Potential harm
One point that should be focused on is the provision for doubtful debts. At this point, Santander, one of Americanas’ biggest creditors, did well. In January last year, the retailer announced a billion-dollar hole in its accounts. One year later, Santander appears to be recovering from the event: net expenses with provisions for doubtful debts (PDD) were R$6.043 billion, down 11.6% in the quarter and 10.7% in 12 months.
We may have some provision related to retailers, mainly because we now have the case of Casas Bahia (BHIA3)
Breno Bonani, analyst at Alphamar Invest
On Monday (29), the retailer announced an extrajudicial recovery agreement. The company refinanced R$4.1 billion. Bradesco (BBDC4) has R$953 million in debentures and Banco do Brasil (BBAS3), R$1.272 billion, which represents 54.5% of total debts.
What are the target prices?
Banco do Brasil recommends the purchase of SANB11. BB increased the target price from R$33.40 to R$34.70 for the end of 2024. For Bradesco, Genial recommends the purchase, with a target price of R$14.10 (currently the share is quoted at approximately R$ 14.04). Regarding BTG, XP recommends purchase, with a target price of R$40, with potential gains of 19.69%. Itaú is also a recommended purchase by XP, with a target value of R$42 and potential earnings of 32.24%.
