Sell Side Headlines

27/12/18 – Safra: Stronger Prospects at Attractive Price; Upgrading to OP
18/12/18 – Santander: OdontoPrev is our Top Pick. Upgrading for Buy
28/11/18 – UBS: Renewed top line focus
06/11/18 – Credit Suisse: Finding its own growth path
24/10/18 – BTG Pactual: Worst seems to be behind us; Upgrading to Neutral
24/10/18 – Morgan Stanley: 3Q18: Strong Results
24/10/18 – Itau BBA: Strong 3Q18, Upgrading to Market Perform
24/10/18 – JP Morgan: Focus on princing and Massified Products Drives EPS Beat
24/10/18 – UBS: 3Q: In line results, with strong organic revenue growth
24/10/18 – Merril Lynch: Prince Objective Change – Underlying trends whithin expectations
24/10/18 – Safra:Positive, Slightly-Better Results
24/10/18 – Santander: OdontoPrev 3Q18 Results: Strong Result on DRL and individual tickets
26/07/18 – BTG Pactual: Q2: Best adds in a while but DRL disappointed
26/07/18 – Morgan Stanley: 2Q18: Expansion Continues but Decelerating
25/07/18 – Eleven Financial: Keep smiling!
25/07/18 – JP Morgan: 2Q – EPS Miss on Lower Than Antecipated DLR Improvement
25/07/18 – UBS: 2Q: Strong lives additions, but in line EPS
25/07/18 – Itau BBA: A Mixed Bag in 2Q18
25/07/18 – Safra: Weak Results on Margin Decline
25/07/18 – Santander: 2Q18 Results: Slightly negative – Solid result although lower than expected
25/07/18 – Merrill Lynch: Much to like about Q2, despite lower DLR reduction pace
25/07/18 – HSBC: Solid membership addition, but EBITDA a miss
22/07/18 – HSBC: Odonto System‘s acquisition receives all regulatory approvals
28/06/18 – Santander: Bright and Rich Smiles
19/03/18 – HSBC: Biting the Recovery Bullet
01/03/18 – BTG Pactual: Recovering, but not at needed pace to justify valuation
01/03/18 – Morgan Stanley: 4Q17: New Margin Beat and Revenue Inflection Point
01/03/18 – Credit Suisse: Winds of Change
01/03/18 – JP Morgan: 4Q17 – Better Than Expected on Higher Dental Premiums and Lower DLR
28/02/18 – Itau BBA: In-Line 4Q17 Results
28/02/18 – Merrill Lynch: 4Q17 comes broadly in-line; DLR continues to fall
28/02/18 – Safra: Good, In-Line 4Q17 Results
28/02/18 – HSBC: 4Q17 Results: EBITDA 6.0% above consensus; strong decline in loss ratio for corporates and SMEs
28/02/18 – Santander: Better-than-Expected 4Q17 Results – Better-than-Expected Dental Loss Ratio Performance
14/11/17 – Itau BBA: A Positive Acquisition
14/11/17 – HSBC: Buy: Biting the acquisition bullet
14/11/17 – Santander: OdontoPrev Acquires Odonto System; Positive
14/11/17 – BTG Pactual: After a long winter, back to the M&A field
14/11/17 – Credit Suisse: Strenghtening Footprint
14/11/17 – JP Morgan: Back to Shopping – Strenghtening Presence in the Northeast with Accretive Acquisition;
14/11/17 – Merrill Lynch: Aqcuisition of Odonto System: accretive M&A increases exposure to the NE
14/11/17 – Merrill Lynch: Analysing the cross-sell potential in the dental market
07/11/17 – Credit Suisse: Time to Stop Looking at the Rearview Window
26/10/17 – Credit Suisse: Reasons to smile
25/10/17 – Itau BBA: Solid 3Q17 Results, as Expected
25/10/17 – Merrill Lynch: Good but slightly below estimates on higher expenses
25/10/17 – BTG Pactual: Expected recovery; not enough to justify valuation
25/10/17 – UBS: 3Q Beat: Membership expansion and strong DLR improvement in the corporate segment
25/10/17 – JP Morgan: Soft as expected and no positive surprises to justify rich valuation. Remain UW.
