Friday February 7, 2014
Healthcare Weekly Report
Market Data
Index
Closing
% Change
Week
High
Week
Low
Week
High
LTM
Low
LTM
IBOVESPA
48,074
0.91%
48,074
46,148
59,472
44,107
IBRX-50
8,068
1.07%
8,068
7,729
9,308
7,458
IGC
7,225
0.72%
7,225
6,984
8,190
6,868
Dow Jones
15,794
0.61%
15,794
15,373
16,588
13,784
S&P 500
1,797
0.81%
1,797
1,742
1,851
1,485
Nasdaq
4,126
0.54%
4,126
3,997
4,247
3,105
DAX
9,302
(0.05%)
9,306
9,116
9,794
7,418
CAC 40
4,228
1.50%
4,228
4,108
4,356
3,575
FTSE 100
6,572
0.94%
6,572
6,449
6,876
6,023
NIKKEI 225
14,462
(3.03%)
14,915
14,008
16,320
11,065
2.38
(1.84%)
2.43
2.38
2.45
1.95
Ptax (BRL/USD)
Source: Bloomberg
Industry Performance
% Change
Week
High
Week
(BRL)
Low
Week
(BRL)
14.90
0.3%
14.94
14.82
76.4
18.10
(1.9%)
18.45
17.77
27.5
ODPV3
8.93
(0.8%)
9.00
8.58
QUAL3
21.03
2.6%
21.03
20.26
TEMP3
3.53
3.5%
3.53
3.41
Company
Ticker
Closing Price
(BRL)
Dasa
DASA3
Fleury
FLRY3
Odontoprev
Qualicorp
Tempo Part.
Volume
Average Volume
30 Days
Week
(BRL Million)
(BRL Million)
High
LTM
(BRL)
Low
LTM
(BRL)
Market Cap
(BRL Million)
Accumulated %
Change
LTM
12.7
14.98
10.61
4,646
5.7%
4.6
22.43
16.57
2,829
(18.4%)
108.2
18.0
10.51
8.51
4,744
(10.9%)
218.7
36.4
23.20
14.68
5,607
(0.8%)
0.5
0.1
3.74
2.48
555
1.1%
Source: Bloomberg
Valuation Multiples
EV / EBITDA
2014E
2015E
15.2x
13.1x
10.9x
11.4x
10.8x
9.3x
9.7x
9.2x
8.7x
7.3x
N/D*
Odontoprev
Qualicorp
DASA
Fleury
Tempo
N/D*
Average
Odontoprev
DASA
Qualicorp
Fleury
Tempo
Average
P/E
2014E
2015E
27.0x
20.6x
21.5x
21.2x
18.5x
18.0x
Fleury
Qualicorp
19.9x
17.4x
14.6x
14.3x
Qualicorp
Fleury
N/D*
DASA
Odontoprev
Tempo
N/D*
Average
DASA
Source: Bloomberg estimates
*Negative and/or unavailable projections.
LatinFinance Advisory & Research
Rua Ramos Batista, 198 – 6th Floor
Vila Olimpia - Sao Paulo – SP – Brazil
Odontoprev
Tempo
Average
Friday February 7, 2014
Healthcare Weekly Report
Recent Market Transactions
Date
Buyer
Target
% Acquired
Acquisition Price*
(BRL Million)
Jan/14
Northwest International Health Properties REIT
Rede D'Or: 4 Private Hospitals
100%
725
Jan/14
ePharma
In Health
N/A
N/A
Jan/14
Biotoscana
United Medical
N/A
N/A
Jan/14
Unimed Rio
Oncoclínica CTO
N/A
Joint Venture
Dec/13
Caixa Seguros
Tempo Dental (Subsidiary of Tempo Participações)
100%
134
Dec/13
Gedeon Richter
Next Pharma
51%
N/A
Dec/13
Brasil Insurance
Fidelle
100%
17
Dec/13
MSD Brazil Investments BV
Hypermarcas: Assets Related to the Manufacturing and
Commercialization of MSD Brand Drugs
100%
73¹
Nov/13
Smith & Nephew
Politec Saúde
N/A
N/A
Nov/13
Amil
Monte Klinikum Hospital
N/A
N/A
Nov/13
Swiss Re
Sul América
15%
765²
Nov/13
Brasil Insurance
Ben's Consultoria e Corretora de Seguros
100%
45
Nov/13
Unimed Seguros
Tempo Saúde: Health Insurance Portfolio
100%
30
Oct/13
Bradesco Saúde
Odontoprev
7%
N/A
Oct/13
Catalent
Relthy
N/A
N/A
Oct/13
Ultrapar
Extrafarma
100%
1,000
Oct/13
Colsanitas
Vitallis
100%
40
Sep/13
Profarma
Prodiet Farmacêutica
40%
12
Sep/13
Brasil Insurance
Agata Mac Corretora de Seguros
100%
6
Aug/13
Unimed - Rio de Janeiro
Golden Cross: Individual and Family Health Plans Portfolio
N/A
N/A
Aug/13
BB Seguros
IRB-Brasil Resseguros
21%
547
Aug/13
Amil
Santa Marina Hospital
100%
55
Aug/13
