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UGP.N

ISIN: US90400P1012
SEDOL: 2496890

Rating:

BUY

Target Price:

18.08 USD

Investment Horizon:

6 to 12 months
14th May 2009 View Report   Download

1Q 09 News Alert

Ultrapar Participacoes S.A. (Ultrapar) reported y-o-y growth in revenues during 1Q 09, driven by growth across all of its business units, particularly Ipiranga. Operating income improved y-o-y, broadly in line with our estimate, while net income was below our estimate due to higher-than-expected financial expenses. Going forward, we believe the company will continue to benefit from low crude oil prices coupled with the consolidation…

21st Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Ipiranga, the company’s fuel distribution segment, generates the majority of the company’s operating income (approximately 72.1% in FY 2008). We expect Ipiranga’s sales volume will increase in FY 2009, primarily due to the consolidation of Texaco from 2Q 09 onwards (as detailed in our 2Q 09 update report, dated 16 September 2008), boosting the company’s overall top-line and operating income....

12th Mar 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Ultrapar Participaçoes S.A. (Ultrapar) reported robust y-o-y growth in revenues during 4Q 08, driven by growth in all business units, particularly Ipiranga. Operating margin improved y-o-y, above our estimate, while net income was significantly below our estimate due to higher-than-expected tax expenses. Going forward, we believe the company’s margins will continue to benefit from lower crude oil prices. Based on these factors…

17th Dec 2008 View Report   Download

3Q 08 Update Report

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Ultrapar Participacoes S.A. (Ultrapar) reported strong revenue growth in 3Q 08 driven by strong performances from the company’s LPG distribution (Ultragaz) and Fuel distribution (Ipiranga) segments. The company’s revenue and net income were above our forecasts, while operating income was marginally below our estimate due to higher than anticipated Cost of Goods Sold (COGS). Going forward, we believe an anticipated depreciation of the…

6th Nov 2008 View Report   Download

3Q 08 News Alert

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Ultrapar Participaçoes S.A. (Ultrapar) reported strong y-o-y growth in revenues during 3Q 08 driven by growth in all of its business units. Going forward, we believe that the company’s margins will likely benefit from declining crude oil prices. Furthermore, we believe that the recent turmoil in global equity markets has rendered Ultrapar’s common stock undervalued at current price levels, and as we believe the company remains ...