25/10/17 – Santander: Slightly better-than-expected 3Q17 results and positive net additions
25/10/17 – Safra: Weak results on Individual Plans
28/09/17 – Safra: Better outlook; but already priced
27/07/17 – Santander: 2Q17 Results Beat Estimates on Lower Costs
27/07/17 – Morgan Stanley: 2Q17 – Positive inflection point?
26/07/17 – Itau BBA: Decent Results on Lower DLR
26/07/17 – UBS: 2Q: Diviends, DLR and provisions improvement
26/07/17 – BTG Pactual: Q2: Better #s, with mixed underlying messages
26/07/17 – JP Morgan: EPS In-Line with JPMe, But With Better Operating Results on Lower DLR
26/07/17 – Safra: Positive Results on Margin Recovery + Higher Dividends
26/07/17 – Merrill Lynch: Lower DLR driving better margins in Q2
17/07/17 – JP Morgan: The End of the INSS Saga. Positive but Expected News
16/07/17 – BTG Pactual: Favorable ruling on INSS tax payment is positive for P&L, with limited cashflow impacts
16/07/17 – UBS: Positive decision on INSS: strong EPS accretion
16/07/17 – Credit Suisse: A Pleasant Surprise in Regards to Timing
14/07/17 – Merrill Lynch: Price Objective Change – Positive final INSS ruling
27/04/17 – Morgan Stanley: 1Q17 – Positive trends but still under pressure
26/04/17 – Safra: Still Weak Result, but Better on Lower Frequency
26/04/17 – UBS: 1Q: EPS beat on better DLR
26/04/17 – JP Morgan: 1Q17 – Still Weak As Expected. No Member Base Growth and Pressured Margin
26/04/17 – Santander: 1Q17 Results: A Welcome Relief on DLR
26/04/17 – Credit Suisse: Still Challenging, But Mostly in Line
26/04/17 – BTG Pactual: Structural issues bearing their teeth
24/04/17 – JP Morgan: Fierce Competitive Environment Should Impair the Macro Recovery Beta
19/04/17 – Credit Suisse: Neither Value nor Growth; Assuming with Neutral
23/03/17 – Eleven Financial: Sorriso que vem dos bancos
20/03/17 – Merrill Lynch: Feedback from the road: still cautious on loss ratio & competition
13/03/17 – Safra: OdontoPrev: Meeting Feedback + New TP; Raising to Neutral
13/03/17 – BTG Pactual: Healthcare: The Darkest Hour is Just Before the Dawn
22/02/17 – Merril Lynch: Price Objective Change – Lift estimates, but still full valuation
22/02/17 – Santander: Neutral 4Q16: Seasonal Relief or Improving Trend?
22/02/17 – Credit Suisse:Positive Net Additions After Three Quarters of Declining Base
22/02/17 – UBS: 4Q: Improving membership and DLR trends
21/02/17 – BTG Pactual: Q4: Structural issues in place
21/02/17 – Morgan Stanley: 4Q16 – Margin Pressure Starting to Slow down?
21/02/17 – Safra: Weak 4Q16 Results as Expected
21/02/17 – Merrill Lynch: Q4 comes better on lower than expected frequency
28/10/16 – Santander: OdontoPrev – Addressing the Perfect Storm of 3Q16; Feedback from Meeting with Management
27/10/16 – Santander: OdontoPrev – Weak 3Q16 Results: A Cost Accident or a Deteriorating Trend?
