Randoncorp: July Revenues: Another Strong Month; Growth Ex-FRAS at +9% YoY/+10% MoM; FRAS Soft at -6% YoY

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

20 August 2026

Randoncorp

Underweight

RAPT4.SA, RAPT4 BZ

Price (19 Aug 26):R$4.67

July Revenues: Another Strong Month; Growth ExFRAS at +9% YoY/+10% MoM; FRAS Soft at -6% YoY

Latin American Capital Goods

Randoncorp: It was another strong month for the company as July revenues (link

here) excluding Frasle were +9% YoY / +10% MoM. On a working day basis,

revenues ex-Frasle were at R$32.5mn, +9% YoY / +1% MoM. Consolidated

revenues followed a positive trend at +3% YoY / +6% MoM, totaling R$1,230mn

in the month, the highest level since Oct-2025. Adjusted by working days, it stood

at R$53.5mn, +3% YoY and -3%. July data compares with ANFAVEA truck

production being flat in YoY terms and ANFIR truck-trailer sales +27% YoY.

Randoncorp is trading at 4.1x EV/EBITDA 2027e vs. Frasle at 6.1x and the

remainder of Latam Auto Parts universe at 3.0-4.7x.

Marcelo Motta AC

RAPT vs. guidance. YTD revenues reached R$7,618mn, -1% YoY (vs. JPMe fullyear growth estimate at +2% YoY and guidance at mid-point at +1% yoy).

Figure 4: Latam Auto Parts Valuation

Summary

(55-11) 4950-6712

Jonathan S. Koutras

(55-11) 4950-3549

Banco J.P. Morgan S.A.

Frasle Mobility: July revenues (link here) were R$483mn (~39% of RAPT’s

total), -6% YoY / 0% MoM. Adjusted by working days, Frasle revenues were R

$21.0mn, -6% YoY / -9% MoM.

POMO4

TUPY3

MYPK3

LEVE3

FRAS3

RAPT4

NEMAKA

FRAS vs guidance. YTD revenues now stand at R$3,117mn, -3% YoY vs. JPMe

expected full-year growth of +3% YoY and guidance at mid-point at +7%.

Our view: We expect a slightly positive reaction to RAPT shares given the

improvement in figures ex-FRAS at +9% YoY and +10% MoM, logging the 2nd

consecutive month with MoM growth. However, we expect some weakness in

FRAS shares given the continued weakness in YoY data and downside risk to fullyear guidance amid lackluster YTD growth (-3% YoY vs guidance at mid-point of

+7% YoY).

EV/EBITDA

26e

27e

4.4x

3.8x

4.8x

3.3x

3.0x

5.0x

4.7x

7.3x

6.1x

5.0x

4.1x

3.3x

2.9x

P/E

26e

27e

4.5x

4.2x

14.1x 5.3x

6.5x

5.7x

6.2x

6.4x

19.7x 13.5x

24.3x 5.5x

NM

6.6x

Source: J.P. Morgan estimates, Bloomberg Finance L.P.

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