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Bain Capital to Sell 10% of Intermédica via Public Offering (em português)

June 16, 2019

Bain Capital will sell 10% of its stake in NotreDame Intermédica in a second follow on share offering following Intermédica’s IPO in 2018. The share offering is another partial exit for Bain netting them proceeds of R$2b. 

(Brazil Journal) A Bain Capital vai embolsar cerca de R$ 2 bilhões vendendo 10% da Intermédica na Bolsa —no segundo follow-on da companhia em menos de seis meses e pouco mais de um ano depois do IPO.

A nova operação deve render à Bain o mesmo que a gestora de private equity pagou por toda a companhia em 2014.

Anunciada na sexta-feira à noite, a oferta ‘relâmpago’, totalmente secundária, já será precificada na terça. Normalmente, os bancos usam o chamado ‘fast track’ quando a empresa já é bem conhecido pelo mercado e não há grandes preocupações quanto à demanda.

A oferta não surpreendeu completamente o mercado. “Vai ter mais umas duas ou três tranches nos próximos anos até a Bain sair completamente do negócio”, diz o analista de uma gestora que acompanha de perto a ação.

O papel já caiu 3,5% na sexta-feira, antecipando parte do desconto que costuma acompanhar esse tipo de oferta.

Ao contrário da concorrente Hapvida, na qual a família controladora tem quase 80% do capital, a Intermédica tem mais de metade dos seus papéis em circulação. A fatia da Bain deve sair de 40% para algo entre 27% e 30% com a nova oferta (a depender da demanda pelos lotes adicional e suplementar).

Desde que estreou na Bolsa, as ações da Intermédica já subiram quase duas vezes e meia: saíram de R$ 16,50 para R$ 40,90. No follow-on de dezembro, quando a Bain vendeu 20%do capital, as ações saíram a R$ 26.

Num bull market que se mantém aos trancos e barrancos com as incertezas políticas, o setor de planos de saúde verticalizados — que fazem boa parte dos atendimentos em rede própria — vem esbanjando saúde.

No IPO, a Intermédica saiu a 17 vezes seu lucro previsto para 2018. Agora, nas contas de analistas, negocia a cerca de 35 vezes o lucro de 2019 e de 25 a 30 vezes o lucro para 2020.

Desde o IPO, a empresa vem entregando o que prometeu. Está adicionando vidas ao portfólio, especialmente através de aquisições. A compra da GreenLine, que atua na região metropolitana, adicionou 460 mil vidas ao portfólio a um custo de R$ 1,3 bilhão.

Além disso, a Intermédica vem conseguindo aumentar suas margens operacionais tanto pela redução da sinistralidade quanto pelo controle das demais despesas.

No quarto trimestre, antes de incorporar a GreenLine, o G&A da Intermédica foi de R$ 218 milhões. No primeiro trimestre deste ano, após a incorporação, esse valor caiu para R$ 195 milhões, mesmo com a nova operadora dentro de casa.

Além dos múltiplos esticados, a principal preocupação dos pessimistas — que vem amargando alguma dor de cotovelo com a alta do papel — é com o fato da companhia não conseguir adicionar vidas de forma orgânica.

O resultado do primeiro tri foi o primeiro desde a abertura de capital em que a companhia registrou um aumento de vidas desconsiderando as aquisições.

“Se eles têm um preço tão mais competitivo que a concorrência, por que há tanta dificuldade em adicionar novas vidas?”, questiona um analista.

Bain Capital to Sell 10% of Intermédica via Public Offering (em português) was last modified: June 18th, 2019 by csantos
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