H22. UGP also participates in bottled LPG through Ultragaz, holding 24% of the market. Given that Brazil is a warm country, its consumption of natural gas is limited to cooking and to industrial and commercial uses. In many cases, these uses do not justify the investment to provide natural gas by pipeline. Gas is supplied in bulk or retail bottles by LPG distributors like Ultragaz. Finally, UGP participates in liquid hydrocarbon port storage and logistics through Ultracargo. The company holds permits in several Brazilian ports to operate tanks to store exports and imports of hydrocarbon liquids. Brazil's growth and UGP's cyclical businesses A second development has been Brazil's return to growth in 2021, but mostly in 2022. The boom in commodity prices has been a windfall for the country. This is important for two reasons. First, Brazil passed through a "lost decade" in the 2010s, losing almost 50% of its GDP in between 2011 and 2020. Second, as the chart below shows, UGP's profits are correlated to the country's economy. UGP Operating Income (TTM) data by YCharts Brazil's growth has been positive for UGP's operations. On a restated basis, eliminating Oxiteno's and Extrafarma's entries, the company has posted 40% higher revenues, 50% higher gross profits and 70% higher operating income for 1H22 compared to 1H21. Other factors help in posting those impressive growth figures. First, during 1H21 the pandemic was still affecting some markets, for example transportation, and consequently, fuel consumption. Second, the prices of hydrocarbons have moved up significantly, and Brazil's Petrobras follows an international peg policy. With fuel consumption being relatively inelastic, price increases translate into revenue increases. At this point it is convenient to analyze the competitive characteristics of UGP's businesses. The common characteristic between the three is that they provide very little room for moat building, and are prone to profitability-destroying competition. Starting with service stations, UGP's main profitability center, they offer a commodity that can be easily compared by customers. It is true that some customers may develop some loyalty to a brand, but only as long as the price difference with other brands is not substantial. The same is true for bottled LPG. Retail customers, who make two thirds of Ultragaz's revenues, can easily change between providers if they notice a significant difference in price. Bulk customers are different, because Ultragaz installs tanks on their facilities, making switching between providers costly. Finally, liquids storage and logistics is the more protected segment, given that it is based on permissions granted by the port authorities. However, these authorities also regulate pricing. This cancels part of the profitability that could be extracted from the relative scarcity. In the three cases, the business cycle affects these segments. In the case of service stations, although fuel consumption is relatively price inelastic in the short term, it can be quite income elastic. If the economy is booming more cars and trucks will be purchased, pushing for fuel demand. If fuel demand or exports are increased, the storage segment will also increase business. In the case of LPG, the situation is not very different. Many Brazilians still have low incomes. This makes LPG an income elastic product. Finally, all of the segments are exposed to transition risk. The most exposed is LPG, because it cannot be converted and because customers may change their appliances to electric, eliminating most of the need for the product. In the case of service stations, as more cars transition to electric energy, the stations could be transformed to electric charging, albeit at significant capital costs. Brazil's interest rates and UGP's indebtedness Finally, after a strange period of emergency caused by the pandemic, Brazil's interest rates have moved back to positive real territory. The charts for the Selic rate (the prime lending rate in Brazil), posted by Brazil's Central Bank and by The Capital Advisor, show that the prime rate has usually been nominally high, albeit decreasing. Coupling this data with Brazil's inflation rate (third chart) shows that Brazil has usually had positive real rates. Selic (BCB lending rate) (Brazil's Central Bank (BCB)) Historic Selic rate (Brazil's BCB lending rate) (The Capital Advisor Brazil) Brazil Inflation data by YCharts Positive real rates are great for lenders, but they are terrible for borrowers. This development is problematic because after paying $600 million in debts using Oxiteno's sale proceeds, UGP still owes about R$12 billion (~$2.5 billion), which yields variable interest tied to Brazil's prime rate. UGP still owes about $1 billion (~R$5 billion) in dollar denominated notes and loans maturing between 2026 and 2029. The company has swaps in place to convert interest payments (not the principals) from a fixed 5% in dollars to a variable CDI rate. CDI is the interbank deposit rate, which follows Brazil's Central Bank prime rate quite closely. The company also owes about R$7.5 billion in reals denominated financing. These debts mature mostly after 2026. They all yield variable rates tied to the CDI. UGP likely cannot earn its cost of debt A simple rule of thumb for debt is that it is beneficial to profitability if its cost is lower than what can be earned with the assets financed by that debt. In order to calculate how much does UGP produce on its assets I use the ratio of operating income to total assets. This is more accurate than ROA because ROA is net income over assets, meaning that debt has already been paid. Fundamental Chart data by YCharts As the chart above shows, UGP's asset profitability moves in line with the Brazilian business cycle. This has been commented on already. The problem is that averaging the valleys and tops of the cycles yields a return of 10%. Compare that with lending rates way above 10% for most of the past two decades, and Brazilian inflation generally below 10%. My take from this is that Brazil is not a great country to be a borrower but rather to be a lender. UGP could earn a higher average return across the cycle by paying back debts. Assumptions behind UGP's stock price Comparing UGP's current stock price with the unadjusted data from FY21 and the first two quarters of 2022 is incorrect, because these include profitability from the already sold Oxiteno and Extrafarma. In 1H22, the hydrocarbon related segments generated R$1.4 billion in operating income. The bulk of this operating income was generated by Ipiranga (the service stations), with R$900 million. As we commented, the environment has been positive for these segments: Brazil is growing, which fuels demand, and prices have been increasing, which in turn increases revenue as well. Last year, in a more recessive context, the segments generated R$2 billion in operating income for the whole year. We can invert the process and find out what is the necessary operating income to justify the current stock price.

