Ação do Magazine Luiza já precifica futuro promissor do e-commerce, avalia Ágora
A Ágora Investimentos alterou a recomendação do Magazine Luiza (MGLU3) e da B2W (BTOW3) de compra para neutra, visto que suas ações já apresentaram grandes ganhos de participação no mercado e estão alinhadas com múltiplos justos.
“Os nomes de comércio eletrônico tiveram valorização expressiva justificadamente, pois as tendências de curto prazo aceleraram o aumento da penetração online como uma proporção das vendas no varejo em três anos”, afirmaram os analistas Richard Carthart e Flávia Meireles.
No primeiro trimestre, o Magazine Luiza registrou avanço de 72,6% no e-commerce, contribuindo para o Ebitda. No entanto, a varejista não conseguiu escapar do prejuízo.
Apesar da recomendação neutra, a Ágora elevou os preços-alvos dos dois ativos – R$ 65 para Magazine Luiza e R$ 100 para B2W.
Já a B2W conseguiu impulsionar as vendas no período, mas também fechou no negativo, com prejuízo líquido de 108R$ milhões.
“Nossa revisão de recomendação é puramente motivada pela avaliação – continuamos a ver os dois nomes como vencedores a longo prazo e esperamos que ambos ganhem participação no mercado nos próximos anos”, disseram Carthart e Meireles.
Lojas Americanas e Via Varejo
Para os papéis da Lojas Americanas (LAME4) e da Via Varejo (VVAR3), a Ágora decidiu manter recomendação de compra. Enquanto a primeira companhia fornece exposição ao comércio eletrônico, as ações da segunda estão precificando um cenário de e-commerce menos otimista.
“Assumimos ganhos de participação no comércio eletrônico em 2020 e 2021, mas, no geral, uma participação estável depois disso”, comentou a corretora sobre a controladora da Casas Bahia e do Pontofrio.
Os preços-alvos de ambos os ativos também foram elevados: R$ 33 para a Lojas Americanas, devido ao aumento do preço da B2W, e R$ 15 para Via Varejo.
Por Diana Cheng
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