FMU Acquisition Raises the Bar as Macro Turns Less Supportive

Research evidence excerpt

FMU Acquisition Raises the Bar as Macro Turns Less Supportive

Update

July 15, 2026 05:49 AM GMT

Morgan Stanley C.T.V.M. S.A.+MAnima Educacao | Latin America Mauricio I Cepeda

Equity Analyst

FMU Acquisition Raises the Bar Mauricio.Cepeda@morganstanley.comLucas Nagano +55 11 3048-6272

Research Associate

Lucas.Nagano@morganstanley.com +55 11 3048-6065

as Macro Turns Less Supportive Artur D Alves

Artur.Alves@morganstanley.com +55 11 3048-4278

Key Takeaways

Anima Educacao (ANIM3.SA, ANIM3 BZ)

FMU is initially dilutive: minimum implied EV is R$560m, or 10.6x LTM EBITDA vs. Brazil Education Services | Brazil

Anima’s own valuation of ~4x. Stock Rating Overweight

Industry View In-Line

The return case post-synergies requires doubling FMU's 19% margin (to 41%) and Price target R$6.00

expanding revenue by at least ~30%, leaving limited room for execution errors. Shr price, close (Jul 14, 2026) R$2.87

Mkt cap, curr (mm) R$1,159

Revenue recovery is possible, but rebuilding market share would be a multiyear 52-Week Range R$5.29-2.51

process. Commercial integration questions in São Paulo are unanswered.

Pro forma leverage rises from 2.39x to 2.73x, partly reversing a prolonged

deleveraging process since acquiring Laureate Brazil assets.

Higher leverage magnifies the downside in a macro bear scenario, with higher-for-

longer rates, limited cash generation and pressured intake.

What's new? Anima announced the acquisition of 100% of FMU for a minimum EV

of R$560m, comprising of: (i) R$410m minimum equity (R$240m payable at closing

and R$170m deferred until December 2029 or three years after CADE approval,

plus a potential earn-out); and (ii) R$150m net debt. Anima expects the closing by

the end of 2026. FMU only recently completed a judicial reorganization process,