Obrigado ao "Anônimo" que colocou a posição de Merril / BofA.
We estimate Sadia needs a capital infusion of at least R$2b. In our view, Sadia needs a capital infusion of at least R$2bn, as
(1) the service of its estimated R$8.7bn current gross debt position consumes most of company’s
free cash flow; and
(2) company’s current liquidity situation is at risk, in our view, as the outstanding cash position could dry up by June 2009 should the company be unable to refinance any of its short-term debt.
Still too risky for shareholders
Sadia remains a BRL/USD call
Revising PO to R$3.7/share. Maintain Underperform
Fonte: BofA / Merrill Lynch de 26/jan/09
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