Intelbras IPO Filing and Financials Analyzed
Brazilian electronics firm Intelbras has filed a preliminary prospectus for an IPO with the Brazilian Securities and Exchange Commission. IPVM investigates.
- Revenue, Revenue Trend, EBITDA
- Revenue Breakdown by Segment
- Overseas Sales
- Intelbras Product Categories
- Competitors
- Shareholder Structure
- Use of Proceeds
- Risks and Opportunities
- Valuation
- Challenges of Being Public
This post is part of IPVM's ongoing Brazil coverage. For previous posts about Intelbras, see:
- Cameras for $20: IPVM Tours São Paulo's "CCTV" Street
- Genetec and Dahua-Backed Intelbras Split Examined
- Brazil's Biggest Domestic Surveillance Company Intelbras Profile
Executive *******
*********, ******'* ******* ******** ************ *******, filed ********* ************* ** *** ** ******'*********** **** ******'*********** ******** **********(***) ** ******** **. [*] [*] [*] [*] [*] [*]
********* ** ******'* ******* ******** ************ company *** ****** * **** ***** of ********* ****** ******* ********** **** as ********** ********, ****** *******, ********, and ******. ********* ** *** **********, Intelbras ****** * **-**** *********** ********* with ***** ** ******** **, **** making ***** *********'* ******* ******** ** CCTV ********, **** *********** ********* *** followed ** * ***** ******** ** 10% ** ********* ** ****** **, 2019.
********* *** * **–** **** ******* of *** *.** ******* (**$*** *******) and ** ****** ** *** *** million (**$** *******), * ********** *** will ***** *** ******* ****-********** ** the **** *** ***** ** ****** its ******** ******* *** *********** ** smaller *********** ** ******, ** ********* in *** **********.
Revenue, ******* *****, *** ******
*********'* **–** **** ******* ** *** 1.46 ******* (**$*** *******)* ** **% higher **** *** ******* **** *** same **** ***** ** ****, ******* it ** ***** ** ****** *** 2019 ******** ** *** *.** ******* (US$420 *******):
******* * ****** *% *** ** revenue ** ****, *** ******* ********* in **** **** * ****** **% year-over-year ******** *** ** ** ***** to **** **** ****** ** ****.
*********'* ****** ** ** ********* **, 2020 *** *** *** ******* (**$** million), ************ * **% ****** ****** (EBITDA ÷ *******) *** * ****** 30% ******** **** *** ******** **, 2017 ******.
Revenue ********* ** *******
********* ******** ******* **** ******** (**%), communication (**%), *** ****** (**%):
Overseas *****
*********'* ******** *** ****** ****** **** the ******* *** ****** ********* ** various ********* ** *** ******** *** Africa:
** **** ******* **** ********* ** Brazil *** *** ****** ** *** products ** ********* ** ***** *******, Central *******, *** *** ******* ********* such **: *********, ********, *******, *****, Peru, *******, ******, *********, ** ********, ***** ****, ********, the ********* ********, ********, *******, *********, Cuba, *****á, *********, ******, ********** *** Egypt.
*******, *** ******* **** *** ***** out ******** **. ************* *****.
Intelbras ******* ********** ****** *****
********* ****** ****** **** ** *** entire ********* ********** ******** ******, **** over ⅕ *** ****** ******* *** nearly * ***** *** ******** *** communication:
*********'* ********** ******** ******* ******** (*** image ***** **** **********), ***** ******** IP *******, ****, *** ****, ** the *******'* ******* ******* ******* ** market *****, **** * ****** ****** share ** **% ** ** ** 2020.
***** ****, *** ******* *** *********** growth ** *** ****** *******, ********** security, **********, *** ****** ******* ********** while *** ****** ***** ** ************* has ******.
********* ***** *** ****** ***** ************ on *** ****, ************************ ******* *********çã*(*******: ********* ********** ** ****** ****). In *** ******* ** *** **********, Intelbras ********* **** *** **** ** calculated ***** ** ******** ********* **** made ********* ** ********** ********** ** ******* ******* ** Brazil(********* ********** ***.*. ******* *** ****** **********).
