Oncoclinicas "Dropping Coverage" (Neutral) Olmos

研报英文原文证据摘录

Oncoclinicas "Dropping Coverage" (Neutral) Olmos

Global Research

17 July 2026ab

Oncoclinicas Equities

BrazilDropping Coverage

Healthcare Providers

12-month rating Neutral *

Dropping coverage of ONCO effective immediately

Effective immediately, we are dropping coverage of Oncoclinicas due to a 12m price target R$1.00

reallocation of equity research resources. Our rating, price target and estimates Prior : R$2.50

should not be relied upon going forward.

Price (17 Jul 2026) R$0.80

Updated estimates. Our last rating is Neutral for Oncoclinicas RIC: ONCO3.SA BBG: ONCO3 BZ

We are updating our final estimates to reflect the company's weaker-than-expected Trading data and key metrics

operating performance and a more challenging outlook following the sharp

52-wk range R$5.70-0.75

deterioration observed in recent quarters. Our revised forecasts incorporate 1Q26

Market cap. R$0.91b/US$0.18b

results, lower treatment volumes, continued pressure on payor relationships and a

Shares o/s 1,133m (COM)

slower recovery trajectory. Our final estimates for 2026 imply -11% net revenue

Free float 47%

growth and a 51% drop in adjusted EBITDA, with a recovery in 2027. We now forecast

net revenue of R$5.1bn in 2026 and R$5.6bn in 2027, representing 19% cuts vs. our Avg. daily volume ('000) 9,612

previous estimates, and adjusted EBITDA of R$389mn in 2026 and R$768mn in 2027, Avg. daily value (m) R$11.8

representing reductions of 45–60% vs. prior estimates. While management Common s/h equity (12/26E) R$0.26b

continues to pursue operational stabilization initiatives amid the petition for an P/BV (12/26E) 3.5x

out-of-court reorganization, we believe visibility remains limited and execution Net debt to EBITDA (12/26E) 11.1x

risks remain elevated. Our final rating is Neutral given the balance between