27/10/16 – BTG Pactual: No Signs of Recovery
27/10/16 – Morgan Stanley: 3Q16 – Good top line, margin pressure not easing
26/10/16 – Merrill Lynch: Weak 3Q16: the burden of higher frequency
26/10/16 – JP Morgan: OdontoPrev: 3Q16 – Another Weak Quarter on Pressured Margins. Remain UW on Rich Valuation
26/10/16 – UBS: 3Q: EPS miss on stron plan utilization growth
26/10/16 – Safra: OdontoPrev: Negative, Worse-Than-Expectected 3Q16 Results
26/10/16 – Credit Suisse: Not Yet the Inflection Point
10/10/16 – JP Morgan: OdontoPrev: Challenging Environment Remains Plus Downside Risks to ‘17E EPS. Remain UW on Rich Valuation
05/10/16 – Santander: OdontoPrev: still a hostage to the tough macroeconomic backdrop
29/09/16 – UBS: Positive LT view; but macro continues to weigh
17/08/16 – BTG Pactual: Situation set to remain tough…
17/08/16 – UBS: 2016 Investor Day: Staying the course
04/08/16 – BTG Pactual: Uncertainty and multiples are just too high. Time to Sell
28/07/16 – Santander: Weak 2Q16 Results: Accentuating the divergences
27/07/16 – JP Morgan: Weak 2Q16: 20% EPS Miss on JPMe and Consensus. Remain UW
27/07/16 – Votorantim: 2Q16 Results: Uninspiring Figures
27/07/16 – Morgan Stanley: 2Q16 – Delivering top-line, focus moves to margins
27/07/16 – BTG Pactual: Q2: Tough times may last longer; valuation at record high
27/07/16 – Credit Suisse: Nothing to Smile About
27/07/16 – UBS: 2Q: Solid top line, but EPS miss on higher DLR and allowances
21/06/16 – Santander: STJ Confirms Favorable Ruling on Bradesco Dental‘s INSS Collection
21/06/16 – JP Morgan: OdontoPrev – Positive News – Incorporating a Positive Outcome to the INSS Saga. Remain Neutral on Valuation.
01/06/16 – JP Morgan: Brazil Healthcare: Sector Stock Picking – Digging Behind Major Industry
28/04/16 – Santander: Weak 1Q16 Results: Blame It On the Crisis; New CEO Appointed
27/04/16 – JP Morgan: Poor 1Q16 EPS on Dim Top Line Growth, Pressured Margins, and EBITDA Decline. Remain N – ALERT
27/04/16 – Votorantim: 1Q16 Results: Still Lagging in the Corporate Segment
27/04/16 – UBS: 1Q: Operating miss on higher DLR and allowances
08/04/16 – Votorantim: OdontoPrev – Demanding Valuation
01/04/16 – Morgan Stanley: LatAm Healthcare Quarterly X-Ray: OdontoPrev is our only OW in the sector
11/03/16 – Morgan Stanley: OdontoPrev: Rethinking dental, quantifying dividends
10/03/16 – BB Investimentos: 4Q15 Results: Timid growth sustained by stable margins
10/03/16 – Morgan Stanley: 4Q15 – Inflection point confirmed…keep buying
10/03/16 – Itau BBA: Modest 4A15 Without Surprises
10/03/16 – Santander: In-line 4Q15 Results: Lower Net Adds Offset by Richer Mix
09/03/16 – Credit Suisse: Marginal Growth Comes at Higher Cost
09/03/16 – BTG Pactual: Q4: Resilience in tough times…with an expensive valuation
09/03/16 – UBS: 4Q: Still resilient; small operating miss due to opex
09/03/16 – JP Morgan: No Surprises from 4Q15 EPS. Remain Neutral.
08/01/16 – JP Morgan: Great Company but Valuation and Lack of Short-Term Triggers Hold Us Back. Remain Neutral.
13/12/15 – Merrill Lynch: LatAm Healthcare: Painkiller for the macro headache – OdontoPrev: high quality, but fully priced
10/12/15 – Santander: LatAm Healthcare: The challenge of staying healthy in an unhealthy environment
16/11/15 – JP Morgan: ANS Lifts All Commercialization Restrictions
29/10/15 – BTG Pactual: Nice showing in Q3…but still fairly priced
29/10/15 – J. Safra: Strong Results on Volume and Ticket
29/10/15 – Santander: In Line 3Q15 Results; Positive Surprise at Net Additions
29/10/15 – Fator: Lives!