Seeking Alpha • May 25

Third Avenue - Ultrapar: Lot Of Room For Valuation Upside

Ultrapar is a relatively high-quality Brazilian business that is currently available at valuation levels we haven’t seen in some time. The disposition of several large but noncore businesses has led to a substantial cash inflow recently putting Ultrapar on an excellent footing. We think that there is a lot of room for operational improvement as well as general valuation upside at Ultrapar.

Seeking Alpha • Jan 15

Ultrapar: Better To Await Developments

Ultrapar is an overextended conglomerate which is in the process of divesting unrelated business. Ultrapar is going to concentrate on gas stations, LPG distribution and liquids bulk storage. It is divesting two important segments. The company's profitability is not great compared to its current market cap. The effects of the divestments are not clear yet. Therefore, we think it is better to wait until better prices or we get a more clear picture.

Kar Tanesi Skoru
Değerleme	4/6
Gelecekteki Büyüme	0/6
Geçmiş Performans	4/6
Finansal Sağlık	5/6
Temettüler	4/6

Tarihsel hisse senedi fiyatları
Güncel Hisse Fiyatı	R$6.33
52 Haftanın En Yüksek Seviyesi	R$6.59
52 Haftanın En Düşük Seviyesi	R$3.11
Beta	0.26
1 Aylık Değişim	1.28%
3 Aylık Değişim	9.33%
1 Yıllık Değişim	100.95%
3 Yıllık Değişim	70.62%
5 Yıllık Değişim	115.31%
Halka arzdan bu yana değişim	429.42%

	UGP	US Specialty Retail	US Pazar
7D	6.2%	-4.5%	-0.3%
1Y	101.0%	-4.3%	19.9%

UGP volatility
UGP Average Weekly Movement	5.2%
Specialty Retail Industry Average Movement	7.5%
Market Average Movement	7.1%
10% most volatile stocks in US Market	16.3%
10% least volatile stocks in US Market	3.1%

UGP temel i̇stati̇sti̇kler
Piyasa değeri	US$6.93b
Kazançlar(TTM)	US$697.49m
Gelir(TTM)	US$29.35b

UGP gelir tablosu (TTM)
Gelir	R$153.26b
Gelir Maliyeti	R$140.40b
Brüt Kâr	R$12.86b
Diğer Giderler	R$9.22b
Kazançlar	R$3.64b

Hisse başına kazanç (EPS)	3.40
Brüt Marj	8.39%
Net Kâr Marjı	2.38%
Borç/Özkaynak Oranı	89.2%

Ultrapar Participações temettü tari̇hleri̇
Eski Temettü Tarihi	Aug 26 2026
Temettü Ödeme Tarihi	Sep 14 2026
Eski temettüye kadar geçen günler	7 days
Temettü ödeme tarihine kadar geçen günler	26 days

Veri	Son Güncelleme (UTC saati)
Şirket Analizi	2026/08/18 01:59
Gün Sonu Hisse Fiyatı	2026/08/18 00:00
Kazançlar	2026/06/30
Yıllık Kazançlar	2025/12/31

