Natura Cutting Estimates Post 2Q Preliminary Disclosure

研报英文原文证据摘录

Natura Cutting Estimates Post 2Q Preliminary Disclosure

Global Research

16 July 2026ab

Natura Equities

BrazilCutting Estimates Post 2Q Preliminary

Disclosure Cosmetics

12-month rating Neutral

12m price target R$9.50Lower estimates and PT to R$9.50, Keep Neutral

Prior : R$11.00

We revisit our estimates following NATU’s preliminary 2Q26 results, which imply a

revenue contraction of -9% to -10% and lead us to lower our earnings, FCF and Price (16 Jul 2026) R$8.56

dividend estimates, while reducing our price target to R$9.50 (from R$11) Although RIC: NATU3.SA BBG: NATU3 BZ

we continue to expect disciplined cost control to support cash generation and keep

leverage manageable, we now see a slower path to earnings recovery and believe Trading data and key metrics

the investment case will increasingly depend on a meaningful improvement in top- 52-wk range R$10.70-7.20

line trends, which appears unlikely in the near term. With shares trading at 10x / 8x Market cap. R$11.8b/US$2.31b

2026/27 PE, we keep our Neutral rating. Shares o/s 1,375m (COM)

Free float 40%

2Q preliminary results suggest more structural headwinds Avg. daily volume ('000) 13,021

As highlighted in our Downgrade to Neutral, we had already observed softer trends Avg. daily value (m) R$119.8

and growing concerns over NATU’s hability to regain market share amid intensifying Common s/h equity (12/26E) R$13.2b

competition and continued pressure on its direct selling model. While we remained P/BV (12/26E) 0.9x

relatively constructive on the margin expansion and the resumption of dividend Net debt to EBITDA (12/26E) 1.5x

distributions in 2026-27, the preliminary 2Q disclosure suggests a more challenging

operating backdrop than anticipated, with issues appearing more structural than EPS (UBS, diluted) (BRL)