João Braga

O Banco Inter sofreu uma queda de cerca de 40% em três dias após um resultado apenas 3% pior do que o esperado, movimento que não foi justificado por fundamentos e sim pela liquidação forçada de um grande investidor alavancado que foi "stopado". O papel caiu de R$40 para R$30 e depois para R$27, ficando aproximadamente 10% abaixo do já deprimido nível pós-venda forçada. Até agora ninguém comprou, e o preço extremamente descontado provavelmente será o primeiro a ser adquirido quando o fluxo estrangeiro (ou qualquer comprador) retornar, criando uma assimetria favorável.

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.

SmartFit is a dominant low-cost high-value gym operator with a unique execution-driven model that replicates across Latin America. Its proprietary TotalPass aggregator platform acts as an 'iFood for gyms', growing at a blistering pace and improving bargaining power versus other networks. The company has no debt, returns on invested capital well above the cost of capital, and is increasing margins while opening 300+ units per year in a massive addressable market. Despite earnings growing 40% since the IPO, the stock has been compressed by forced selling (fund closures, redemptions), now trading at the lowest multiple in its history (9x forward earnings) when in a normal market it would command 18-20x. A turnaround in sentiment or a foreign buyer could quickly re-rate the stock.