Tiago Reis: por que eu PAREI de comprar as ações da TAESA (TAEE11)?

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A Taesa (TAEE11) apresenta baixo risco, pouca volatilidade, margem alta, balanço sólido e previsibilidade de fluxo de caixa. Por isso, é uma das ações mais seguras da bolsa.

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Mesmo com todos esses pontos positivos, Tiago Reis, analista de investimentos e fundador da Suno, decidiu parar de comprar ações da empresa. Quer saber por quê?

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No momento, a Taesa (TAEE11) conta com um Dividend Yield em torno de 12% a 13%, um dos maiores da bolsa de valores brasileira. Mas...

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Mas, na opinião de Tiago Reis e dos analistas da Suno, esse dividendo é insustentável por alguns motivos.

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Ocorreram uma série de resultados não recorrentes nos últimos meses que inflaram os resultados da empresa.

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Esses resultados tendem a não se repetir, principalmente por conta da inflação, fazendo com que a empresa não pague mais esse DY nos próximos meses.

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Por exemplo, ao analisar seu balanço de caixa operacional e quanto teve de lucro nos últimos tempos, vemos que o lucro foi maior.

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Com isso, os dividendos da Taesa (TAEE11) devem ser impactados, já que só poderá pagar o quanto ela gera de caixa operacional.

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Isso não significa que a companhia fez algo errado em sua contabilidade, que não é uma empresa saudável ou que não é mais um bom negócio.

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Apenas significa que parte do dividendo é consequência de um lucro que não é repetido, pois existiram eventos não recorrentes.

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É muito importante não cometer o erro de analisar somente os dividendos dos últimos 12 meses. Faça uma projeção futura para não tomar decisões equivocadas!

[{"selector":"#anim-cfa468ad-ce29-4cd7-8b45-f1ce6d702985","keyframes":{"opacity":[0,1]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e35e831-54ca-45f2-871d-f51c437c5656","keyframes":{"transform":["translate3d(116.02564%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":300,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-762ffc5b-e5d1-4a56-b4db-e7f92632b352","keyframes":[{"offset":0,"transform":"translate3d(0, -570.8461%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -160.52192331999998%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -54.57288716%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -20.49337499%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -8.905199159999999%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":950,"fill":"both"}] [{"selector":"#anim-975a4f6a-a0ff-4031-96a8-0515dc0e35da [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(36.278409007647014%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":5000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

[{"selector":"#anim-3940505d-3170-4f7e-8fca-50842eb6dbaa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Clique aqui!