After admitting an accounting inconsistency of R$ 20 billion in its results, Americanas must need up to R$ 21 billion in capital to meet its creditors, according to calculations made by XP Investimentos.
The bank’s analysts took into account different debt scenarios and the retailer’s operating margin, or Ebitda margin, and arrived at a need to raise, through a share offering, amounts between R$ 12 billion and R$ 21 billion.
According to XP, it will be possible to make a more accurate estimate after there is greater visibility of the financial situation of Americanas in the next balance sheets.
In addition to projecting how much Americanas will need money to try to recover, XP outlines a scenario about a possible judicial recovery process (RJ) of the company —although the company has stated that its request for urgent relief, granted on Friday (13 ), does not imply a recovery request, the hypothesis is not ruled out.
Analysts recall that an RJ has an average term of three years, but this time is often longer, as in the case of Oi, with six years, and the construction company Viver, which took five years.
The Americanas share would have to leave the Ibovespa, since the methodology adopted by B3 does not allow companies in RJ to be part of the index. The shares would continue to be traded, but would no longer be part of the Brazilian stock market benchmark index.
XP also lists some paths the company can take to regain its financial health. Analysts cite the sale of assets, renegotiation of debts, the conversion of amounts owed into Americanas shares and the capital increase. But XP does not rule out the closure of the company’s activities.
The analysis team expects the stock to continue to experience volatility in the coming days. Last Friday (13th), before the request for protection from the courts was made public, Americanas’ shares rose 15.77%, after falling nearly 80% last Thursday (12th), a day after the company to admit the problems on its balance sheets.
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