H&E Daily "Stock Movers: ANIM3/YDUQ3 pullback; Afya/YDUQS/ANIM: New Enam..."

Research evidence excerpt

H&E Daily "Stock Movers: ANIM3/YDUQ3 pullback; Afya/YDUQS/ANIM: New Enam..."

Global Research

22 June 2026ab

H&E Daily Equities

Latin AmericaStock Movers: ANIM3/YDUQ3 pullback; Afya/

YDUQS/ANIM: New Enamed proficiency rules Healthcare

(+); GLP-1 prescription trends Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

Eduardo Resende

Stock Movers Associate Analyst

ANIM3/YDUQ3 pullback, now ~3x 27E P/E - we keep seeing the stocks eduardo.resende@ubs.com

undervalued +55-11-2767 6015

Last week, ANIM3 and YDUQ3 underperformed peers (down -11% and -8% WoW,

respectively vs. Ibov at -2%), despite no meaningful changes in short interest

(largely stable as a % of free float). In our view, the move could have been driven by

the macro volatility observed over the past week, with some investors potentially

rotating out of higher-beta names, while the rise in forward rates tends to pressure

more leveraged names such as ANIM. From an operational standpoint, we saw no

material newsflow although, looking at short-term trends, Q2 is typically a quarter

with limited surprises given the intake seasonality more concentrated in odd-

numbered quarters. That said, margin dynamics and drop-out trends amid the

ongoing regulatory transition could raise some concerns to investors, although

these topics have already been broadly addressed by companies during Q1 earnings

(and already reflected in our estimates). Despite the macro backdrop, we see both

stocks as significantly undervalued, with ANIM3 and YDUQ3 trading at 2.9x and 3.6x

27E P/E respectively (close to lowest levels seen in recent 3 years and at a ~60%

discount to Ibov), while FCFE yields are reaching levels close to 20%.

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