Recommendations and Target Price (R$)
| # Brokers: 12 | Fiscal Year: 2008 | Format: BRGAAP | |
|---|---|---|---|
| Consensus Recommendations | Consensus Target Price | ||
| Buy | 67% | Mean | 83.22 |
| Neutral | 33% | Standard Deviation | 10.43 |
| Sell | 0% | Highest | 97.80 |
| Under Review | 0% | Lowest | 63.40 |
| Recommendations and Target Price (R$) Detailed by Brokers | |||
|---|---|---|---|
| Brokerage House | Last Review | Recommendation | Target Price (R$) |
| Credit Suisse | 08/14/2008 | Buy | 95.00 |
| Morgan Stanley | 05/18/2008 | Hold | 80.00 |
| Santander | 07/14/2008 | Buy | 95.00 |
| UBS Pactual | 07/09/2008 | Buy | 90.00 |
| Parent Company | 90.00 | ||
| Brascan Corretora | 07/18/2008 | Buy | 81.20 |
| Citigroup | 08/08/2008 | Hold | 86.00 |
| Deutsche Bank | 08/08/2008 | Buy | 77.00 |
| Goldman Sachs | 08/15/2008 | Hold | 63.40 |
| Itaú Corretora | 06/26/2008 | Hold | 70.00 |
| JP Morgan | 04/18/2008 | Buy | 78.00 |
| Raymond James | 06/06/2008 | Buy | 85.20 |
| Unibanco | 08/08/2008 | Buy | 97.80 |
| Consolidated | 79.83 | ||
NA: Not Available
| Buy | 8 | 66.67% | |
| Hold | 4 | 33.33% | |
| Sell | 0 | 00.00% | |
| Under Review | 0 | 00.00% | |
| Total | 12 | ||
Net Revenues
| Net Revenues (R$ million) Detailed by Brokers | ||||||
|---|---|---|---|---|---|---|
| Brokerage House | Last Review | Vision | 2008 | 2009 | 2010 | |
| Credit Suisse | 08/14/2008 | Parent Company | 3,330.00 | 4,579.00 | 6,022.00 | |
| Morgan Stanley | 05/18/2008 | Parent Company | 3,281.00 | 4,423.00 | 5,750.00 | |
| Santander | 07/14/2008 | Parent Company | 3,290.20 | 4,474.10 | 6,012.10 | |
| UBS Pactual | 07/09/2008 | Parent Company | 3,236.00 | 4,278.00 | 5,484.00 | |
| Parent Company | 3,284.30 | 4,438.53 | 5,817.03 | |||
| Brascan Corretora | 07/18/2008 | Consolidated | 3,251.00 | 4,352.00 | 5,635.00 | |
| Citigroup | 08/08/2008 | Consolidated | 3,325.00 | 4,408.00 | 5,767.00 | |
| Deutsche Bank | 08/08/2008 | Consolidated | 3,377.00 | 4,485.00 | NA | |
| Goldman Sachs | 08/15/2008 | Consolidated | 3,475.00 | 4,415.90 | 5,429.70 | |
| Itaú Corretora | 06/26/2008 | Consolidated | 3,390.00 | 4,756.00 | 6,518.00 | |
| JP Morgan | 04/18/2008 | Consolidated | 3,413.00 | 4,604.00 | 6,130.00 | |
| Raymond James | 06/06/2008 | Consolidated | 3,445.00 | 4,566.00 | 5,823.00 | |
| Unibanco | 08/08/2008 | Consolidated | 3,317.22 | 4,280.45 | 5,361.79 | |
| Consolidated | 3,374.26 | 4,483.42 | 5,809.21 | |||
EBITDA
| EBITDA (R$ million) Detailed by Brokers | ||||||
|---|---|---|---|---|---|---|
| Brokerage House | Last Review | Vision | 2008 | 2009 | 2010 | |
| Credit Suisse | 08/14/2008 | Parent Company | 500.00 | 693.00 | 935.00 | |
| Morgan Stanley | 05/18/2008 | Parent Company | 494.00 | 675.00 | 881.00 | |
| Santander | 07/14/2008 | Parent Company | 498.50 | 711.40 | 992.00 | |
| UBS Pactual | 07/09/2008 | Parent Company | 494.00 | 682.00 | 902.00 | |
| Parent Company | 496.63 | 690.35 | 927.50 | |||
| Brascan Corretora | 07/18/2008 | Consolidated | 484.00 | 670.00 | 884.00 | |
| Citigroup | 08/08/2008 | Consolidated | 506.00 | 704.00 | 961.00 | |
| Deutsche Bank | 08/08/2008 | Consolidated | 485.00 | 675.00 | NA | |
| Goldman Sachs | 08/15/2008 | Consolidated | 509.60 | 636.10 | 779.50 | |
