Hapvida "Positive Q1 milestone, execution to set the tone ahead; Neutral..."

研报英文原文证据摘录

Hapvida "Positive Q1 milestone, execution to set the tone ahead; Neutral..."

Global Research

14 May 2026ab

Hapvida Equities

AmericasPositive Q1 milestone, execution to set the

tone ahead; Neutral maintained Healthcare Providers

12-month rating Neutral *

12m price target R$16.00Following a better-than-feared Q1, execution will play a key role ahead

Prior : R$15.00

We update our HAPV model incorporating 1Q26 results, slightly raising our PT to R

$16 (from R$15), while maintaining a Neutral rating. Q1 print came in better than Price (14 May 2026) R$13.47

feared, providing some relief to investors in more sensitive fronts, particulary on RIC: HAPV3.SA BBG: HAPV3 BZ

leverage with a R$18mn net debt reduction. That said, we still see some degree of

uncertainty around the case, with the main earnings driver in the quarter—MLR— Trading data and key metrics

being supported by favourable sector-wide dynamics with softer utilization levels 52-wk range R$43.80-8.21

across the board. Meanwhile, as previously highlighted, a rebound in net adds Market cap. R$6.39b/US$1.28b

remains key to the thesis, with competitive pressures showing limited signs of Shares o/s 475m (COM)

easing so far. During the conference call, management outlined several initiatives Free float 58%

underpinning its commercial turnaround plan, including greater decentralization Avg. daily volume ('000) 12,657

through region-specific channel strategies and network profiles, as well as a Avg. daily value (m) R$137.5

potential new brand architecture. New management team appears highly engaged Common s/h equity (12/26E) R$47.8b

in the turnaround process, which for sure adds confidence, while clearer signs of P/BV (12/26E) 0.1x

execution ahead could potentially support improved investor sentiment.