Latest news with #finanças
Bloomberg
26-05-2025
- Business
- Bloomberg
CaixaBank Pushes Back on Opposition to Spanish Banks in Portugal
The head of CaixaBank SA 's Portuguese unit sought to refute criticism that Spanish banks have too much influence in the country, saying their investment was vital in strengthening Portugal's finance industry when others pulled back. 'I think consolidation is a European goal,' Banco BPI Chief Executive Officer Joao Pedro Oliveira e Costa said at a conference in Lisbon. 'We need to focus more on what unites us than what separates us.'
Reuters
22-05-2025
- Business
- Reuters
Spanish bank buying Novo Banco is not in Portugal's interest, minister says
LISBON, May 22 (Reuters) - Portugal is concerned about over-dependence on Spain in its banking sector and views an acquisition of its fourth-largest lender Novo Banco by a Spanish bank as contrary to the country's interests, its acting Finance Minister said. According to Spanish media reports, the country's Caixabank ( opens new tab, which owns Portugal's fifth largest bank BPI, was weighing a bid for Novo Banco, although the Spanish bank has not commented on those reports. "Spanish banks already represent roughly a third of the Portuguese banking market and, for reasons of concentration and dependence, this figure should not rise," Joaquim Miranda Sarmento told broadcaster RTP late on Wednesday. "It is in the country's interest that there is no excessive dependence or concentration in our banking sector in the hands of banks from a single country such as Spain," he said, without elaborating why it would be of concern. Unlisted Novo Banco, which is 75% owned by U.S. private equity fund Lone Star, in February began preparations for an initial public offering of 25%-30% of its capital but a full sale has not been ruled out. Miranda Sarmento said it was up to majority stakeholder Lone Star to decide on whether float the bank or sell it. The remaining 25% stake in the lender is held by a resolution fund, which is financed by Portugal's banks and the Portuguese state. While the stake does not allow the state the power to block a deal, it would be difficult to finalise it without the government's consent. Last June, the CEO of state-owned Caixa Geral de Depositos (CGD) Paulo Macedo said Portugal's largest bank was considering buying another lender to preserve its market leadership in the face of expansion by foreign banks, particularly those from Spain. Should CGD make a bid "alone or together with another bank" for Novo Banco, the Portuguese state would have the final say on the transaction in such a scenario, Miranda Sarmento said. Portugal's top five banks, which also include Millennium bcp ( opens new tab and the Portuguese unit of Spain's Santander ( opens new tab control more than 80% of the country's banking assets.
Yahoo
10-05-2025
- Business
- Yahoo
Smartfit Escola DE Ginastica E Danca SA (BSP:SMFT3) Q1 2025 Earnings Call Highlights: Robust ...
Release Date: May 09, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Smartfit Escola DE Ginastica E Danca SA (BSP:SMFT3) reported a robust growth of 20% in its network of gyms, totaling 10,709 stores across 15 countries in Latin America. The company achieved a significant net revenue growth of 33% year-over-year, reaching BRL 1.7 billion, driven by a 19% increase in membership under the SmartFit brand. The cash gross margin improved to 50.7%, reflecting a 0.3% increase compared to Q1 2024, indicating efficient cost management. Smartfit's EBITDA reached a record BRL 520 million, marking a 32% growth from the previous year, with a solid margin of 31%. The company maintains a healthy adjusted net debt over EBITDA ratio of 1.65 times, showcasing strong financial stability and operational cash generation. The gross margin in Mexico experienced a decline, attributed to lower-than-expected member attraction towards the end of the previous year. Operational expenses, particularly SG&A, increased by 37% year-over-year due to investments in new businesses and higher personnel costs. The company faces challenges in maintaining high margins amidst rapid expansion, with concerns about potential cannibalization in mature markets. There is uncertainty in Mexico's market performance, with no immediate plans for price increases, focusing instead on recovering inflow levels. The competitive landscape is intensifying with the expansion of franchise models, posing a potential threat to Smartfit's market share and margins. Warning! GuruFocus has detected 7 Warning Signs with BSP:SMFT3. Q: What were the drivers of Smartfit's expansion in Latin America, and how do you view the margins in this region? A: Beseta, the CFO, explained that the expansion was driven by adding many units to the mature base, particularly in Latin America, which had the highest number of new units. The region saw a price adjustment at the end of last year, contributing to a higher average ticket. New units opened in 2024 also had good margins, boosting the overall gross margin in the region. Q: Why was there a drop in gross margin in Mexico in Q1 2025, and how does it compare to other regions? A: Beseta noted that Mexico experienced a strong start in 2024 with high member attraction but faced challenges in the second half of the year. The first quarter of 2025 saw strong member attraction but was insufficient to offset the previous year's end. Inflation adjustments also impacted performance. However, new vintage units in Mexico are performing well, with lessons from Brazil being applied to improve returns. Q: How does the penetration of Total Pass within SmartFit membership affect the company's performance? A: Beseta mentioned that while specific penetration numbers for Total Pass are not disclosed, its penetration has been growing. Total Pass has been adding value to SmartFit, and the gap in performance is expected to narrow, indicating a positive impact on the company's bottom line. Q: What is the outlook for price increases or revenue management in Mexico given the macroeconomic scenario? A: Rizardo stated that while the company is focused on disciplined cost management, there are no immediate plans for price increases in Mexico. The focus is on recovering good inflow levels and managing costs and CapEx efficiently. Q: How does Smartfit assess the growth pace of demand compared to industry capacity, and what do corporate customers value most? A: Diogo highlighted that fitness is becoming trendy, with significant growth potential. Corporate customers value convenience, proximity, and tailored products. Smartfit focuses on maintaining quality and expanding strategically to meet increasing demand while ensuring a strong brand presence. Q: How does Smartfit view the potential for expansion in terms of units per population, and how does market penetration affect this? A: Beta explained that the potential for expansion is assessed based on internal performance data and market penetration. As market penetration increases, the potential for new units also grows. The company continuously refines its understanding of white space opportunities based on market evolution and internal learnings. Q: What is the outlook for Smartfit's expenses, particularly in marketing and GNA? A: Rizardo noted that marketing expenses are typically higher in Q1 due to member attraction efforts. While some marketing investments are non-recurring, the overall expense level is expected to remain stable due to company growth. GNA expenses increased due to investments in new business units and wage adjustments, but a dilution of expenses is expected over the year. Q: How does Smartfit differentiate itself from franchise models like Panel Bianco, and what are the critical areas of focus? A: Diogo emphasized the importance of focusing on user experience, brand strength, and disciplined expansion. Despite the growth of franchise models, Smartfit maintains its margins and focuses on customer satisfaction and strategic expansion to ensure long-term success. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Washington Post
06-05-2025
- Business
- Washington Post
CBD: Q1 Earnings Snapshot
SAO PAULO — SAO PAULO — Companhia Brasileira de Distribuicao (CBDBY) on Tuesday reported a loss of $28.8 million in its first quarter. On a per-share basis, the Sao Paulo-based company said it had a loss of 6 cents. Losses, adjusted to account for discontinued operations, came to 3 cents per share.
