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Gafisa S.A. Message Board

  • cobaltinsf cobaltinsf Apr 17, 2013 8:30 PM Flag

    Preliminary 1Q Results

    This may be baseless conjecture, but after trying to decipher the initial 1Q results, did anyone else have the thought that the company is at the tail end of having cleaned itself up for a complete sale? The past year has been dedicated to cleaning up the books, maximizing cash reserves, while limiting new projects. It's as if management has created the best state of affairs they can, not to grow, but to shut off the lights and hand the brand over to someone with fire in the belly to grow this thing. There appears to be enough cash, or potential case with Alphaville, to remain solvent. And the Tenda bleeding appears to have stopped. And if a new owner steps in now, they don't inherit a lot of projects (and mistakes on projects) started by others. As as if management has cleaned up the house to sell it so to speak. My attempt at reading the 1Q tea leaves in conjunction with the last year's results. Any thoughts?

    Also, don't understand the silence on Alphaville. It's been almost 3 weeks since the bids were submitted, and no news. The silence is deafening. If the bids were rejected, we'd know. It seems more likely that some other sale negotiation must be going on (outside of the Alphapar issue--its hard to imagine they would have engaged i-bankers and gone through a bidding process if the Alphapar dispute had the potential to torpedo any deal).

    Last item, the Q1 refers to landbank acquisitions but doesn't identify. Anybody have any clue as to what land they've acquired?

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    • Complete sale you say? well, maybe something's brewing, maybe not. The crew here have been trying to decipher GFA statements for months now, so I refrain to speculate that way. The other piece of info that I'm looking for is for say, Brasilia headquartered FUNCEF, or other Fund, is loading the truck at these levels. The next round of stimulus package coming out from Brasilia for low income housing is imminent and they must be aware of the timing.

      The once ugly Tenda is in pristine fresh start position, but the flag comes from funds loading here.

      I'm selling out during World Cup Inauguration Day ...regardless of the price.

      Sentiment: Strong Buy

 
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