THE Hey 🇧🇷OIBR3) is experiencing a moment of uncertainty in the face of doubts surrounding his recovery. Negative news, such as the request of Alive 🇧🇷VIVT3🇧🇷 clear and Tim 🇧🇷TIMS3) to return part of the money from the sale of its operations, added to a group considered aggressive by analystsdragged the stock below R$ 0.30.
However, not only bad news lives the investor of the Hey🇧🇷 O BTG highlights, in a report sent to clients, that the injection of capital into the fiber optic company, the V.suchis positive.
Altogether, the Canadian fund Canada Pension Plan Investment Board (CPPIB) will invest BRL 2.5 billion in company.
In addition, Oi announced that the operation will be carried out through a capital increase, at an issue price of R$ 1.42 per share.
As a result, BTG’s infrastructure fund will hold 65.9% (9.7% of CPP) and Oi will hold the remaining 34.1%.
For BTG analysts, the 15% premium paid by CCP on the amount paid by the BTG infrastructure fund is relevant. BTG Pactual🇧🇷
However, the bank points out that Oi suffered another significant dilution of its stake in V.tal. Next year, tele’s stake should undergo another adjustment, reducing its stake in the optical vibra company to 30.8%.
“As we explained in our last report, we estimate that V.tal has a firm value of BRL 32.8 billion”, he says.
In the view of BTGthe company’s participation in the V.such it is extremely important, as it can be used to renegotiate your debts.
One possibility is for Oi to sell its stake in a potential IPO (which V.tal wants to do in 2023) or use it as collateral to extend its debts.
“Although the dilution occurred at a valuation higher than that paid by the BTGthe number is still lower than what we estimated in our model, making the value of the company’s participation Hey decrease in relation to our previous estimates”, they add.
Another good news for Oi
Another good news for the operator is that Tim started to use the V.suchhighlights the BTG🇧🇷
“We still don’t have much information, as nothing has been officially released by the operator. However, in our view, it is good news both for TIM and for Oi/V.tal”, he adds.
despite the Tim be a competitor of Hey“we do not believe that this movement will have a significant impact on Oi’s subscriber base, as capturing customers who are already connected via fiber is not an easy task”.
“It would make more sense for the Tim concentrate its commercial efforts in regions where it would compete with smaller players or companies operating with inferior technologies (copper and coaxial cable)”. complete.
Source: Moneytimes
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