Raia Drogasil SA: RD's Magic Pill: Now at a Discount

研报英文原文证据摘录

Raia Drogasil SA: RD's Magic Pill: Now at a Discount

Foundation

June 15, 2026 10:22 PM GMT

Morgan Stanley C.T.V.M. S.A.+MRaia Drogasil SA | Latin America Mauricio I Cepeda

Equity Analyst

RD's Magic Pill: Now at a Mauricio.Cepeda@morganstanley.comArtur D Alves +55 11 3048-6272

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

Discount Lucas Nagano

Research Associate

What’s Changed Lucas.Nagano@morganstanley.com +55 11 3048-6065

Raia Drogasil SA (RADL3.SA) From To Raia Drogasil SA (RADL3.SA, RADL3 BZ)

Top Pick Added - RADL3.SA Top Pick

Price Target R$28.00 R$26.00

LatAm Healthcare | Brazil

RADL3's rare mix of growth, best-in-class execution and Stock Rating Overweight Industry View In-Line

exposure to Brazil’s large GLP-1 opportunity has long supported Price target R$26.00

Shr price, close (Jun 12, 2026) R$17.46

a well-earned premium multiple. With competition and labor Mkt cap, curr (mm) R$30,596

52-Week Range R$27.31-12.62

risks over-priced, the stock offers a compelling entry point. RD is

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

our Healthcare Top Pick. EPS (R$)** 0.77 1.00 1.29 1.56

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

Key Takeaways framework** = Based on consensus methodology

e = Morgan Stanley Research estimates

RADL’s recent underperformance appears driven more by perceived risks, which

we believe are overstated, than by weaker fundamentals.

The stock screens attractively, trading at ~18x 2026E P/E versus ~26x implied by

our DCF-based price target.

GLP-1 remains a key persistent growth driver, with category penetration expected

to increase materially over the coming years.

The proposed 5x2 labor reform creates manageable cost pressure, with

operational levers available to mitigate much of the impact.