Magazine Luiza (MGLU3) e Via (VIIA3): GS corta preço alvo; entenda

Magazine Luiza (MGLU3) e Via (VIIA3): Goldman Sachs corta preço-alvo; entenda

[{"selector":"#anim-b09b711d-859f-488e-8653-25489629ecc7","keyframes":{"opacity":[0,1]},"delay":300,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-73f2a2a6-8a68-4501-a093-2e98b7897bd6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ea6413bf-409b-40de-8966-4dcfb6bb16c4","keyframes":{"opacity":[0,1]},"delay":300,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

As estratégias dos grandes players do e-commerce, como Magazine Luiza (MGLU3), Via (VIIA3), Americanas (AMER3) e Mercado Livre (MELI34), estão mudando.

[{"selector":"#anim-4f39abbc-3e94-42c1-bb6a-88103b269e15","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-44fdd892-de4c-42a5-b00f-26f643d038fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a671a6e-699b-48fc-8d65-3d0305bd22a7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Repórter Victória Anhesini

O cenário atual no Brasil aponta menos demanda e um custo de capital mais alto, de acordo com análise do Goldman Sachs.

[{"selector":"#anim-4be6037b-5f1f-4484-bc93-021e3e5ce0e8","keyframes":{"transform":["translate3d(117.88080%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81233583-5a75-424e-8961-0a4813be0012","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b5f73f51-2cde-4a0e-ad3e-9747e5d73f0f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-ee60ce38-ec05-48b1-b0cf-b55b56a38b96","keyframes":{"transform":["translate3d(118.54304%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25994537-ae04-4d02-bbf9-4a4e6e07b8b0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fef2e65a-712f-484e-a554-df258a1ac40a","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Conforme o GS, embora as mudanças estejam ocorrendo para aumentar as operações de 3P (Produção, Preparação e Processo), além de uma concorrência acirrada, elas refletem as taxas mais altas e crescimento desacelerado.

[{"selector":"#anim-b1b28043-689b-4ad3-b788-1321ab74abae","keyframes":{"transform":["translate3d(118.54304%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8d5907cf-f7d2-46f1-923c-f59d2a764d03","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c7b45040-5ad2-4be3-a407-f431a1e3b456","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Qual é o novo foco agora?

[{"selector":"#anim-a27e8af3-1226-43f5-a4ad-c9bcef3c54be","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8599339c-ea0f-4411-a1e5-c981bbf65fe2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0ae52f01-410a-47b6-85ce-d6a8dc927613","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-732d33a1-6e3f-495f-ac0d-07dab5a54e03","keyframes":{"transform":["translate3d(118.54304%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94056670-7ba1-4b51-9cee-1e5832f04137","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f3aa5f47-40d3-4a19-8e02-106f42484b35","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Americanas, por outro lado, se apoia em iniciativas para impulsionar uma construção de oferta de cauda longa.

[{"selector":"#anim-ace8a029-a800-433e-834b-57792a7d399e","keyframes":{"transform":["translate3d(117.88080%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-707eb2c7-fe10-4bc9-84cb-22c56bba6e49","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e1079095-4879-4392-af25-15a590f63d51","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Já Mercado Livre aperta as condições de vendas a prazo, para tentar mitigar o impacto de maiores custos de captação, operando com vantagem competitiva relativa, porque pode, não porque precisa, de acordo com o relatório.

[{"selector":"#anim-a07f52c8-e9c0-4193-88d9-3896477ebb8d","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b917997a-689e-45a1-88b9-360fabc6836a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f74db23e-b06a-41a9-840c-aacca9248e5d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

A mudança de foco do Magalu e Via foi de crescimento à lucratividade, por causa de demanda mais fraca em suas categorias principais. Houve redução de incentivos para vendedores e aumento das taxas de participação.

[{"selector":"#anim-67b1a84c-bc69-4447-bbaf-21694478e1bb","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0fff3a44-e878-45d2-a73c-cb1ac71e7086","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6e9fec00-7115-41a9-88ff-9174bb9a077e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Apesar dos analistas concordarem que o retorno de incremento sobre investimentos em subsídios pode não ser atraente no atual ambiente de demanda, “também acreditamos que isso diminuirá a escala dos mercados de ambas as empresas”.

[{"selector":"#anim-2efc61e1-ad64-4339-a301-924765fd0a6a","keyframes":{"transform":["translate3d(117.88080%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-61f64a92-f0b5-444f-ba57-190160862767","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03bdaf90-654d-4f1b-8b0f-83479e7e0a0e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

O Goldman Sachs reitera a classificação de compra de Magazine Luiza, mas com redução do preço alvo de R$ 12 para R$ 10.

[{"selector":"#anim-6b785e29-7744-4e5b-87fd-098867af5cf1","keyframes":{"transform":["translate3d(117.88080%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f28ae87c-f340-420d-8022-fd9c2f4164c6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1f4c23cd-bb21-4182-92e0-4102716cc530","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

E também mantém recomendação de venda para a Via. O preço alvo nos próximos 12 meses caiu de R$ 4,7 para R$ 4,3.

[{"selector":"#anim-6a7f66d8-8db4-4b5f-a1d3-5593bba8370d","keyframes":{"transform":["translate3d(116.55629%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9377dca4-5b3e-4fbc-992e-cc75c14e7bc0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a518e9ca-5769-466d-95ed-e2390f708151","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Mudanças na operação da Magalu, de acordo com o relatório:

[{"selector":"#anim-f5a6e4bf-dd8a-4d5a-8bd8-c35339a2bfb3","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2bace898-0b88-4479-9e2c-84381a6776a8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c1f7c8e-4c75-4dab-ba29-fe00412451a9","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-7cd852dd-72db-4e51-9b15-afa94e77cc2d","keyframes":{"transform":["translate3d(118.54304%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c91e4483-24bd-45c0-8ebb-7d9e7053aa63","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03e95a5d-bbe8-4565-a8ef-95d00d83315b","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Por último: - O frete grátis continua obrigatório para produtos acima de R$ 79, mas os vendedores não precisam oferecer frete grátis se o valor do frete for superior a R$ 50 (vs. R$ 70 antes).

[{"selector":"#anim-105de6ac-2dc0-4683-b7b9-2aa1bfa3758f","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b4d0eee0-a175-4891-b2c9-b40cf3238222","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c47552d4-4380-461c-be8e-038f3186e949","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

- Parcelamentos: segundo notícias recentes, a Via também está reduzindo o número de parcelas sem juros dependendo do preço do produto.

[{"selector":"#anim-49952d58-134e-4f36-bdf8-2d570eb2363e","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b324a4e-fb1b-48b6-911e-37ce04daa285","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f4c3cbd9-eb47-4cd5-b52e-3dc065d21d59","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5853034a-6e67-4692-9622-71245f16a861","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-33ca09b7-e86f-4414-b650-bd3ebe315f10","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-05a2f82d-7c2c-47fd-85be-f9d49b5ffef4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

- Take-rate: as comissões aumentaram na maioria das categorias (de 14%-18% para 18,5%-21%).

[{"selector":"#anim-2481a054-b5eb-44f9-bc98-2569dfbd0fce","keyframes":{"transform":["translate3d(118.21193%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-374ae99f-b4e4-4849-b392-7c95f65a9bb8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c7fd7484-f650-4a78-8546-e197c96406d3","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]