3tentos: Long-term guidance likely understates 3tentos’ potential – top pick in Latam Agri

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3tentos: Long-term guidance likely understates 3tentos’ potential – top pick in Latam Agri

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3tentos

Long-term guidance likely understates

3tentos’ potential – top pick in Latam Agri

Maintain Rating: BUY | PO: 22.00 BRL | Price: 14.29 BRL

3tentos platform build-out supports a steeper growth 22 June 2026

We believe 3tentos’ guidance understates its growth potential. The company announced Equity

today the opening of six new stores across four states, bringing its network to 81

Isabella Simonato >>

locations (59 in RS, 14 in MT, 3 in GO, 2 in PA, 3 in MG and 1 in TO). As a result, even Research Analyst

our current estimate of 82 stores in 2026 appears conservative, as additional openings Merrill Lynch (Brazil) isabella.simonato@bofa.com

are expected in 2H. More broadly, we see upside to management’s target of reaching

Julia Zaniolo >>

100 stores by 2030. Since its IPO in 2021, 3tentos has consistently outperformed its Research Analyst

expansion plans, starting a business in Mato Grosso, but also successfully getting into Merrill Lynch (Brazil) julia.zaniolo@bofa.com

new agricultural frontiers and new industrial segments (corn ethanol). Maintain Buy.

Fernando Olvera >>

Research Analyst

Merrill Lynch (Mexico)Track record and market fragmentation support upside folvera@bofa.com

3tentos’ guidance implies a 6.5% store expansion CAGR over the next five years, below

the 9% CAGR achieved over the last five years. Given the company’s strong execution

track record and proven ability to scale its platform, we believe these targets leave room

for upside. While our estimates already incorporate the development of a new growth Stock Data

cluster in Pará, supported by the upcoming ethanol plant and recent store openings, we Price 14.29 BRL