B3 results in the 3rd quarter of 2023. Check it out.

Investidor AvançadoWagner Geremia
Resultados da B3 no 3º trimestre de 2023. Confira.
I closely follow the trajectory of the company B3 as a shareholder and analyst , considering it one of the most intriguing companies to monitor, as it provides valuable insights into the behind-the-scenes of the market . When analyzing the reports, it is observed that the company faced considerable challenges in matching the previous year's results, mainly due to weaker demand for risky assets. However, even in the face of these obstacles, B3 demonstrates resilience by offsetting losses in one sector with gains in another. I highlight that the company's high points emerge, notably, in the corporate and government fixed income segments. It is important to highlight that the company issued debentures in October, indicating that it was taking advantage of a window of opportunity in the market.

Interest Graph maturing in 2032. Source: ADVFN

As we can see, this issuance of debentures occurred at a time of rising rates, which means that the company will have to pay a higher remuneration for many years. What does that mean? I believe we could have held air and purchased shares and used the capital to maintain cash, waiting for a drop in interest rates in the market to issue debt.

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Check out some highlights from B3's third quarter:

  1. Economic and International Scenario:

    • The performance of the spot stock market in Brazil was impacted not only by internal factors, such as interest rates , but also by influences from the external scenario and seasonality due to holidays in the northern hemisphere.
    • The slowdown in global equity and variable income markets reflects a reduction in risk appetite on the part of investors, possibly due to changes in the international economic scenario.

  2. Financial Volume and Derivatives:

    • There was a drop in the average daily financial volume traded , indicating a decrease in trading activities in the spot market for shares in Brazil .
    • In the listed derivatives market, despite the drop in average daily trading volume, there was a significant increase compared to the same period of the previous year.

  3. Financial results:

    • Recurring net profit reached R$1.2 billion , remaining stable compared to the same period of the previous year, but with a slight decrease compared to the previous quarter.
    • Quarterly distributions, including repurchases, dividends and interest on equity , totaled R$1.3 billion.

  4. Stock Market and Variable Income:

    • Drop in the average daily financial volume traded in spot shares , attributed to a challenging international scenario and reduced risk appetite in global markets.
    • In index futures contracts , the reduction in the average number of contracts was offset by an increase in daily trading volume, driven by volatility in the quarter.

  5. Emissions and Stock in the Bank Funding Market:

    • Growth in issuances and average stock of bank funding instruments , mainly DIs and CDBs .
    • Increase in issuance of other fixed income instruments, notably in the real estate market and agribusiness.

  6. Fixed Income and Direct Treasury:

    • Continuous growth in Tesouro Direto , highlighted by the increase in the number of investors and the average stock.
Tags: Investidor avançado, Valuation