{ "run": { "id": "cmnqyvhig00jkp65837i92g73", "region": "BR", "assetId": "cmnqyvhi500jgp658ermzy63u", "ticker": "IGTI11", "snapshotId": "cmnqyvhi900jip65868ei0ydl", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T04:18:20.389Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnqyvhi900jip65868ei0ydl", "assetId": "cmnqyvhi500jgp658ermzy63u", "asOf": "2026-04-08T21:30:33.000Z", "snapshot": { "asOf": "2026-04-08T21:30:33.000Z", "quote": { "asOf": "2026-04-08T21:30:33.000Z", "open": 29.09, "price": 29.01, "dayLow": 28.74, "volume": 2594400, "dayHigh": 29.69, "currency": "BRL", "prevClose": 29.09, "week52Low": 18.33, "week52High": 30.13 }, "fundamentals": { "pe": 0, "beta": 0, "epsTTM": 0.48292005, "fcfTTM": -297937980, "growth": { "epsYoy": 3.1246655, "revenueYoy": 3.2362573 }, "sector": "Construção e Imobiliário", "margins": { "net": 0.3918234, "gross": 0.7503371, "operating": 0.7551816 }, "website": "https://iguatemi.com.br/", "industry": "Exploração de Imóveis", "pegRatio": 0.021140337, "ebitdaTTM": 1250129000, "forwardPe": 0, "marketCap": 0, "totalCash": 1753854000, "totalDebt": 4295875000, "debtEquity": 0.9234739, "quickRatio": 2.4493554, "revenueTTM": 1486833000, "companyName": "Iguatemi SA Units Cons of 1 Sh + 2 Pfd Shs", "priceToBook": 7.2404532, "currentRatio": 2.4938025, "dividendYield": 0.01743975594622544, "returnOnAssets": 0.06134251, "returnOnEquity": 0.12523496, "analystOpinions": 0, "businessSummary": "A Iguatemi S.A. atua no desenvolvimento, administração e exploração comercial de shopping centers e empreendimentos imobiliários de varejo no Brasil. A companhia mantém portfólio de ativos com foco em centros de compras premium, operações de varejo, serviços e entretenimento em grandes centros urbanos.\n\nAs receitas derivam principalmente de aluguéis, cobrança de condomínio e fundo de promoção, além de receitas de estacionamento, mídia e serviços associados aos empreendimentos. A empresa também participa de projetos multiuso e iniciativas digitais relacionadas ao ecossistema de consumo e relacionamento com lojistas e clientes.\n\nListada na B3, a companhia integra o setor de construção e imobiliário no segmento de exploração de imóveis. Sua estratégia combina gestão ativa de portfólio, ganhos de eficiência operacional e expansão seletiva para mercados de maior renda e densidade de consumo.", "enterpriseValue": 36223627000, "analystTargetLow": 0, "analystTargetHigh": 0, "analystTargetMean": 0, "fullTimeEmployees": null, "sharesOutstanding": 1206361200, "enterpriseToEbitda": 28.97591, "analystTargetMedian": 0, "enterpriseToRevenue": 24.36294, "operatingCashflowTTM": 328860030, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T04:18:20.386Z" }, "results": [ { "id": "cmnqyvhii00jmp658h90lxuzc", "runId": "cmnqyvhig00jkp65837i92g73", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T21:30:33.000Z\",\"ticker\":\"IGTI11\",\"currency\":\"BRL\",\"current_price\":29.01,\"target_price_6m\":28.50,\"target_price_12m\":30.50,\"recommendation\":\"HOLD\",\"confidence\":0.52,\"thesis_bullets\":[\"Premium Brazilian mall operator trading near 52-week high at stretched multiples\",\"EV/EBITDA of ~29x is well above sector peers at 15-20x\",\"Strong operating margin of 75.5% reflects premium portfolio quality\",\"Negative FCF of BRL -298M raises concerns on capital allocation\",\"Revenue and EPS YoY growth of 3.2x suggests acquisitions or restructuring effects\"],\"key_drivers\":[{\"driver\":\"Premium mall portfolio with high-income consumer exposure\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Revenue growth of 3.2x YoY driven by expansion or restructuring\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"EV/EBITDA at 29x significantly above sector comps\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Negative free cash flow despite positive operating cash flow\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Brazilian interest rate environment impacting real estate valuations\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Net debt of ~BRL 2.5B with manageable debt/equity of 