Intelbras IPO Filing and Financials Analyzed

By Robert Wren Gordon, Published Dec 08, 2020, 11:51am EST

Brazilian electronics firm Intelbras has filed a preliminary prospectus for an IPO with the Brazilian Securities and Exchange Commission. IPVM investigates.

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  • 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:

Executive *******

*********, ******'* ******* ******** surveillance *******, ***** ********* ************* ** *** ** Brazil's********** **** ******'*********** ******** **********(***) ** ******** **. [*] [*] [*] [*] [*] [*]

********* ** ******'* ******* domestic ************ ******* *** offers * **** ***** of ********* ****** ******* categories **** ** ********** security, ****** *******, ********, and ******. ********* ** the **********, ********* ****** a **-**** *********** ********* with ***** ** ******** 31, **** ****** ***** Intelbras's ******* ******** ** CCTV ********, **** *********** agreement *** ******** ** a ***** ******** ** 10% ** ********* ** August **, ****.

********* *** * **–** 2020 ******* ** *** 1.46 ******* (**$*** *******) and ** ****** ** BRL *** ******* (**$** million), * ********** *** will ***** *** ******* well-positioned ** *** **** few ***** ** ****** its ******** ******* *** acquisition ** ******* *********** in ******, ** ********* in *** **********.

Revenue, ******* *****, *** ******

*********'* **–** **** ******* of *** *.** ******* (US$287 *******)* ** **% higher **** *** ******* over *** **** **** frame ** ****, ******* it ** ***** ** exceed *** **** ******** of *** *.** ******* (US$420 *******):

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******* * ****** *% dip ** ******* ** 2018, *** ******* ********* in **** **** * nearly **% ****-****-**** ******** and ** ** ***** to **** **** ****** in ****.

*********'* ****** ** ** September **, **** *** BRL *** ******* (**$** million), ************ * **% EBITDA ****** (****** ÷ revenue) *** * ****** 30% ******** **** *** December **, **** ******.

Revenue ********* ** *******

********* ******** ******* **** security (**%), ************* (**%), and ****** (**%):

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Overseas *****

*********'* ******** *** ****** states **** *** ******* has ****** ********* ** various ********* ** *** Americas *** ******:

** **** ******* **** contracts ** ****** *** the ****** ** *** products ** ********* ** South *******, ******* *******, and *** ******* ********* such **: *********, ********, Uruguay, *****, ****, *******, Mexico, *********, ** ********, ***** Rica, ********, *** ********* Republic, ********, *******, *********, Cuba, *****á, *********, ******, Mozambique *** *****.

*******, *** ******* **** not ***** *** ******** vs. ************* *****.

Intelbras ******* ********** ****** *****

********* ****** ****** **** of *** ****** ********* electronic ******** ******, **** over ⅕ *** ****** control *** ****** * third *** ******** *** communication:

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*********'* ********** ******** ******* category (*** ***** ***** from **********), ***** ******** IP *******, ****, *** NVRs, ** *** *******'* largest ******* ******* ** market *****, **** * stated ****** ***** ** 47% ** ** ** 2020.

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***** ****, *** ******* has *********** ****** ** its ****** *******, ********** security, **********, *** ****** product ********** ***** *** market ***** ** ************* has ******.

********* ***** *** ****** share ************ ** *** MIDI, ************************ ******* *********çã*(*******: ********* ********** ** import ****). ** *** annexes ** *** **********, Intelbras ********* **** *** MIDI ** ********** ***** on ******** ********* **** made ********* ** ********** ********** ** ******* Revenue ** ******(********* ********** ***.*. ******* *** ****** Protection).

***********

********* ***** *** ********* that ** ********* ** be *** *********** ** each ** *** ******* lines ** *** ******* to *** **********:

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** ********** ********, ********* considers *********, *****, *** Hilook ** ** *** main ***********.

** ****** *******, ********* views ***, **** ******, and **** ** *********** while **-****, ********, *** Furukawa *** *********** ** networks, *** *********, ********, and *********** *** *********** in *************.

Shareholder *********

*********, ***** *********** ** **** ** July, ******** ******* ********* details ** ****** **********.

***** **** ****** **** ******** by ***** ** * 10% ******** ** *********, ********* *** ***% Brazil-owned, **** ***% ** Intelbras ********* ***** ***** Jorge ******* (******** ** Intelbras's ***** ** ********* and ******** ** *** company *******) *** *** three *******.

** *** ***** ********* chart *****, ** ** November ****, *** ***** members ** *** ******* family, ** ******** ** Altair ********* (*********'* ********* director), *** ****** ****** (Intelbras's ******** ** ******* and ******** *********) **** been ***** ** *** Intelbras ********* ********* *** share **% ** *** interest ** *** ******* alongside *****'* **% ******** (right ***** ** *** image ** ******):

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*** ****** ********* **** the ******* ************ *** only ***** ******* *** his ***** *******, *** together **** * ******** 44.12% ******** ** ********* (11.03% ****).

Use ** ********

********* *** ***** ****** in *** ********* **********, the ******* ***** ** use *** ******** ** its *** *** (*) acquisitions, (**) ************* *** cash ********, (***) ********* productive ********, (**) ********* product ****** *******, *** (v) ********* ******** ******** and ****** ********:

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*** ***** ****** ** the ********** ******* **** inorganic ****** (********* ** Intelbras ** ******** ** strategic ************) **** ** the ******* *** ** the *** ********. ** Intelbras ****** ** *** annexes:

** **** ***, ** addition ** ********** **** our ******* ** ********** 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 *** *************

*** **********'* **** ******* are ** **** **** what ** ******** **** in **** *** **** and ****** *********. ***** the **** ******* ****:

  • *****-** *** ***** ************ diseases *** ***** ****** on ********
  • ******* ************ ** ***** emerging ******* ********** ********* the ***** ** ********* stock
  • ****** ********* ** *** out *********
  • *** **** **** *** IPO **** *** ****** the *******'* *********** ************

*********

*********'* ******* ********** *** filed **** *** *** on ******** **, ****; the *** ** ******** to ***** ** **** following *** ********** ** the ************ *******.

Challenges ** ***** ******

** ****** ** *****, Intelbras *** ***** **** a ****************** ********* ******** to * ******** ********** supported ** ***** **** four ********* ********** ******.

IPVM Image** **** **** **** was ******** ** **** in ****, *********'* *** provides ** ********** ** all **** *** ******* has *** ******** ** international *********, **** * key ****** *** ** the ***'* ******** ***** strategic ************, * ******* in **** **** *********'* 2019 ************ ** ***** and********* *** ******* *******(**** *****).

***** *********'* ******** *** performed **** ***** ****, being ****** ***** ** magnify **** *** *** cycles *** *********, ********* to **** *********** ********:

***** ******* ** * small **** ** * publicly ****** ******* *** the ********* ** ******** information ***** * *******’* performance *** ********. **** things *** ***** ****, employees *** ***** *** brag ***, *** **** side ** **** **** do ***, ******** *** find ***.

******* ** *** ********* is ******* ******* ** this ********* ******** ** yet ** ** ****.

************* ******* **** ****** **% of *** ***** ******* the *.*. ****** ** 2020 [*] [*] [*], ********* ******* ********* real ****** **** ******** years *** ********* **** larger *.*. ****** ******.

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