Azzas 2154: A briga de ricaços que virou DIVÓRCIO na Bolsa — COMPRAR ou VENDER?

I promise to be faithful, to love and honor you in joy and in sorrow, in sickness and in health, for richer and for poorer, all the days of our life, until death do us part. Until death do us part. Some relationships come to an end even before the first real struggle . And that is exactly what happened with Azzas and the Soma Group. After several public arguments that surfaced recently, the worst has happened. The divorce between the two companies was announced last week. In this week's video, we’re going to discuss the relationships of some Brazilian stock market companies that also joined up with partners, and find out if their relationship health is working out or not. So, it’s time to find out here on Money Pix if it’s time to buy or to sell. This is the show for those who like hot information, the right amount of analysis, and of course, that Money touch to help you decide whether or not to add these stocks to your portfolio. So go ahead and leave a like, subscribe to the channel, and let's start another episode. When the merger was announced back in February 2024 between Arezzo&Co and the Soma Group, the lovebirds were happy and claimed complete business compatibility, evaluating that the consolidation of two industry leaders would give rise to the largest fashion group in Latin America. But that didn't last for very long. Less than a year after the wedding, the first rumors of a possible divorce began to take over the market. The two main shareholders of the companies, Alexandre Birman and Roberto Jatahy, even denied at the time that there could be a possible split of the businesses, but it wasn't enough to calm tempers. Shortly after, it was announced that the partners had made peace and were going to restructure the company's board of directors. However, new rumors and fresh friction between the partners returned to newspaper headlines. This time, a lawsuit filed by Jatahy against Birman, involving the management of the company's men's fashion unit, soured the relationship even further. Since then, the market was just waiting for the divorce announcement, and it finally arrived. Azzas will be divided into two independent companies. Arezzo&Co will keep brands like Arezzo, Schutz, Anacapri, and Hering, while Soma will gather Animale, NV, Reserva, and other labels. Farm, meanwhile, will belong to a third company, shared by both groups, paving the way for a possible sale or an IPO in the future. J.P. Morgan viewed the split positively, mainly because it ends governance conflicts and allows each company to return to having its own management and strategy. But the division of assets still raises questions. It is unclear how cash, debt , and assets will be distributed. And the spin-off may also eliminate some of the synergies created after the merger. Therefore, despite the improved governance and attractive share price, the bank maintained a neutral recommendation for the shares with a target price of R $ 24.60. Other firms announced they would review their recommendations, but as of the recording of this video, we have not seen any updates. Now it remains to be seen whether Arez and Soma will be able to generate more value apart than together. While Arez and Soma decided to separate, Pet and Cobase are still trying to prove that the union can work . The companies announced their first negotiations in April 2024 and signed the definitive merger agreement in August of that same year. After a long analysis process at CADE, the operation was concluded in January 2026, giving rise to the Petsco Base group, traded on the stock exchange under the ticker A3, which to me is one of the best tickers. The former shareholders of PETs kept 52.6%of the company, while those of Cobase received 47.4%. The relationship seems to be working out so far. Itaú BBA resumed coverage of the group with a buy recommendation and a target price of R $ 4.70 for the end of 2027, a potential upside of 32%. The bank highlights operational improvement , profit growth, and, especially, greater cash generation. In addition, Pets and Cobase have very similar stores, categories, and processes, which can make integration simpler and facilitate joint negotiations with suppliers. But it is still too early to know if this marriage will be a " happily ever after." Itaú BBA points out that mergers carry high execution risks and that corporate culture is often one of the main causes of failure . Digital competition is also a concern . Online sales already account for about 41%of the total and have lower margins than physical stores. Therefore , Pets and Cobase still need to prove that they will be able to turn the greater scale and promised synergies into results for shareholders. Not every union needs to end in marriage. Magazine Luiza and Mercado Livre, for example, decided to maintain an open relationship. Even as competitors, the companies formed a partnership so that products from the proprietary inventories of Magalu, KaBuM, and Época Cosméticos can be sold within the Mercado Livre marketplace. For Safra, the deal is positive for both sides, but it mainly benefits Magazine Luiza. The retailer now gains access to a platform that concentrates about 37% of Brazilian e-commerce, reaching consumers who don't yet frequent its ecosystem. The partnership could add approximately R $ 3 billion per year to Magalu's sales volume. According to the bank, Mercado Livre will also be responsible for customer financing, reducing the retailer's working capital needs. Meanwhile, Mercado Livre strengthens its offering of furniture and large appliances, segments in which it still has a smaller presence and more logistical difficulty. The partnership also comes at a very opportune moment. Magalu and Mercado Livre could occupy part of the space left by Casas Bahia, which is going through a judicial reorganization process. Despite the potential of the deal, Safra maintained a neutral recommendation for the shares with a target price of R $ 6. In other words, the relationship seems advantageous, but it still needs to show results before getting more serious. The purchase of the insurer was announced in February 2022 and concluded in December of that same year. The operation, carried out through a stock swap, valued Sul-América at around R $ 13 billion. The strategy brought together the largest private hospital network in the country with one of the main health insurance operators. Four years later, the numbers indicate that the union is delivering results. According to Empiricus, after a few quarters of deceleration, Rede D'Or got back on track in the second quarter of 2026. In hospitals, revenue grew nearly 10%, while EBITDA rose 18%, driven by an increase in surgical procedures, oncology infusions, and the average ticket. But the main highlight came precisely from SulAmérica. The insurer's revenue grew 6.5%. And the loss ratio, the portion of revenue consumed by beneficiary care, fell by three percentage points. With this, the division's EBITDA jumped 53%to R $ 612 million. On a consolidated basis, Rede D'Or's EBITDA reached R $ 2.9 billion, an increase of 22%, while adjusted net income reached R $ 1.2 billion. For Empiricus, the results reinforce the company's growth capacity and show that this marriage is working again. For this reason, Rede D'Or is part of the firm's recommended portfolio. And if you want to check out the other stocks selected by Empiricus, just access the link in the description of this video. Now I want to hear from you, which of these unions or divorces make sense for your portfolio? Leave it here in the comments. 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