| Itaú Corretora | 06/26/2008 | Consolidated | 484.00 | 707.00 | 999.00 | |
| JP Morgan | 04/18/2008 | Consolidated | 506.00 | 687.00 | 905.00 | |
| Raymond James | 06/06/2008 | Consolidated | 481.00 | 674.00 | 886.00 | |
| Unibanco | 08/08/2008 | Consolidated | 486.10 | 644.11 | 843.56 | |
| Consolidated | 492.71 | 674.65 | 894.01 | |||
EBITDA Margin
| EBITDA Margin (%) Detailed by Brokers | ||||||
|---|---|---|---|---|---|---|
| Brokerage House | Last Review | Vision | 2008 | 2009 | 2010 | |
| Credit Suisse | 08/14/2008 | Parent Company | 15.0% | 15.1% | 15.5% | |
| Morgan Stanley | 05/18/2008 | Parent Company | 15.1% | 15.3% | 15.3% | |
| Santander | 07/14/2008 | Parent Company | 15.2% | 15.9% | 16.5% | |
| UBS Pactual | 07/09/2008 | Parent Company | 15.3% | 15.9% | 16.4% | |
| Parent Company | 15.1% | 15.6% | 15.9% | |||
| Brascan Corretora | 07/18/2008 | Consolidated | 14.9% | 15.4% | 15.7% | |
| Citigroup | 08/08/2008 | Consolidated | 15.2% | 16.0% | 16.7% | |
| Deutsche Bank | 08/08/2008 | Consolidated | 14.4% | 15.1% | NA | |
| Goldman Sachs | 08/15/2008 | Consolidated | 14.7% | 14.4% | 14.4% | |
| Itaú Corretora | 06/26/2008 | Consolidated | 14.3% | 14.9% | 15.3% | |
| JP Morgan | 04/18/2008 | Consolidated | 14.8% | 14.9% | 14.8% | |
| Raymond James | 06/06/2008 | Consolidated | 14.0% | 14.8% | 15.2% | |
| Unibanco | 08/08/2008 | Consolidated | 14.7% | 15.0% | 15.7% | |
| Consolidated | 14.6% | 15.1% | 15.4% | |||
Net Income
| Net Income (R$ million) | |||
|---|---|---|---|
| # Brokers: 12 | Format: BRGAAP | ||
| Consensus Net Income | 2008 | 2009 | 2010 |
| Mean | 116.38 | 212.36 | 343.24 |
| Standard Deviation | 24.88 | 48.32 | 82.50 |
| Highest | 178.00 | 293.00 | 450.00 |
| Lowest | 83.76 | 143.42 | 219.00 |
| Net Income (R$ million) Detailed by Brokers | |||||
|---|---|---|---|---|---|
| Brokerage House | Last Review | Vision | 2008 | 2009 | 2010 |
| Credit Suisse | 08/14/2008 | Parent Company | 105.00 | 242.00 | 397.00 |
| Morgan Stanley | 05/18/2008 | Parent Company | 116.00 | 208.00 | 316.00 |
| Santander | 07/14/2008 | Parent Company | 102.60 | 233.80 | 389.00 |
| UBS Pactual | 07/09/2008 | Parent Company | 112.00 | 238.00 | 404.00 |
| Parent Company | 108.90 | 230.45 | 376.50 | ||
| Brascan Corretora | 07/18/2008 | Consolidated | 115.00 | 198.00 | 299.00 |
| Citigroup | 08/08/2008 | Consolidated | 132.00 | 260.00 | 450.00 |
| Deutsche Bank | 08/08/2008 | Consolidated | 142.00 | 251.00 | NA |
| Goldman Sachs | 08/15/2008 | Consolidated | 98.20 | 146.10 | 221.60 |
| Itaú Corretora | 06/26/2008 | Consolidated | 97.00 | 171.00 | 352.00 |
| JP Morgan | 04/18/2008 | Consolidated | 115.00 | 164.00 | 219.00 |
| Raymond James | 06/06/2008 | Consolidated | 178.00 | 293.00 | 448.00 |
| Unibanco | 08/08/2008 | Consolidated | 83.76 | 143.42 | 279.99 |
| Consolidated | 120.12 | 203.32 | 324.33 | ||
Observations
Submarino is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Submarino's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Submarino or its management. Submarino does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
On December 13, 2006, B2W was created, reflecting Americanas.com S/A and Submarino S/A merger.