Hellman & Friedman LLC
Hub International Limited
100%
10,007³
Aug/13
GE Healthcare
Omnimed
N/A
N/A
Jul/13
Hermes Pardini
Diagnóstika
70%
N/A
Jul/13
Hermes Pardini
Padrão Laboratory
80%
N/A
Jul/13
Abbott
Vistatek
N/A
N/A
Jul/13
Valiant Capital Management and Aberdare Ventures
ePharma
45%
N/A
Jun/13
Bradseg Participações
Fleury
2%
70
Jun/13
Banco do Brasil and BB Seguridade
Odontoprev
N/A
Joint Venture - BB Dental
Apr/13
FQM Group
SKL Pharma
100%
N/A
Mar/13
Blau Farmacêutica
Ganden
100%
N/A
Feb/13
Telefónica Digital
N/A
N/A
Feb/13
CVS Caremark
Onofre Drugstores
80%
N/A
Jan/13
Profarma
Tamoios Drugstores
50%
104
Jan/13
Sompo Japan Insurance
Marítima Seguros
38%
200
Jan/13
Profarma
CSB (Drogasmil and Farmalife)
100%
87
Dec/12
Opko Health
Silcon
N/A
N/A
Nov/12
Pátria Investimentos
MDT Próteses Hospitalares
N/A
N/A
Nov/12
Kinea
Delfin
N/A
N/A
Nov/12
Amil
HPP (Portugal Private Hospitals)
100%
223
Nov/12
Fagron BV
Florien
100%
N/A
Oct/12
CareFusion Group
Intermed Equipamento
N/A
N/A
Oct/12
UnitedHealth Group
Amil Participações
59%
6,490
AxisMed (
Advisory)
Oct/12
GWI
Profarma
5%
N/A
Sep/12
Fleury
Papaiz Associados Image Diagnosis
51%
9
Sep/12
Odontoprev
Papaiz Associados Image Diagnosis
49%
9
Sep/12
Rede D'Or
Medise
10%
N/A
Aug/12
Blau Farmacêutica
Sumimed
51%
N/A
Jul/12
Profarma
Arpmed
80%
14
Jun/12
Elekta
Radon
100%
N/A
Jun/12
Cristália
Sanobiol
100%
N/A
Jun/12
General Eletrics
XPRO
100%
N/A
May/12
SulAmérica
Sul América Capitalização (Sulacap)
83%
214
May/12
Rede D'or
Santa Lúcia hospital in Brasília
100%
N/A
May/12
Qualicorp
Aliança
60%
100
Apr/12
Brasil Insurance
Coelho dos Santos insurance broker
100%
8
Apr/12
Rede D'or
Two hospitals of Grupo Santa Luzia in Brasília
100%
N/A
* Based on public information.
¹ Original amount of transaction of USD 31 millions
² Original amount of transaction of USD 334 millions
³ Original amount of transaction of USD 4.4 billions
Friday February 7, 2014
Healthcare Weekly Report
Offerings under analysis by CVM/ANBIMA¹
Company
Primary / Secondary
Offering Price Offering Amount
(BRL)
(BRL Million)
Industry
Listing Date
Type
Fras-le
Auto Parts
Dec 04, 2013
Follow-on
Suspended Offer
Ouro Verde
Vehicle Rental
Jul 12, 2013
IPO
Suspended Offer
Industry
Listing Date
Type
Primary / Secondary
Via Varejo
Retail
Dec 13, 2013
Follow-on - Units
0% / 100%
23.00
2,845
CVC
Tourism
Dec 05, 2013
IPO
0% / 100%
16.00
729
Ser Educacional
Education
Oct 28, 2013
IPO
50% / 50%
17.50
619
Anima Educação
Education
Oct 25, 2013
IPO
83% / 17%
18.50
468
Banestes
Banking
Oct 24, 2013
Remaining Shares Auction
100% / 0%
0.49
3
Tupy
Castings
Oct 17, 2016
Follow-on
100% / 0%
17.50
523
Cambuci
Clothing and Footwear
Sep 30, 2013
Remaining Shares Auction
100% / 0%
2.07
1
CPFL Energias Renováveis
Energy
Jul 19, 2013
IPO
47% / 53%
12.51
1,035
CVM¹ Recently Listed Companies
Company
Offering Price* Offering Amount
(BRL)
(BRL Million)
Iguatemi
Malls
Jun 04, 2013
Follow-on
100% / 0%
23.50
432
BB Seguridade
Insurance
Apr 25, 2013
IPO
0% / 100%
17.00
10,200
Smiles
Loyalty Program
Apr 25, 2013
IPO
100% / 0%
21.70
1,006
Abril Educação
Education
Apr 24, 2013
Follow-on - Units
24% / 76%
45.00
509
Alupar
Energy
Apr 23, 2013
IPO - Units
100% / 0%
18.50
740
BHG S.A.
