Assai (ASAI3.SA): Key Takeaways from ASAI‘s Pharma Store Site Visit

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Assai (ASAI3.SA): Key Takeaways from ASAI‘s Pharma Store Site Visit

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15 Jul 2026 18:49:13 ET │ 14 pages

Assai (ASAI3.SA)

Key Takeaways from ASAI's Pharma Store Site Visit

CITI'S TAKE

Neutral / High Risk We joined Citi’s Healthcare team, led by Leandro Bastos, to visit Assaí’s

first in-store pharmacy at its Anhanguera store in São Paulo, followed by Price (15 Jul 26 18:00) R$8.66

meetings with management, including CEO Belmiro Gomes and CFO Target price R$10.50

Rafael Sachete. We were impressed by the format’s simplicity, limited Expected share price return 21.2%

maintenance capex needs, and assortment of roughly 10,000 SKUs Expected dividend yield 2.3%

across prescription drugs, OTC products, supplements, and Expected total return 23.6%

dermocosmetics, broadly comparable to traditional pharmacies. However,

Market Cap R$11,722M the gradual rollout--25 units expected this year and medium-term

US$2,308M potential of around 250--should generate only incremental revenue

contributions by 2028. The key question is whether the operation, which

will include e-commerce (click&collect initially and delivery later), can

match traditional pharmacy productivity. At 25-30% of RADL’s João Pedro SoaresAC

productivity, we estimate roughly R$2bn in incremental revenue, or ~2% +55-11-4009-7562

of Assaí’s 2028 sales. Considering a 10-15% contribution margin implies joao.soares@citi.com

~10% earnings upside (vs CitiE). We maintain Neutral/High Risk on ASAI

Leandro Bastos, CFA and Sell on RADL.

+55-11-4009-3125

leandro.bastos@citi.com

Renan Prata, CFA

Our main highlights: renan.prata@citi.com

Felipe Husein

felipe.husein@citi.com

Store Profile — Assaí’s first pharmacy is located inside the Anhanguera store and

occupies ~120sqm, with a segregated space required for the category and a