At actions gives Goal (GOLL4) and the Blue (BLUE4) soared this Thursday, in a session marked by the fall of the dollar against the real, and amid the rise in the Bradesco BBI target prices for both companies, with a view that demand in the Brazilian air market is showing signs of resilience, despite high fares.
At 16:10, Gol’s preferred shares advanced 14.73%, to 8.57 reais each, and Azul’s preferred shares rose 10.25%, to 12.8 reais, leading the rise of the Ibovespa, which retreated 1.02%.
On the foreign exchange market, the dollar retreated 0.63%, to 5.0323 reais on sale, with a further slowdown in the pace of monetary tightening in U.S and maintenance of Selic by 13.75%, endorsing the interest differential favorable to the Brazilian currency.
At a minimum, the dollar was below 5 reais for the first time in almost eight months.
Bradesco BBI, in turn, increased the target price of Gol’s share from 10 to 11 reais, while raising the estimated net revenue and Ebitda in 2023 by 8% and 6%, to 19 billion and 4 billion reais, respectively.
However, the bank maintained the “neutral” recommendation.
“We expect the company to face liquidity difficulties in the first and second quarters of 2023, when most tickets for flights occurring in the period were acquired in previous quarters, resulting in cash consumption”, they wrote in a report sent late on Wednesday. .
The team led by Victor Mizusaki stressed, however, that Gol should report capacity above 2019 levels in the next result to be released, referring to the fourth quarter of last year.
In the case of Azul, the target price increased from 30 to 32 reais, maintaining the “outperform” recommendation. Analysts raised the Ebitda projection this year by 17%, to 5 billion reais, but the net revenue projection fell 11%, to 18.5 billion reais.
The changes, according to analysts, reflect the company’s strategy of limiting the addition of capacity to maintain higher airfares.
“Going forward, we expect Azul to maintain capacity discipline in order to preserve profitability, while the addition of 58 new slots at Congonhas airport in March 2023 should help the company to grow in the corporate segment”, stated the analysts.
Source: Moneytimes
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