The Point for Latin America

Research evidence excerpt

The Point for Latin America

Point |

Monday, 29 June 2026

Top Call | Company | Industry | Global | Key Rating and Target Price Changes

Top Call

Motiva (MOTV3.SA) - A Good Entry Point to a Good Story, Upgrading to Buy

We are upgrading Motiva to Buy as the recent price action has likely introduced a

good entry point in a company with solid fundamentals. With the stock trading at

11% real IRR in our estimates, we see current valuation as compelling while risks

from higher capex and leverage seem under control. In this report, we also include

a sensitivity analysis of contract amendments at SPVias, Subway lines 5/17 and

AutoBAn, which look positive at first sight and don’t seem fully priced by the

market, in our view. The Regis Bittencourt auction may also be an opportunity

depending on the capex benefits considered for the project, while it’s possible that

some amendments may materialize in the short term. We increase our target price

to R$15.60/sh (from R$15.00), on estimates changes shown in Figure 16.

Filipe Nielsen

Company

SLC Agricola SA (SLCE3.SA) - SLC is acquiring more land in MT State

SLC announced that it exercised its right of first refusal for the acquisition of

leased land that has been put up for sale in Mato Grosso State. The properties

have 41.2k physical hectares of registered area, which correspond to 28.8k arable

hectares and this land historically enable 100% of second crop planting, while the

total amount of the deal will be R$1,850mn, implying a price of R$64.2k per arable

hectare, below market price. As we commented earlier, we see this deal as aligned

with the company's long-term strategy, but we expect a higher pressure in its cash

flow, given the higher leverage ahead (which should reach ~2.7x 2026 EoP), high