(See) Of the stocks that reached B3 in the last 10 years, 84 remain listed, but few provide returns to investors, according to a survey by Seneca Evercore
By Juliana Machado
Among 93 shares of companies that went public in the last ten years, a total of 84 remain listed on the stock exchange, and only 15 are performing positively in relation to the price set in the initial public offering (IPO). This is what a survey by financial advisory firm Seneca Evercore and published by VEJA shows.
According to the survey, only 8 stocks outperformed the Ibovespa, a benchmark index used to measure stock market performance: Ambipar, Cury, Orizon, Caixa Seguridade, Plano & Plano, Wilson Sons, PetroReconcavo and Grupo GPS. Furthermore, the study shows that, considering the share price set at the IPO adjusted by the Interbank Deposit Certificate (CDI) of the period — a measure of how much it was worth accepting the risk of investing in the stocks — only 3 companies had a positive return after their stock market debut: environmental management company Ambipar, construction company Cury and environmental waste treatment company Orizon.
In general terms, the study shows that companies more sensitive to higher interest rates suffered more during the period, such as those in the technology, real estate and retail sectors. “The impact of high interest rates on the real estate and retail sectors is mainly due to the reduction in demand caused by the population's restricted access to credit and the reduction in market liquidity,” says the report accompanying the survey.
For the technology sector, the impact is due to the increase in the so-called discount rate, used to calculate the present value of a share and which represents the expected future cash flows for the company, “discounted” by a rate that represents the price of money over time. “In general, technology companies have cash flow generation that is more concentrated in the long term and, for this reason, when it is brought to present value, it is more impacted than companies in other sectors that have cash generation well distributed in the short and medium term”, states the firm.
From 2014 to 2024, the offerings of the 93 shares were concentrated mainly in 2021, when there were 42 IPOs. Since then, the 9 companies that left the stock exchange migrated abroad, such as Banco Inter, which listed on the American stock exchange Nasdaq, or were delisted because the companies were acquired or underwent mergers.
Published in Veja Negócios on 10/16/24 - https://veja.abril.com.br/economia/apenas-15-acoes-tem-retorno-positivo-desde-ipo-na-bolsa-mostra-seneca-evercore/#google_vignette
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