AL ALOS3.SA Allos S.A. Загрузка... : Бычьи и медвежьи мнения аналитиков

Brazilian large funds are concentrated in a few large-cap consensus names, leaving many small and mid-cap second-line stocks underfollowed and with little competition. This creates significant alpha opportunities for fundamental managers who can identify and hold these companies, as seen with Smartfit and Allos.

Allos (formerly Aliansce Sonae) is led by Rafael Sales, one of the best capital allocators in Brazil, who arbitraged the BR Malls portfolio brilliantly and is now recycling capital to create a powerful recurring revenue engine. Hidden inside Allos is Hellow, an out-of-home media business that is winning major contracts for digital screens in airports and shopping malls, giving the company a high-margin advertising subsidiary that is not reflected in the stock. Additionally, Sales is structuring a real estate investment trust (FII) for a slice of the shopping center portfolio, which would generate perpetual management fees. The company is paying a dividend equivalent to ~14% yield, and even without multiple expansion the return from dividends alone is extraordinary. At 10x FFO, the shares are deeply mispriced versus global mall operators.