Real Estate / Hospitality
Apr 19, 2013
Follow-on
100% / 0%
17.50
329
Biosev
Sugar and Ethanol
Apr 15, 2013
IPO
100% / 0%
15.00
709
Multiplan
Real Estate
Mar 28, 2013
Follow-on
100% / 0%
58.00
626
Senior Solution
IT
Mar 07, 2013
IPO
64% / 36%
11.50
62
Linx
IT
Feb 07, 2013
IPO
65% / 35%
27.00
528
Ideiasnet
IT
Jan 30, 2013
Remaining Shares Auction
100% / 0%
2.63
1
Estácio Participações
Education
Jan 24, 2013
Follow-on
80% / 20%
42.00
768
Aliansce Shopping
Real Estate
Dec 13, 2012
Follow-on
100% / 0%
23.25
378
Equatorial Energia
Energy
Dec 10, 2012
Follow-on
83% / 17%
16.00
1,232
Marfrig Alimentos
Food
Dec 05, 2012
Follow-on
100% / 0%
8.00
924
Minerva Foods
Food
Nov 29, 2012
Follow-on
83% / 17%
11.00
495
Lupatech
Oil and Gas
Oct 26, 2012
Remaining Shares Auction
100% / 0%
4.00
439
TAESA
Energy
Jul 20, 2012
Follow-on Units
100% / 0%
65.00
1,750
1,420
Suzano
Pulp & Paper
Jun 28, 2012
Follow-on
100% / 0%
4.00
Brazil Pharma
Drug Retail
Jun 21, 2012
Follow-on
87% / 13%
9.25
553
BTG Pactual
Banking
Apr 25, 2012
IPO - Units
80% / 20%
31.25
3,234
Unicasa
Furniture
Apr 25, 2012
IPO
35% / 65%
14.00
370
Fibria
Pulp & Paper
Apr 24, 2012
Follow-on
100% / 0%
15.83
1,361
Locamerica
Fleet Outsourcing
Apr 19, 2012
IPO
60% / 40%
9.00
273
Qualicorp
Healthcare Plan
Apr 17, 2012
Follow-on
0% / 100%
16.50
674
CTEEP
Energy
Oct 28, 2011
Remaining Shares Auction
100% / 0%
51.66
32
TIM
Telecommunications
Oct 05, 2011
Follow-on
100 % / 0%
8.60
1,722
Abril Educação
Education
Jul 25, 2011
IPO - Units
100 % / 0%
20.00
371
Tec Toy
Eletronic Games
Jul 21, 2011
Remaining Shares Auction
100% / 0%
0.06
9
EDP
Energy
Jul 08, 2011
Follow-on
0% / 100%
37.00
737
Mahle Metal Leve
Auto Parts
Jul 01, 2011
Follow-on
0% / 100%
41.00
269
Kroton
Education
Jun 30, 2011
Follow-on - Units
96% / 4%
19.25
372
BR Properties
Real Estate
Jun 29, 2011
Follow-on
100% / 0%
17.15
600
Technos
Clocks
Jun 29, 2011
IPO
45% / 55%
16.50
462
Qualicorp
Healthcare Plan
Jun 28, 2011
IPO
38% / 62%
13.00
1,085
Brazil Pharma
Drugstore
Jun 22, 2011
IPO
100% / 0%
17.25
466
BR Malls
Malls
May 11, 2011
Follow-on
100% / 0%
17.20
643
1. CVM - Brazilian securities and exchange comission. ANBIMA - national association of financial and capital markets entities
* Ordinary shares price
LatinFinance Advisory & Research
Rua Ramos Batista, 198 – 6th Floor
Vila Olimpia - Sao Paulo – SP – Brazil