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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  B3 S.A. - Brasil, Bolsa, Balcão    B3SA3   BRB3SAACNOR6

B3 S.A. - BRASIL, BOLSA, BALCÃO

(B3SA3)
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Exclusive: Brazilian payments network Elo picks banks for IPO - sources

04/08/2021 | 12:15pm EDT
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City

SAO PAULO (Reuters) - Brazilian payments firm Elo has chosen six banks to manage its initial public offering, four sources close to the matter said, in the first concrete sign it is proceeding with a move first proposed by shareholders in August.

The payments network - launched a decade ago to compete with Visa Inc and Mastercard Inc - is planning an IPO on Nasdaq, the sources said, following recent successful listings by Brazilian financial services firms such as XP Inc and StoneCo Ltd.

Elo has picked Morgan Stanley, Goldman Sachs and JPMorgan & Co as the main underwriters, along with the investment banking units of its owners Banco Bradesco SA, Banco do Brasil SA and Caixa Economica Federal.

One of the sources said Elo is pursuing a valuation of around $7 billion through the flotation, which another source said is likely to happen in the second half of the year. Elo declined to comment on the matter.

Bradesco, Banco do Brasil and Caixa intend to sell only a part of their holdings in the offering, the sources said.

Elo plans to use some of the IPO proceeds to increase its network of issuers. Aside from its three founders, which are among Brazil's biggest lenders, only a few other small banks currently issue cards under its banner.

The company, with 132 million credit and debit cards outstanding, also needs to increase its acceptance abroad, mainly in Europe and in countries such as Mexico and Canada.

No final decision on a U.S. listing has yet been made, but if it proceeds, Elo would probably also list its Brazilian Depositary Receipts on Sao Paulo bourse B3 SA.

More domestic banks may still join the deal, two of the sources said, asking for anonymity to disclose private talks.

Card payments grew rapidly in Brazil during the coronavirus pandemic last year. The country's card association estimates card transactions will jump by a fifth in 2021, after rising 8.2% last year.

Elo, which posted net income of 838 million reais ($149.8 million) last year, ended 2020 with 1.5 billion reais in cash.

($1 = 5.5941 reais)

(Reporting by Carolina Mandl; Additional reporting by Aluisio Alves; Editing by Jan Harvey)

By Carolina Mandl


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
B3 S.A. - BRASIL, BOLSA, BALCÃO -0.85% 54.56 End-of-day quote.-11.97%
BANCO BRADESCO S.A. 0.00% 25.8 End-of-day quote.-4.94%
BANCO DO BRASIL S.A. 0.14% 29.64 End-of-day quote.-23.61%
EURO / BRAZILIAN REAL (EUR/BRL) 0.06% 6.7262 Delayed Quote.6.75%
JPMORGAN CHASE & CO. 0.63% 152.17 Delayed Quote.19.75%
MASTERCARD INCORPORATED 2.16% 386.49 Delayed Quote.5.99%
MORGAN STANLEY 0.04% 80.82 Delayed Quote.17.89%
NASDAQ COMP. 1.31% 14038.763174 Delayed Quote.8.93%
STONECO LTD. 1.94% 67.4 Delayed Quote.-21.21%
THE GOLDMAN SACHS GROUP, INC. 0.95% 338.55 Delayed Quote.28.38%
VISA INC. 1.94% 226.28 Delayed Quote.3.45%
XP INC. -0.43% 39.03 Delayed Quote.-1.18%
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Financials
Sales 2021 9 213 M 1 641 M 1 641 M
Net income 2021 4 799 M 855 M 855 M
Net cash 2021 8 611 M 1 534 M 1 534 M
P/E ratio 2021 25,1x
Yield 2021 5,38%
Capitalization 111 B 19 766 M 19 767 M
EV / Sales 2021 11,1x
EV / Sales 2022 10,3x
Nbr of Employees 1 442
Free-Float 99,2%
Chart B3 S.A. - BRASIL, BOLSA, BALCÃO
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B3 S.A. - Brasil, Bolsa, Balcão Technical Analysis Chart | MarketScreener
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Technical analysis trends B3 S.A. - BRASIL, BOLSA, BALCÃO
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 68,80 BRL
Last Close Price 54,56 BRL
Spread / Highest target 48,5%
Spread / Average Target 26,1%
Spread / Lowest Target -39,5%
EPS Revisions
Managers and Directors
NameTitle
Gilson Finkelsztain Chief Executive Officer
Daniel Sonder Chief Financial Officer & IR Officer
Antonio Carlos Quintella Chairman
Rodrigo Antonio Nardoni Gonçales Chief Technology Officer
Cícero Augusto Vieira Neto Chief Operating Officer
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