Maior caso de recuperação judicial do Brasil, Oi volta à moda

Por Exame

Dois anos e meio depois de entrar com o maior pedido de recuperação judicial do Brasil, a Oi parece estar de volta à moda entre os analistas de telecomunicações.

O Itaú BBA, o Bradesco BBI e o BTG Pactual são algumas das corretoras que deram recomendações positivas para a ação recentemente, após a operadora de telecomunicações do Rio de Janeiro concluir o aumento de capital de R$ 4 bi que foi a etapa final de sua gigantesca reestruturação da dívida.

“Vemos uma taxa de recompensa assimétrica positiva após a conclusão do aumento de capital e a eleição de um governo focado em reformas”, escreveram analistas liderados por Fred Mendes na corretora do Banco Bradesco, em nota de 5 de fevereiro, quando elevaram a recomendação para a Oi de neutro para outperform.

A ação faz parte do portfólio recomendado do BTG Pactual no Brasil. “A empresa acabou de cumprir a última etapa do plano de reestruturação e deve voltar a aumentar capex”, disse Carlos Sequeira, chefe de pesquisa de equity para a América Latina, em entrevista. “A Oi é um call muito específico e mais arriscado, mas temos visão de que o papel pode ter alta substancial”, disse Sequeira.

As ações ordinárias da Oi agora têm 4 recomendações de compra, 1 de manutenção e 3 de venda, com um preço-alvo médio de R$ 1,90, implicando um aumento de cerca de 34%, de acordo com dados compilados pela Bloomberg.

A operadora da maior rede de fibra ótica do Brasil trabalhou duro para reconquistar alguma confiança. A luta feroz entre os credores e acionistas para reestruturar US$ 19 bilhões em dívida incluiu grandesempresas no mercado de distressed debt, como Aurelius Capital Management e BlackRock, confrontos no conselho, saída de vários executivos de nível C e suspensão dos direitos de alguns de seus acionistas. Também resultou no maior processo de mediação do mundo, de modo que aempresa pudesse se contentar com nada menos que 55.000 credores.

A Oi contratou recentemente o Boston Consulting Group para ajudá-la a rever sua estratégia, o Bank of America Merrill Lynch para ajudar a avaliar possíveis vendas de ativos ou outras oportunidades de M&A e a Oliver Wyman para apoiar seu plano de alocação de capital, que inclui a expansão de sua rede de fibra ótica e de sua cobertura 4G. O objetivo é formar uma equipe altamente qualificada para ajudar a administração a definir seus próximos passos, agora que a dívida foi reestruturada.

A esperada aprovação de um projeto de lei que ajudará a modernizar o setor de telecomunicações do Brasil, após as eleições do Congresso e da Presidência do ano passado, também está melhorando o cenário para a Oi. A empresa opera sob um regime de concessão altamente regulado que a força a manter redes telefônicas fixas obsoletas e a proíbe de vender ativos como imóveis e hardware, mesmo que não sejam mais necessários para fornecer os serviços.

A aprovação da nova lei de telecomunicações traria economias operacionais de R$ 880 milhões para a Oi, de acordo com Mendes, do Bradesco, além da possibilidade de venda de ativos e uma simplificação da estrutura corporativa.

 

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