Diagnósticos da America S A : Dados Econômico-Financeiros

7/6/2021

Aquisição da Clínica AMO É Neutra Para Rating da Dasa

NON-RATING ACTION COMMENTARY

Aquisição da Clínica AMO É Neutra Para Rating da Dasa

Tue 06 Jul, 2021 - 2:31 PM ET

Fitch Ratings-Rio de Janeiro-06 July 2021: A aquisição de até 100% do capital social da Paquetá Participações S.A. e da AMO Participações S.A, detentoras da GEM Assistência Médica Especializada S.A. (Clínica AMO), pela Ímpar Serviços Hospitalares S.A. (Ímpar) não afeta a qualidade de crédito de sua controladora, a Diagnósticos da América S.A. (Dasa). A transação foi anunciada em 30 de junho por BRL750 milhões.

A Fitch Ratings classifca a Dasa e a Ímpar, bem como suas respectivas emissões de debêntures, com Rating Nacional de Longo Prazo 'AAA(bra)'. A Perspectiva dos ratings corporativos é Estável.

O cenário de rating da Dasa já incorporava que mesmo com eventuais aquisições a empresa conseguiria manter sua alavancagem fnanceira líquida abaixo de 2,5 vezes a partir de 2022. A recente operação fortalece a escala de negócios e de receitas da Dasa, além de sua presença na Bahia, em Sergipe e no Rio Grande do Norte, e está alinhada à estratégia de verticalizar a prestação de serviços médico-hospitalares, o que deve contribuir para incrementar suas margens operacionais a médio prazo. A Clínica AMO conta com 16 unidades que prestam atendimento exclusivo a pacientes oncológicos, incluindo atendimento ambulatorial e cirurgias. A operação está pendente de aprovação pelo Conselho Administrativo de Defesa Econômica (Cade).

Em bases proforma, considerando esta e outras aquisições já realizadas, a alavancagem fnanceira líquida da Dasa, medida por dívida líquida/EBITDA, fcará próxima a 2,0 vezes em

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7/6/2021

Aquisição da Clínica AMO É Neutra Para Rating da Dasa

2022. A agência considera o limite de 2,5 vezes para este indicador, em bases recorrentes, para um rebaixamento dos ratings. O cenário-base incorpora a captura de geração operacional de caixa e sinergias desta e das empresas adquiridas anteriormente, além da maturação dos investimentos e de uma contínua e disciplinada administração de custos.

A Dasa deve manter uma reserva de caixa compatível com o cronograma de vencimento de sua dívida e possui amplas condições de fazer a frente à compra da Clínica AMO. Em 31 de março de 2021, a companhia reportou caixa e aplicações fnanceiras de aproximadamente BRL1,6 bilhão, com dívida total de BRL6,3 bilhões e vencimento de curto prazo de BRL1,3 bilhão. Em abril, o grupo reforçou sua liquidez com mais BRL3,6 bilhões líquidos decorrentes de seu IPO, que foram destinados a fnanciar seu plano de expansão, incluindo a amortização do saldo de aquisições previamente anunciadas. A Dasa possui comprovada fexibilidade fnanceira junto ao mercado de crédito local e não deve enfrentar difculdades para refnanciar sua dívida, caso necessário.

Analista principal Tatiana Thomaz Analista sênior

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Analista secundário Gustavo Mueller Diretor

[phone]

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Aquisição da Clínica AMO É Neutra Para Rating da Dasa

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Aquisição da Clínica AMO É Neutra Para Rating da Dasa

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