0.92\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Implied P/E of ~60x limits further multiple expansion\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Dividend yield of ~1.7% provides limited income support\",\"impact\":\"LOW\",\"direction\":\"POS\"}],\"risks\":[\"Multiple compression if earnings growth decelerates from extraordinary YoY pace\",\"Rising Brazilian interest rates increasing WACC and compressing real estate valuations\",\"Negative FCF persistence may require additional debt or equity issuance\",\"Consumer spending slowdown in Brazil impacting mall tenant sales and rents\",\"Concentration risk in premium urban segment if macro weakness hits high-income consumers\",\"E-commerce structural shift reducing physical retail traffic long-term\"],\"assumptions\":{\"revenue_cagr_3y\":0.09,\"ebit_margin_target\":0.70,\"wacc\":0.135,\"terminal_multiple\":18.0},\"scenarios\":{\"bear\":{\"target_price\":23.50,\"prob\":0.20,\"notes\":\"Multiple compression to ~18x EV/EBITDA on slowing growth and higher rates.\"},\"base\":{\"target_price\":30.50,\"prob\":0.55,\"notes\":\"Moderate earnings growth partially offsets gradual multiple normalization.\"},\"bull\":{\"target_price\":36.00,\"prob\":0.25,\"notes\":\"Sustained high growth justifies premium; portfolio expansion drives re-rating.\"}},\"method_notes\":\"Blended EV/EBITDA and earnings-power valuation. Current 29x EV/EBITDA is ~60-80% above Brazilian mall peers (Multiplan, Aliansce at 16-20x), limiting upside unless extraordinary growth sustains. Implied PE ~60x on TTM EPS of BRL 0.48. 12M target of BRL 30.50 implies ~5% return, consistent with HOLD given high valuation uncertainty. Negative FCF and high leverage relative to cash generation add risk. Confidence is low given conflicting signals between strong growth and stretched multiples. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T21:30:33.000Z", "model": "ai-equity-research-v1", "risks": [ "Multiple compression if earnings growth decelerates from extraordinary YoY pace", "Rising Brazilian interest rates increasing WACC and compressing real estate valuations", "Negative FCF persistence may require additional debt or equity issuance", "Consumer spending slowdown in Brazil impacting mall tenant sales and rents", "Concentration risk in premium urban segment if macro weakness hits high-income consumers", "E-commerce structural shift reducing physical retail traffic long-term" ], "ticker": "IGTI11", "currency": "BRL", "scenarios": { "base": { "prob": 0.55, "notes": "Moderate earnings growth partially offsets gradual multiple normalization.", "target_price": 30.5 }, "bear": { "prob": 0.2, "notes": "Multiple compression to ~18x EV/EBITDA on slowing growth and higher rates.", "target_price": 23.5 }, "bull": { "prob": 0.25, "notes": "Sustained high growth justifies premium; portfolio expansion drives re-rating.", "target_price": 36 } }, "confidence": 0.52, "assumptions": { "wacc": 0.135, "revenue_cagr_3y": 0.09, "terminal_multiple": 18, "ebit_margin_target": 0.7 }, "key_drivers": [ { "driver": "Premium mall portfolio with high-income consumer exposure", "impact": "HIGH", "direction": "POS" }, { "driver": "Revenue growth of 3.2x YoY driven by expansion or restructuring", "impact": "HIGH", "direction": "POS" }, { "driver": "EV/EBITDA at 29x significantly above sector comps", "impact": "HIGH", "direction": "NEG" }, { "driver": "Negative free cash flow despite positive operating cash flow", "impact": "MED", "direction": "NEG" }, { "driver": "Brazilian interest rate environment impacting real estate valuations", "impact": "HIGH", "direction": "NEG" }, { "driver": "Net debt of ~BRL 2.5B with manageable debt/equity of 0.92", "impact": "MED", "direction": "POS" }, { "driver": "Implied P/E of ~60x limits further multiple expansion", "impact": "MED", "direction": "NEG" }, { "driver": "Dividend yield of ~1.7% provides limited income support", "impact": "LOW", "direction": "POS" } ], "method_notes": "Blended EV/EBITDA and earnings-power valuation. Current 29x EV/EBITDA is ~60-80% above Brazilian mall peers (Multiplan, Aliansce at 16-20x), limiting upside unless extraordinary growth sustains. Implied PE ~60x on TTM EPS of BRL 0.48. 