Paket	Veri	Zaman Çerçevesi	Örnek ABD Kaynağı ^*
Şirket Finansalları	10 yıl	Gelir tablosu Nakit akış tablosu Bilanço	SEC Form 10-K SEC Form 10-Q
Analist Konsensüs Tahminleri	+3 yıl	Finansal tahminler Analist fiyat hedefleri	Analist Araştırma Raporları Blue Matrix
Piyasa Fiyatları	30 yıl	Hisse senedi fiyatları Temettüler, Bölünmeler ve Eylemler	ICE Piyasa Verileri SEC Form S-1
Sahiplik	10 yıl	En büyük hissedarlar İçeriden öğrenenlerin ticareti	SEC Form 4 SEC Form 13D
Yönetim	10 yıl	Liderlik ekibi Yönetim Kurulu	SEC Form 10-K SEC Form DEF 14A
Önemli Gelişmeler	10 yıl	Şirket duyuruları	SEC Form 8-K

Analist	Kurum
Daniel Cobucci	BB Banco de Investimento S.A.
Leonardo Marcondes	BofA Global Research
Vicente Falanga Neto	Bradesco S.A. Corretora de Títulos e Valores Mobiliários

Ultrapar Participações (UGP) Hisse Özeti

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Fiyat Geçmişi ve Performans

Son Haberler & Güncellemeler

Ultrapar Participações S.A. to Report Q2, 2026 Results on Aug 12, 2026

Ultrapar: Ipiranga Refuels The Story, But I Still Stay On Hold

Ultrapar Participações S.A. to Report Q1, 2026 Results on May 06, 2026

Ultrapar Participações S.A., Annual General Meeting, Apr 15, 2026

Ultrapar Participações S.A. to Report Q4, 2025 Results on Mar 04, 2026

Ultrapar Participações S.A. to Report Q3, 2025 Results on Nov 12, 2025

Recent updates

Ultrapar Participações S.A. to Report Q2, 2026 Results on Aug 12, 2026

Ultrapar: Ipiranga Refuels The Story, But I Still Stay On Hold

Ultrapar Participações S.A. to Report Q1, 2026 Results on May 06, 2026

Ultrapar Participações S.A., Annual General Meeting, Apr 15, 2026

Ultrapar Participações S.A. to Report Q4, 2025 Results on Mar 04, 2026

Ultrapar Participações S.A. to Report Q3, 2025 Results on Nov 12, 2025

Ultrapar Participações S.A. to Report Q2, 2025 Results on Aug 13, 2025

Ultrapar Participações S.A. to Report Q1, 2025 Results on May 07, 2025

Ultrapar: The Worst Is Over

Ultrapar Participações S.A. Announces Distribution of Dividends

Ultrapar Q4: Still Not Convincing, But The Case Has Improved (Rating Upgrade)

Ultrapar Participações S.A. to Report Q4, 2024 Results on Feb 26, 2025

Ultrapar Participações S.A., Annual General Meeting, Apr 16, 2025

Ultrapar's Turnaround Complete: Time To Consider A Buy Rating

Ultrapar: Potential Regulatory Problems And Unattractive Valuation

Ultrapar: The Peak Is Here

Ultrapar Participações S.A. to Report Q2, 2024 Results on Aug 07, 2024

Ultrapar Participações S.A. to Report Q4, 2023 Results on Feb 28, 2024

Ultrapar Participações S.A., Annual General Meeting, Apr 17, 2024

Ultrapar: It Seems Time To Move On (Rating Downgrade)

Ultrapar's Impressive Q3 Performance Raises Valuation Concerns

Ultrapar: Caution Amidst Brazil's Uncertain Fuel Pricing

Ultrapar Participações S.A. Approves Dividend, Payable on August 25, 2023 Onwards

Making Sense Of Ultrapar's Run-Up And Why It's Still A Buy

Ultrapar Participações S.A. Approves Dividends, Payable on March 3, 2023

Ultrapar Participacoes reports Q4 2022 results

Ultrapar Continues Over Investing But Is A Speculative Play On Brazil

Ultrapar: On Hold Despite The Ambitious New Capex Plan

Ultrapar Participações S.A. to Report Q4, 2022 Results on Feb 15, 2023

Ultrapar Participacoes GAAP EPS of R$0.07, revenue of R$39.48B

Ultrapar Likely Has No Margin Of Safety And Should Deleverage

Third Avenue - Ultrapar: Lot Of Room For Valuation Upside

Ultrapar: Better To Await Developments

Hissedar Getirileri

Fiyat Oynaklığı

Şirket Hakkında

Ultrapar Participações S.A. Temel Bilgiler Özeti

Kazanç ve Gelir

Temettüler

Şirket Analizi ve Finansal Veri Durumu

Veri Kaynakları

Analiz Modeli ve Kar Tanesi

Endüstri ve Sektör Metrikleri

Analist Kaynakları