***********
********* ***** *** ********* **** ** considers ** ** *** *********** ** each ** *** ******* ***** ** the ******* ** *** **********:
** ********** ********, ********* ********* *********, Dahua, *** ****** ** ** *** main ***********.
** ****** *******, ********* ***** ***, Nice ******, *** **** ** *********** while **-****, ********, *** ******** *** competitors ** ********, *** *********, ********, and *********** *** *********** ** *************.
Shareholder *********
*********, ***** *********** ** **** ** ****, ******** ******* ********* ******* ** its*** **********.
***** **** ****** **** ******** ** ***** of * **% ******** ** *********, ********* *** ***% ******-*****, **** 100% ** ********* ********* ***** ***** Jorge ******* (******** ** *********'* ***** of ********* *** ******** ** *** company *******) *** *** ***** *******.
** *** ***** ********* ***** *****, as ** ******** ****, *** ***** members ** *** ******* ******, ** addition ** ****** ********* (*********'* ********* director), *** ****** ****** (*********'* ******** of ******* *** ******** *********) **** been ***** ** *** ********* ********* structure *** ***** **% ** *** interest ** *** ******* ********* *****'* 10% ******** (***** ***** ** *** image ** ******):
*** ****** ********* **** *** ******* shareholders *** **** ***** ******* *** his ***** *******, *** ******** **** a ******** **.**% ******** ** ********* (11.03% ****).
Use ** ********
********* *** ***** ****** ** *** Intelbras **********, *** ******* ***** ** use *** ******** ** *** *** for (*) ************, (**) ************* *** cash ********, (***) ********* ********** ********, (iv) ********* ******* ****** *******, *** (v) ********* ******** ******** *** ****** channels:
*** ***** ****** ** *** ********** implies **** ********* ****** (********* ** Intelbras ** ******** ** ********* ************) will ** *** ******* *** ** the *** ********. ** ********* ****** in *** *******:
** **** ***, ** ******** ** continuing **** *** ******* ** ********** expansion,we **** ** ******* *** ******** ******* ********* ************ ** ********* ******** ** *** *********** ** ********** *** ******* ***********, with the goal of optimizing our productive capacity and augmenting our spectrum of activity in line with what we have done throughout our history. [emphasis added]
Risk *** *************
*** **********'* **** ******* *** ** line **** **** ** ******** **** in **** *** **** *** ****** issuances. ***** *** **** ******* ****:
- *****-** *** ***** ************ ******** *** their ****** ** ********
- ******* ************ ** ***** ******** ******* negatively ********* *** ***** ** ********* stock
- ****** ********* ** *** *** *********
- *** **** **** *** *** **** not ****** *** *******'* *********** ************
*********
*********'* ******* ********** *** ***** **** the *** ** ******** **, ****; the *** ** ******** ** ***** in **** ********* *** ********** ** the ************ *******.
Challenges ** ***** ******
** ****** ** *****, ********* *** grown **** * ****************** ********* ******** to * ******** ********** ********* ** Dahua **** **** ********* ********** ******.
***** *********'* ******** *** ********* **** since ****, ***** ****** ***** ** magnify **** *** *** ****** *** companies, ********* ** **** *********** ********:
***** ******* ** * ***** **** of * ******** ****** ******* *** the ********* ** ******** *********** ***** a *******’* *********** *** ********. **** things *** ***** ****, ********* *** cheer *** **** ***, *** **** side ** **** **** ** ***, everyone *** **** ***.
******* ** *** ********* ** ******* forward ** **** ********* ******** ** yet ** ** ****.
************* ******* **** ****** **% ** *** value ******* *** *.*. ****** ** 2020 [*] [*] [*], ********* ******* ********* **** ****** from ******** ***** *** ********* **** larger *.*. ****** ******.