Dividend portfolio: see stocks recommended by brokers for January

The year 2022 started with greater optimism in the international financial market, with reduced concerns regarding the Ômicron variant. In Brazil, however, the signs of this optimism have not yet arrived, with fears of an increase in spending in the middle of an election year, a factor that has traditionally brought volatility to the stock exchange.

In addition, the scenario for variable income is not as favorable as in early 2021, with a Selic rate high, encouraging a movement towards the fixed income.

The picture, however, is not entirely negative. The continued reopening of the economy with the advance of vaccination helps some sectors of the stock exchange to recover in relation to the period of pandemic.

A study by Economatica also points out that many stocks closed 2021 undervalued compared to 2020, which helps to improve the so-called dividend yield, the rate of return on investment from dividends.

Dividends are the part of a company’s profit that is passed on to the holders of its shares, and many brokerages carry out stock indications to invest when the investor’s objective is to make money from the dividends.

However, the dividend depends on the profit of each company and, therefore, is linked to macroeconomic issues, as well as sectorial and individual issues of each company, with their influence on corporate performance.

According to Hugo Carone, responsible for Nu Invest’s portfolio, the recommendation in this scenario is to diversify investments. “We opted for a much more diversified profile and with assets outside the market’s focus,” he says.

the wallet

As in December and November, Taesa was the company most recommended by consultants for January, according to a survey by CNN Brasil Business. The company operates in the energy transmission sector.

To create the January dividend portfolio, the CNN Brasil Business gathered the recommendations of 12 brokers: Investmind, Guide, Órama, Bradesco, Terra, Planner, XP, Nu Invest, Agora Investimentos, BTG, Genial and Elite.

See what analysts commented on the most recommended companies for January:

Taesa

Ticker: TAEE11

Comment: BTG Pactual

We see that Taesa has a very strong operating efficiency, which has ensured the company a solid cash generation over the years, allowing the company to manage to distribute a good portion of its profits to shareholders.

The company has a payout (percentage of net income distributed as earnings) of around 90%, which supports the strong yield on dividends (and other earnings) distributed to shareholders.

That said, we believe that Taesa will continue with a strong level of operational efficiency, delivering good results in the quarters ahead and, consequently, remunerating its shareholders very well through the distribution of dividends, which makes room for a strong expectation of dividend yield (dividend yield).

Engie

Ticker: EGIE3

Comment: Órama Investments

Engie is a company focused on electricity generation, but also with interests in distribution and natural gas. Since privatization, it has been an excellent dividend payer as well as an excellent capital allocator, entering atypical projects with a high rate of return and having consistent success.

In addition to the good prospects associated with recent initiatives in the gas and wind energy market, we recommend the action in this portfolio especially due to the recurring earnings that the company pays to shareholders.

Vale

Ticker: VALE3

Comment: Investmind

Vale is one of the largest mining companies in the world and captured the upward movement in commodities in the first half of the year. With the sharp drop in the price of iron ore, reaching US$ 90/ton, the target price reflects a lower level in the company’s revenues this year.

However, we already see a stabilization of ore around the average of US$ 120/ton, in line with our expectations for the annual and long-term average, so we still see a considerable upside for paper.

Therefore, we continue with our thesis that Vale should continue to be efficient in the operation and present a high dividend yield.

Petrobras

Ticker: PETR4

Comment: Investments Guide

Petrobras continues to show good results amid the resumption of oil prices and the dollar at higher levels. We believe that the company’s governance has evolved a lot over the last few years and has managed to shield possible interventions, even with the recent change in command.

The company continues to show good production volumes and a reduction in its lifting cost (extraction cost) with a greater share of pre-salt operations in the portfolio. We expect the startup of new wells in the medium term, contributing to the increase in production.

Alupar

Ticker: ALUP11

Comment: BTG Pactual

Alupar is a transmission and generation concessionaire in Brazil. In 2017, including assets under construction, the company had BRL 2.15 billion in RAP (annual allowable revenue) from transmission and 687 average MW of generation capacity.

None of the company’s concessions expire before 2030, making this stable cash flow generator a potentially relevant dividend payer for many consecutive years.

The company is negotiating at an implied IRR (Internal Rate of Return) of 9.5%, as it has assets still under construction. However, most of the projects come on stream this year and next year, and we expect an increase in dividends. It is a company that is very well managed and a great allocator of capital.

Itaúsa

Ticker: ITSA4

Comment: Investmind

The holding company continues to diversify its portfolio in an attempt to be less dependent and correlated with Itaú Unibanco’s results. The recent highlights are the spin-off of XP Inc., the merger of Aegea and the change in the corporate name of Dexco (formerly Duratex) and Copa Energia (formerly Copagaz).

Even with good prospects for the other businesses of the conglomerate, it is unlikely that the bank will not be Itaúsa’s main driver in the coming years, due to the difference in business strength. In addition, we have seen doubtful results about the bank’s bottom line, which makes us worried about its capacity for growth in the coming years.

However, the evolution of the discount between the market value of Itaúsa and the market value of the sum of its parts caught our attention. We therefore believe that the holding company still has a way to go in terms of the appreciation of its shares, which may also be accompanied by an even more relevant recovery in the numbers of Itaú Unibanco and other companies in the conglomerate in the second half of the year.

In this way, as we believe that the paper is discounted in relation to its real market value, Itaúsa is configured as a good dividend payer.