Let’s assure R$ 2 billion to amass extra vans

With record profit in the third quarter, the company of the Simpar group made a follow-on and sold receivables

After reaching the goal of investing BRL 4.5 billion in the year in just nine months, Vamos has already secured more than BRL 2 billion to continue expanding its fleet of trucks and machines, a strategy to keep up with the growing demand from agribusiness. and the trend of industries that want to reduce their own fleet.

In the balance sheet that has just been released, Vamos broke records. In the third quarter, the truck and machine rental company of the Simpar group — the holding company of the Simões family that also controls JSL and Movida — made R$ 150 million in net profit, the highest in history.

“It feels like a year in a quarter. We took Vamos to another level”, said the CEO of Vamos, Gustavo Couto, to Pipeline. In the quarter, net revenue increased 66%, reaching R$ 1.37 billion. In the year, the company reached a revenue of R$ 3.5 billion, a jump of almost 75%.

Since its IPO at the beginning of last year, Vamos has accelerated growth with the acquisition of trucks, agricultural machinery and forklifts. The expansion even raised questions in the market about the level of indebtedness and the challenges to sustain growth, but the company raised R$ 641 million with a follow-on in September.

In addition to the proceeds from the recent stock offering, Vamos also increased its cash position by over R$1.3 billion by selling receivables. “We put R$ 2 billion in cash to continue growing in 2023”, said the company’s CEO.

With reinforced cash, Vamos’ indebtedness metrics improved. The leverage ratio (net debt/Ebitda) dropped from 3.26 times recorded at the end of the second half to 2.68 times. At these levels, Vamos’ balance sheet supports the continuation of fleet acquisitions — the company’s covenants provide for a leverage limit of 3.75 times.

Annualizing the Ebitda for the third quarter, the indicator would be only 2 times, which indicates more space for purchases. In the quarter, Vamos’ EBITDA reached R$554 million (an increase of 90.2%), with a margin of 40.9%.

According to Couto, the company will benefit from the new Euro 5 specifications, which come into force in January. The company managed to assemble a stock still in the old specification, 20% cheaper.

Currently, the company has a fleet of 30,600 trucks (an increase of almost 80% in the year) and 7,900 machines and equipment. Vamos is worth R$ 15 billion on the stock market.

Source: Value Pipeline