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    STNE   KYG851581069

STONECO LTD.

(STNE)
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Brazil's Banco Inter pops on StoneCo stake, Nasdaq plan

05/24/2021 | 09:00am EDT

SAO PAULO, May 24 (Reuters) - Banco Inter SA's units soared on Monday after payments company StoneCo Ltd said it would buy a stake of up to 4.99% in the Brazilian online bank and the bank separately announced plans for a Nasdaq listing.

Banco Inter units rose 23% in Sao Paulo, its second-largest daily rise in a year. BTG Pactual analyst Eduardo Rosman said in a note to clients the agreement with Stone "brings a very strong partner" for Inter and its future U.S. listing gives its controlling shareholders more firepower for M&A.

Stone, which is backed by U.S. investors such as Berkshire Hathaway Inc, will have the right of first refusal in case Inter's control changes, and a seat at the digital bank's board. Rosman compared the Inter-Stone agreement with the partnership between Square Inc and CashApp.

Brazilian payments company StoneCo said it planned to spend $471 million on new shares in Banco Inter, which is also backed by SoftBank Group Corp.

The agreement bolsters Inter's competitive profile against large Brazilian banks. Banco Inter intends to list its shares on Nasdaq as Inter Platform. Current shareholders in Brazil will either receive U.S. listed shares or Brazilian Depositary Receipts (BDRs).

It is unclear whether Inter units can remain part of the local index Bovespa, which is usually restricted to locally-listed shares. B3 did not reply to a Reuters request for comment. ($1 = 5.3203 reais) (Reporting by Tatiana Bautzer and Paula Laier, additional reporting by Carolina Mandl, editing by Marguerita Choy and Nick Zieminski)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCO INTER S.A. -4.79% 23.87 End-of-day quote.117.66%
EURO / BRAZILIAN REAL (EUR/BRL) 2.66% 6.188 Delayed Quote.-5.00%
IBOVESPA -3.08% 121800.79 Delayed Quote.2.34%
NASDAQ COMP. -0.71% 14672.677608 Real-time Quote.14.66%
SOFTBANK GROUP CORP. -2.61% 6837 End-of-day quote.-15.15%
SQUARE, INC. -3.14% 247.26 Delayed Quote.13.61%
STONECO LTD. -0.27% 58.84 Delayed Quote.-29.89%
All news about STONECO LTD.
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07/16STONECO : Notice to Shareholders, filed by Linx with the Brazilian Securities Co..
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07/15STONECO : INCORPORATION BY REFERENCE (Form 6-K)
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07/15STONECO LTD : . Announces New Member of the Board of Directors
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07/15StoneCo Ltd. Announces Board Changes
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07/06STONECO : Notice to Shareholders, filed by Linx with the Brazilian Securities Co..
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07/02STONECO : Material Fact, filed by Linx with the Brazilian Securities Commission ..
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06/30STONECO : UBS Adjusts StoneCo's Price Target to $85 From $87, Reiterates Buy Rat..
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06/25STONECO LTD.(NASDAQGS : STNE) added to Russell 3000E Value Index
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More news
Financials
Sales 2021 5 252 M 1 007 M 1 007 M
Net income 2021 1 426 M 274 M 274 M
Net cash 2021 1 283 M 246 M 246 M
P/E ratio 2021 60,0x
Yield 2021 0,03%
Capitalization 94 905 M 18 206 M 18 206 M
EV / Sales 2021 17,8x
EV / Sales 2022 11,7x
Nbr of Employees 7 239
Free-Float 70,6%
Chart STONECO LTD.
Duration : Period :
StoneCo Ltd. Technical Analysis Chart | STNE | KYG851581069 | MarketScreener
Technical analysis trends STONECO LTD.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 306,72 BRL
Average target price 448,42 BRL
Spread / Average Target 46,2%
EPS Revisions
Managers and Directors
Thiago dos Santos Piau Chief Executive Officer
Augusto Barbosa Estellita Lins President
Marcelo Bastianello Baldin VP-Finance & Principal Accounting Officer
André Street de Aguiar Chairman
Felipe Salvini Bourrus Chief Technology Officer
Sector and Competitors
1st jan.Capi. (M$)
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