Market analysts are suspicious of Unipar’s proposal – 06/15/2023 – Panel SA
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In private conversations, analysts from brokerage houses and investment banks question whether Unipar has enough financial strength to guarantee its proposed purchase of control of the petrochemical company Braskem, now owned by Novonor (formerly Odebrecht).
There are two questions: 1) how can Frank Abubakir, Unipar’s controller, manage to raise at least R$ 10 billion in the market with an Ebitda (earnings before interest, taxes, amortization of depreciation) of R$ 2.6 billion? 2) Furthermore, how will he be able to renegotiate another R$4 billion in debt with creditor banks and make a public offer to buy another R$7 billion in shares of Braskem’s minority shareholders?
For them, the account closes at R$ 21 billion and not just R$ 10 billion, as disclosed to the market.
Abubakir explains to them that he owns a company with no debt and that, in this way, he could raise the company’s debt to four times its Ebitda. Even so, he says that the company would be considered healthy — by the businessman’s calculations, if it gets to that point, it can raise R$ 10.4 billion with loans.
He also says that the R$ 4 billion debt refers to Novonor (formerly Odebrecht), Braskem’s parent company. Therefore, you will not have to pay this amount.
Regarding the R$ 7 billion tag along (obligation to extend the same offer from the controllers to minority shareholders interested in selling their shares), he explains that it will depend on Petrobras’ plans at Braskem.
Apparently, says Abubakir to the market, the state-owned company is interested in exchanging Braskem’s assets today for shares, which would reduce —and a lot— the value of that operation.
Analysts, however, remain skeptical. They estimate that Unipar’s Ebitda is equivalent to the expenses that Braskem had last year just with repairing the geological accident in Maceió (AL), where the company’s rock salt mines caused the sinking of entire neighborhoods.
With Diego Felix
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