The largest drought of public action offers (IPO) of the Brazilian scholarship will turn four in a few months. And in B3 () there is little optimism about a resumption of these operations in the short term. Although abroad these offers have “unpaired”, here in Brazil hardly the trend will be reversed until there is no sign that interest rates will fall. Companies, however, did not give up on the idea of a listing, says the CEO of the Scholarship Administrator.
“I still see companies working their agendas to become open companies,” said Gilson Finkelsztain, during lunch with journalists on Friday (7) in Sao Paulo. “The fact that we are experiencing a global moment of tighter monetary policy, diminished the volume of Ipos worldwide, was not an effect only in Brazil.”
With a beginning of a process of resuming offers abroad, Finkelsztain believes that, of course, Brazilian companies will be part of this discussion again. “This year, however, it is more difficult to be optimistic for a trend reversal of action emissions.”
The key turn, according to him, will depend mainly on the effects of the central bank’s monetary policy, with inflation being brought closer to the goal and the interest curve becoming more flat or even sloping negatively.
“I don’t know when this will happen. Obviously, it is difficult to predict. A strong fiscal adjustment message is missing so that we can have this scenario materializing, ”says B3 CEO. Finkelsztain believes that the new cycle of Brazilian companies will be pulled by more mature companies and traditional sectors such as sanitation, energy, services and finances.
“I don’t think interest rates need to reach 10%, 9% to resume offers in the stock market. Just signaling that monetary policy will reverse trend in the medium and long term for conversations to be resumed. This is also a trigger for the foreign investor, who already realizes that Brazil is cheap, but has uncertainties. ”
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The executive denies that there is an individual investor escape in the stock market and claims that the number of CPFs has been stable. “People are keeping their positions in action, sometimes working with more sophisticated products, such as options, to reduce the cost of acquisition,” he said.
In the B3 CEO’s view, market prices do reflect a distrust of Brazil’s fiscal sustainability in the short term, but it is not a crisis at risk of insolvency, as some that occurred in the past.
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“I think today there is absolutely no risk of insolvency in the short term,” said Finkelsztain. “We have a growing country, but where there is a general distrust of fiscal responsibility [do governo] and the sustainability of the debt ”.
About this, the CEO said that the government’s economic team cannot be content just to close each year’s account with several expenses outside the tax framework and extraordinary collections. It is necessary to take permanent measures to decrease spending, “cut in the meat,” says Finkelsztain.
The executive shares the evaluation of most of the market, that the valuation of Brazilian companies, especially in the stock market, they are far below what they should. “I heard from investors that if a Brazilian company had zip code in India, it would be negotiating three times today’s price,” he gave as an example.
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The CEO says that even with interest on high level, the capital market “is definitely not stopped.” On the contrary, he became the main source of companies financing today in Brazil, said Finkelsztain, with more than $ 600 billion of debt products issued last year.
“Today, the first source of financing [das empresas] It’s the capital market – and I’m talking broadly, not just a specific segment, ”he explained.
