(Image: Instagram/ Barra Shopping)
THE Santander reaffirmed your recommendation for buy (Outperform) for the actions of the Multiplan (MULT3) and presented the target price at the end of 2026 of R $ 39.50which represents a 51.3% appreciation potential in the face of the reference quotation of the report.
According to analysts, the Multiplan Remains as the preference between the listed names of the segment, benefiting from a set of dominant assets and continuous focus on revitalization and adjustments to the store mix, especially with greater emphasis on gastronomy and entertainment, which already account for over 60% of the leasable area.
In addition, the bank foresees acceleration of rental revenue in the next quarters, driven by the recovery of IGP-M and for the delivery of projects such as the expansions of the malls Morumbi and ParkShopping. Revenue should grow 8.5% by 2025 and 10.9% in 2026, after poor performance by 2024, IGP-M negative in the previous year.
Another important point is the expectation of reducing investments planned for the coming years, of R $ 430 million by 2025 and R $ 350 million in 2026. With less spending, the company should be able to generate more cashier, reaching R $ 990 million by 2026. This should also help to reduce indebtedness, which can fall to a healthy level in the sector.
The bank also commented on the possible interest of Multiplan in the purchase of minority stakes in two of its main assets – Barra Shopping and Morumbi Shopping – Placed for sale by FAPES, BNDES pension fund. Although the movement makes strategic sense, Santander does not see these acquisitions as urgent, especially in an environment still of high interest rates.
With governance considered differentiated, strong cash generation, a resilient asset base and discounted valuation-with Affo Yield about 200 base points above the 10-year NTN-B-Multiplan, according to Santander, is well positioned to capture value as Selic cuts gain traction throughout 2026.
It is noteworthy that Multiplan reported on Tuesday (25) the payment of R $ 120 million in interest on equity (JCP), the equivalent of R $ 0.246 per share, as a way of anticipating part of the distribution of profits to shareholders. The funds will come from the company’s profit reservation account.
In addition, the company approved a new action repurchase program. The goal, according to Multiplan itself, is to use the resources available to maximize the value for shareholders. The company is authorized to acquire up to 10 million common shares of its own issuance within 12 months – between June 25, 2025 and June 25, 2026. In the previous program, closed on Tuesday, the company repaid 1.2 million shares.
- Also read: Money Times’s Money Minds program shows what executives behind large companies and market managers are thinking; Check here
https://www.youtube.com/watch?v=ZGVFZHBXVAK
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
