Ten years ago, a group of bank analysts left Faria Lima for libraries on Ânima Educação campuses (). Last Wednesday (27), they dodged traffic to get to an old Alpargatas factory in Mooca, in São Paulo, built in 1908, today one of the buildings of one of its 25 brands, the Anhembi Morumbi University (UAM). It was the first presentation led by someone outside the control group. Paula Harraca has the challenge of not only making her grow on different fronts but also trying to draw the attention of a distant market to the group.
“In some way, the big challenge is to value a company, in an undervalued sector like many others,” she says. “We have several external challenges, ranging from bets to inflation, fiscal imbalance and high interest rates, but what we have shown is not negligible.”
Among other indicators, the presentation included 11 quarters of margin gains, after the impact of the pandemic. Also growth in cash generation measured by Ebitda (earnings before interest, taxes, depreciation and amortization) of 50.5% in two years and deleveraging decline from 4.1 times, in the fourth quarter of 2022, to 2.71 times , in the third quarter of this year.
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Even so, the company that had net revenue of R$3.7 billion last year, with almost 400 thousand students, has not seen a reaction from investors. Its shares lost 1.57% in value in November, 35.97% in the year and 37.41% in 24 months. Its current market value of R$1 billion is about a third of its net worth.
With a background in the steel industry, after working for 20 years at Arcelor Mittal, Paula arrived at Ânima after serving on the advisory board of Una from Minas Gerais, the first brand acquired by Ânima. At the beginning of this year, she joined the group’s audit and risk committee, until she was announced as executive president in June. The first months of his management were dedicated to visiting units and listening to advisors, shareholders, faculty and students.
In addition to a recent internal restructuring, Paula detailed to analysts the main growth paths. In general terms, they include expansion into an expanded market of R$100 billion. Ânima intends to move from higher education, an area that generates R$50 billion a year, to one that involves continuing, executive and B2B education. On all business fronts, including Inspirali, the profitable medicine vertical.
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“It’s a totally different starting point,” says Paula. “We expand the scope and open both eyes to the education market and not just higher education.”
Repercussion
Analysts read it favorably, despite highlighting the lack of deadline for the objective. “The company expressed confidence that topline organic growth will improve, driven by a new commercial strategy designed to leverage its strong portfolio of brands while respecting regional dynamics,” the BTG Pactual analysts wrote. “Without detailing a specific timeline, Ânima believes it is possible to double its size.”
Santander had a similar reading. “Overall, it was a qualitative event to showcase Anima’s strong portfolio of brands and the potential to continue growing the business through different segments,” wrote Caio Moscardin and Karoline Silva Correia, analysts at Santander.
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To boost the planned movement, regional campaigns to strengthen very specific brands are being carried out, with a pool of ten advertising agencies, mainly in the interior of Brazil. Also the strengthening of the medical area under Inspirali, which has long had an IPO plan (initial share offering).
“The market is at a difficult time when it comes to thinking about these issues, but growth plans are well consolidated on different fronts,” she says. “As my friend (and volleyball coach) Bernardinho says, ‘the desire to prepare has to be greater than the desire to win’. That’s what we’re doing.”