29/10/15 – Votorantim: 3Q15 Results: Top Line Remained Healthy
28/10/15 – UBS: Adding lives in a weak economy
28/10/15 – Credit Suisse: Outlook puts Top-Notch Execution to the Test
28/10/15 – JP Morgan: 3Q15 – Bottom-Line Miss Despite Positive Surprise on Net Additions; Remain Neutral
28/10/15 – Morgan Stanley: Positive surprise on Individuals…
29/09/15 – Itaú BBA: The (Net) Cash Difference; Upgrading to MP
30/07/15 – BB Investimentos: 2Q15 Results: Dental Care Ratio concerns
30/07/15 – Morgan Stanley: 2Q15 – Still slow top line, but strong margins and cash generation
30/07/15 – Santander: In-line 2Q15 Operating Results; Mixed Signs from Membership Growth
30/07/15 – BTG Pactual: Macro headwinds to keep hurting growth; risk/reward already seems fairly priced-in
30/07/15 – J. Safra: Neutral 2Q15 Despite Slight Margin Shortfall
29/07/15 – UBS: 2Q: Top line proving resilient
29/07/15 – Credit Suisse: Bracing for a No-Growth Scenario
08/07/15 – UBS: Meaningful mix-driven profitability gains ahead
02/07/15 – J. Safra: NDR Highlights; BB Dental Leverage is Significant
19/05/15 – JP Morgan: No Material Impact from Partial Plan Sale Suspension
04/05/15 – BB Investimentos: 1Q15 Results: target-price remains but downgraded to Market Perform
30/04/15 – Merrill Lynch: 1Q15 Slightly above BofAMLe helped by lower DLR
30/04/15 – BTG Pactual: Good Q, but hard to justify such a premium valuation
29/04/15 – UBS: Sequential loss ratio improvement driving EPS beat
29/04/15 – Morgan Stanley: 1Q15 – Still slow top line, but very strong margins and cash generation
29/04/15 – Votorantim: 1Q15 Results: Modest growth and better margins
29/04/15 – JP Morgan: 1Q15 – Negative net additions and no EPS surprise. Share weakness expected. Remain Neutral
17/11/14 – HSBC: Overweight, gearing up for better volumes
13/11/14 – Santander: 2015 – turning growth mode on
28/10/14 – HSBC: 3Q14 – Volumes improved despite challenges
28/10/14 – UBS: Positive results with margin expansion
28/10/14 – Merrill Lynch: Good 3Q14 Results drive by DLR
28/10/14 – J. Safra: In-Line 3Q14 Results
28/10/14 – BTG Pactual: 4% EBITDA beat; DLR is positive highlight (again)
28/10/14 – Credit Suisse: 3Q14 – Only waiting for Growth to Kick In
28/10/14 – Votorantim: 3Q14 – Lackluster results and the Company is trading at a demanding valuation
28/10/14 – Brasil Plural: 3Q14 – Still Slow Earnings Momentum
28/10/14 – Morgan Stanley: 3Q14 – Same trends continue
28/10/14 -JP Morgan: 3Q14 Broadly in Line: Better Net Additions and DLR, but Worse on Expenses
01/10/14 – BTG Pactual – Clearer skies ahead
16/09/14 – UBS – Easing competition and focus on new growth channels
27/08/14 – Credit Suisse – Cheaper than a Dental Plan
12/08/14 – HSBC – Keeping the course despite short-term headwinds
29/07/14 – Morgan Stanley – Championship drives a strong quarter
29/07/14 – BofA Merrill Lynch – Stronger 2Q:lower DLR helped by the World Cup
29/07/14 – UBS – World Cup reduces usage favoring results
29/04/14 – HSBC: Longing for volume, but happy with profit
29/04/14 – Morgan Stanley: 1Q14: Weak Volume but Strong Margin & Cash Flow
29/04/14 – Votorantim: Top-line growing on pricing, and higher volume on SME and Individuals. Good operational trend remains
29/04/14 – BTG Pactual: In-line Q1; positive DLR, but no growth in individuals
29/04/14 – UBS: 1Q in line; individual/SME growth is key going forward
29/04/14 – Brasil Plural: Mixed 1Q; Business Model Seems to Be Losing Steam
29/04/14 – Merrill Lynch: Slightly better 1Q14, but decline of individual members
29/04/14 – J.Safra: Weak 1Q14 Results
24/03/14 – UBS: Positive data points, but not a Buy yet
28/02/14 – JP Morgan: Strong 4T13, solid pricing and net additions of SME and Individuals
26/02/14 – HSBC:4Q13:When micro trumps macro
26/02/14 – Morgan Stanley:4Q13: a new Ebitda beat. ODPV is our Top-call
26/02/14 – Merril lynch:Better than expected 4Q13 on growth and margins
26/02/14 – UBS: Beating estimates from top to bottom line
26/02/14 – BTG Pactual: Q4 proves earnings momentum to be solid
26/02/14 – Brasil Plural: Ending the Year on a High Note
26/02/14 – Votorantin: 4Q13 Earnings Results: Positive and Figures Already Expected
26/02/14 – J.Safra: Good top-line growth on volume and ticket