CCR (CCRO3): Current debt leaves room for new projects

2024-07-30 18:37:22

Investing.com – CCR (BVMF:) presented a reasonable quarterly balance sheet, with operational data driven by better numbers in urban mobility, according to Bank of America (NYSE:) (BofA). In a report issued to clients and the market, the bank indicated that the company’s debts leave room for new offers for new projects. The net debt to EBITDA ratio of 3.0x would provide “firepower” for a bid, according to analysts.

Among the potential projects mapped by the bank, five toll road auctions are scheduled before the end of the year, including BR-381/MG, Rota dos Cristais, Rota Sorocabana, Rota do Zebu and Nova Raposo.

The BR-381/MG auction is scheduled for August 29, with a capex of R$5.5 billion, and the Rota dos Cristais auction will be on September 26, with a capex of R$6.4 billion.

Still on the list, the auction for Rota Sorocabana should take place on October 30, with a cap of R $ 8.7 billion, and the one of Rota for Zebu is scheduled for October 31, with a cap of R $ 4.4 billion, and Nova Raposo capes. on November 28, with a cap of R$7.1 billion.

Analysts considered the data to be in line with expectations, with profits above expectations. The increase in profit was driven by better financial income, which reached R$411 million according to the adjusted criteria. However, this was not enough to revise the recommendation for the shares, which remain neutral, with a target price of R$14.50.

BofA recalls that the company has set ambitious targets for 2035, with a conservative target to cut costs, and expects “CCR’s cash operating expense ratio to be 37 pp by 2026 and 34 pp by 2035”, analysts understand.

The InvestingPro platform shows an overall financial health score of 3.05 for CCR, above the average of 2.75, or grade B, with an excellent classification.

At 3:37 pm (Brazilian time), CCR shares fell 1.77%, to R$12.19.

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