Intelbras IPO Filing and Financials Analyzed

By Robert Wren Gordon, Published Dec 08, 2020, 11:51am EST (Info+)

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 *******

*********, ******'* ******* ******** ************ *******, 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 *******):

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******* * ****** *% *** ** revenue ** ****, *** ******* ********* in **** **** * ****** **% year-over-year ******** *** ** ** ***** to **** **** ****** ** ****.

*********'* ****** ** ** ********* **, 2020 *** *** *** ******* (**$** million), ************ * **% ****** ****** (EBITDA ÷ *******) *** * ****** 30% ******** **** *** ******** **, 2017 ******.

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

********* ******** ******* **** ******** (**%), communication (**%), *** ****** (**%):

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Overseas *****

*********'* ******** *** ****** ****** **** the ******* *** ****** ********* ** various ********* ** *** ******** *** Africa:

** **** ******* **** ********* ** Brazil *** *** ****** ** *** products ** ********* ** ***** *******, Central *******, *** *** ******* ********* such **: *********, ********, *******, *****, Peru, *******, ******, *********, ** ********, ***** ****, ********, the ********* ********, ********, *******, *********, Cuba, *****á, *********, ******, ********** *** Egypt.

*******, *** ******* **** *** ***** out ******** **. ************* *****.

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

********* ****** ****** **** ** *** entire ********* ********** ******** ******, **** over ⅕ *** ****** ******* *** nearly * ***** *** ******** *** communication:

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*********'* ********** ******** ******* ******** (*** image ***** **** **********), ***** ******** IP *******, ****, *** ****, ** the *******'* ******* ******* ******* ** market *****, **** * ****** ****** share ** **% ** ** ** 2020.

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***** ****, *** ******* *** *********** growth ** *** ****** *******, ********** security, **********, *** ****** ******* ********** while *** ****** ***** ** ************* has ******.

********* ***** *** ****** ***** ************ on *** ****, ************************ ******* *********çã*(*******: ********* ********** ** ****** ****). In *** ******* ** *** **********, Intelbras ********* **** *** **** ** calculated ***** ** ******** ********* **** made ********* ** ********** ********** ** ******* ******* ** Brazil(********* ********** ***.*. ******* *** ****** **********).

***********

********* ***** *** ********* **** ** considers ** ** *** *********** ** each ** *** ******* ***** ** the ******* ** *** **********:

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** ********** ********, ********* ********* *********, Dahua, *** ****** ** ** *** main ***********.

** ****** *******, ********* ***** ***, Nice ******, *** **** ** *********** while **-****, ********, *** ******** *** competitors ** ********, *** *********, ********, and *********** *** *********** ** *************.

Shareholder *********

*********, ***** *********** ** **** ** ****, ******** ******* ********* ******* ** its*** **********.

***** **** ****** **** ******** ** ***** of * **% ******** ** *********, ********* *** ***% ******-*****, **** 100% ** ********* ********* ***** ***** Jorge ******* (******** ** *********'* ***** of ********* *** ******** ** *** company *******) *** *** ***** *******.

** *** ***** ********* ***** *****, as ** ******** ****, *** ***** members ** *** ******* ******, ** addition ** ****** ********* (*********'* ********* director), *** ****** ****** (*********'* ******** of ******* *** ******** *********) **** been ***** ** *** ********* ********* structure *** ***** **% ** *** interest ** *** ******* ********* *****'* 10% ******** (***** ***** ** *** image ** ******):

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*** ****** ********* **** *** ******* shareholders *** **** ***** ******* *** his ***** *******, *** ******** **** a ******** **.**% ******** ** ********* (11.03% ****).

Use ** ********

********* *** ***** ****** ** *** Intelbras **********, *** ******* ***** ** use *** ******** ** *** *** for (*) ************, (**) ************* *** cash ********, (***) ********* ********** ********, (iv) ********* ******* ****** *******, *** (v) ********* ******** ******** *** ****** channels:

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*** ***** ****** ** *** ********** 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 **** **** ********* ********** ******.

IPVM Image** **** **** **** *** ******** by **** ** ****, *********'* *** provides ** ********** ** *** **** the ******* *** *** ******** ** international *********, **** * *** ****** use ** *** ***'* ******** ***** strategic ************, * ******* ** **** with *********'* **** ************ ** ***** and********* *** ******* *******(**** *****).

***** *********'* ******** *** ********* **** since ****, ***** ****** ***** ** magnify **** *** *** ****** *** companies, ********* ** **** *********** ********:

***** ******* ** * ***** **** of * ******** ****** ******* *** the ********* ** ******** *********** ***** a *******’* *********** *** ********. **** things *** ***** ****, ********* *** cheer *** **** ***, *** **** side ** **** **** ** ***, everyone *** **** ***.

******* ** *** ********* ** ******* forward ** **** ********* ******** ** yet ** ** ****.

************* ******* **** ****** **% ** *** value ******* *** *.*. ****** ** 2020 [*] [*] [*], ********* ******* ********* **** ****** from ******** ***** *** ********* **** larger *.*. ****** ******.

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