The actions of electrobras operate on a high this Thursday (19), one day after the Federal Audit Court (TCU ) conclude the analysis of the state-owned company’s capitalization process, with seven votes in favor of the procedure and one against.
At around 1:45 pm, the company’s common share (ELET3) rose 3.33%, quoted at R$44.01. At the same time, class B preferred paper (ELET6) rose 1.88% to R$42.92.
THE capitalization Eletrobras is one of the priorities of the federal government , and has been well regarded by the market since its announcement. The current expectation is that the process will be concluded by July, with stock offerings on the Brazilian and North American stock exchanges.
According to Ativa Investimentos, “we see government mobilization to execute the process quickly. In this way, we believe that it is possible to carry out the protocol for the offering at the CVM and SEC by the end of May, carry out a road show within two weeks after this deadline and then, carry out the offering in mid-June”.
The brokerage says that the capitalization process should be positive for Eletrobras, and its progress should “unlock value for the company’s shares”.
In a report, the bank UBS evaluated that the changes in the capitalization model proposed by the winning vote, by minister Aroldo Cedraz, were “better than expected”, since they can be addressed at the end of the process, and not at the beginning.
The bank maintained its belief that the capitalization could be completed by June, and granted a buy recommendation for Eletrobras shares, with a target price of R$70.
Source: CNN Brasil
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