{"id":1832,"date":"2024-01-22T17:43:46","date_gmt":"2024-01-22T20:43:46","guid":{"rendered":"https:\/\/www.hsinvest.com\/?p=1832"},"modified":"2024-03-18T17:55:48","modified_gmt":"2024-03-18T20:55:48","slug":"","status":"publish","type":"post","link":"https:\/\/www.hsinvest.com\/en\/minerva\/","title":{"rendered":"Opportunistic Credit","raw":"Opportunistic Credit"},"content":{"rendered":"\n
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In June 2020, HSI acquired BRL 200 million in agricultural receivables (CRA) issued by Minerva S.A through a primary offering.<\/p>\n\n\n\n

Minerva is the largest beef exporter in South America, operating 25 plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay with combined processing capacity of 26,000 heads of cattle daily.<\/p>\n\n\n\n

HSI identified the opportunity to invest in a sector leader at an attractive yield. At the time, credit spreads had surged on account of the pandemic, notwithstanding solid operating performance by animal protein exporters supported by strong demand and a favorable exchange rate.<\/p>\n\n\n\n

Over subsequent quarters, Minerva posted strong performance, maintaining high export volumes at prices above the market average. The relatively low cost of cattle helped drive the EBITDA margin to 13.4% during 3Q20, a historic high for Minerva. During 2021, the firm posted net revenues, of BRL 27 billion, also an historic high.<\/p>\n\n\n\n

In August 2022, HSI divested from its position at a compressed yield, generating a capital gain in addition to the income yield.<\/p>\n","protected":false,"raw":"\n

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In June 2020, HSI acquired BRL 200 million in agricultural receivables (CRA) issued by Minerva S.A through a primary offering.<\/p>\n\n\n\n

Minerva is the largest beef exporter in South America, operating 25 plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay with combined processing capacity of 26,000 heads of cattle daily.<\/p>\n\n\n\n

HSI identified the opportunity to invest in a sector leader at an attractive yield. At the time, credit spreads had surged on account of the pandemic, notwithstanding solid operating performance by animal protein exporters supported by strong demand and a favorable exchange rate.<\/p>\n\n\n\n

Over subsequent quarters, Minerva posted strong performance, maintaining high export volumes at prices above the market average. The relatively low cost of cattle helped drive the EBITDA margin to 13.4% during 3Q20, a historic high for Minerva. During 2021, the firm posted net revenues, of BRL 27 billion, also an historic high.<\/p>\n\n\n\n

In August 2022, HSI divested from its position at a compressed yield, generating a capital gain in addition to the income yield.<\/p>\n"},"excerpt":{"rendered":"","protected":false,"raw":""},"author":1,"featured_media":1904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_pt_post_content":"\n

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Em junho de 2020, a HSI adquiriu BRL 200 milh\u00f5es em certificados de receb\u00edveis do agroneg\u00f3cio (CRA) emitidos pela Minerva S.A. em uma oferta prim\u00e1ria. <\/p>\n\n\n\n

Minerva \u00e9 a maior exportadora de carne bovina da Am\u00e9rica do Sul. Opera um total de 25 frigor\u00edficos no Brasil, na Argentina, na Col\u00f4mbia, no Paraguai e no Uruguai com capacidade para processar aproximadamente 26.000 cabe\u00e7as de gado por dia.<\/p>\n\n\n\n

A HSI identificou a oportunidade de investir em ativos de uma empresa l\u00edder em seu segmento, a uma taxa atrativa. Naquele momento, os spreads estavam dilatados devido a pandemia, apesar dos resultados resilientes no setor de exporta\u00e7\u00e3o de prote\u00edna animal, devido \u00e0 forte demanda e taxa de c\u00e2mbio favor\u00e1vel.<\/p>\n\n\n\n

Nos trimestres seguintes, a Minerva divulgou resultados robustos. A empresa manteve alto volume de exporta\u00e7\u00e3o de carne com pre\u00e7os acima da m\u00e9dia do mercado o que, aliado \u00e0 pre\u00e7os baixos de gado, fez com que a margem EBITDA atingisse 13,4% em 3T20, o maior valor j\u00e1 reportado na hist\u00f3ria da companhia. Em 2021, Minerva reportou Receita L\u00edquida de R$ 27 bilh\u00f5es, recorde hist\u00f3rico da empresa.<\/p>\n\n\n\n

At\u00e9 agosto de 2022, a HSI vendeu toda a sua posi\u00e7\u00e3o nessa opera\u00e7\u00e3o com \u00e1gio gerando ganhos n\u00e3o somente com os juros da transa\u00e7\u00e3o, mas com a compress\u00e3o de taxa na venda.<\/p>\n","_pt_post_name":"minerva","_pt_post_excerpt":"","_pt_post_title":"Cr\u00e9dito oportun\u00edstico","_en_post_content":"\n

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\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n<\/figure>\n\n\n\n
<\/div>\n\n\n\n

In June 2020, HSI acquired BRL 200 million in agricultural receivables (CRA) issued by Minerva S.A through a primary offering.<\/p>\n\n\n\n

Minerva is the largest beef exporter in South America, operating 25 plants in Brazil, Argentina, Colombia, Paraguay, and Uruguay with combined processing capacity of 26,000 heads of cattle daily.<\/p>\n\n\n\n

HSI identified the opportunity to invest in a sector leader at an attractive yield. At the time, credit spreads had surged on account of the pandemic, notwithstanding solid operating performance by animal protein exporters supported by strong demand and a favorable exchange rate.<\/p>\n\n\n\n

Over subsequent quarters, Minerva posted strong performance, maintaining high export volumes at prices above the market average. The relatively low cost of cattle helped drive the EBITDA margin to 13.4% during 3Q20, a historic high for Minerva. During 2021, the firm posted net revenues, of BRL 27 billion, also an historic high.<\/p>\n\n\n\n

In August 2022, HSI divested from its position at a compressed yield, generating a capital gain in addition to the income yield.<\/p>\n","_en_post_name":"","_en_post_excerpt":"","_en_post_title":"Opportunistic Credit","edit_language":"en","footnotes":""},"categories":[9],"tags":[],"class_list":["post-1832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-special-opportunities"],"_links":{"self":[{"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/posts\/1832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/comments?post=1832"}],"version-history":[{"count":23,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/posts\/1832\/revisions"}],"predecessor-version":[{"id":2734,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/posts\/1832\/revisions\/2734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/media\/1904"}],"wp:attachment":[{"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/media?parent=1832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/categories?post=1832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hsinvest.com\/en\/wp-json\/wp\/v2\/tags?post=1832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}