12M target of BRL 30.50 implies ~5% return, consistent with HOLD given high valuation uncertainty. Negative FCF and high leverage relative to cash generation add risk. Confidence is low given conflicting signals between strong growth and stretched multiples. Not investment advice.", "current_price": 29.01, "recommendation": "HOLD", "thesis_bullets": [ "Premium Brazilian mall operator trading near 52-week high at stretched multiples", "EV/EBITDA of ~29x is well above sector peers at 15-20x", "Strong operating margin of 75.5% reflects premium portfolio quality", "Negative FCF of BRL -298M raises concerns on capital allocation", "Revenue and EPS YoY growth of 3.2x suggests acquisitions or restructuring effects" ], "target_price_6m": 28.5, "target_price_12m": 30.5 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 49785, "createdAt": "2026-04-09T04:18:20.389Z", "usage": { "inputTokens": 3755, "outputTokens": 2266, "costUsd": 0.075425 } }, { "id": "cmnqyvhii00jpp658u7frjgfd", "runId": "cmnqyvhig00jkp65837i92g73", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"Equity Research AI Model\",\n \"as_of\": \"2026-04-08T21:30:33.000Z\",\n \"ticker\": \"IGTI11\",\n \"currency\": \"BRL\",\n \"current_price\": 29.01,\n \"target_price_6m\": 29.5,\n \"target_price_12m\": 30.0,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.55,\n \"thesis_bullets\": [\n \"High historical revenue and earnings growth rates.\",\n \"Premium shopping center portfolio with strong margins.\",\n \"Exposure to Brazilian economic and consumer cycles.\",\n \"Elevated valuation multiples relative to peers.\",\n \"Moderate upside balanced by significant risks.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Consumer spending growth\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Rental rate increases\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Mall occupancy levels\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Economic downturn risk\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Interest rate changes\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Expansion into new markets\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Digital initiatives adoption\", \"impact\": \"LOW\", \"direction\": \"POS\" }\n ],\n \"risks\": [\n \"Economic recession reducing mall traffic and rental income.\",\n \"Rising interest rates increasing debt financing costs.\",\n \"Competition from e-commerce and alternative retail formats.\",\n \"Regulatory changes impacting real estate operations.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.1,\n \"ebit_margin_target\": 0.75,\n \"wacc\": 0.1,\n \"terminal_multiple\": 15\n },\n \"scenarios\": {\n \"bear\": { \"target_price\": 28.0, \"prob\": 0.2, \"notes\": \"Economic downturn reduces foot traffic and rental income.\" },\n \"base\": { \"target_price\": 30.0, \"prob\": 0.6, \"notes\": \"Stable growth and operational efficiency maintained.\" },\n \"bull\": { \"target_price\": 32.0, \"prob\": 0.2, \"notes\": \"Moderate expansion and consumer spending recovery.\" }\n },\n \"method_notes\": \"Valuation based on forward EV/EBITDA and scenario analysis; HOLD due to limited upside within +/-6% expected return. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T21:30:33.000Z", "model": "Equity Research AI Model", "risks": [ "Economic recession reducing mall traffic and rental income.", "Rising interest rates increasing debt financing costs.", "Competition from e-commerce and alternative retail formats.", "Regulatory changes impacting real estate operations." ], "ticker": "IGTI11", "currency": "BRL", "scenarios": { "base": { "prob": 0.6, "notes": "Stable growth and operational efficiency maintained.", "target_price": 30 }, "bear": { "prob": 0.2, "notes": "Economic downturn reduces foot traffic and rental income.", "target_price": 28 }, "bull": { "prob": 0.2, "notes": "Moderate expansion and consumer spending recovery.", "target_price": 32 } }, "confidence": 0.55, "assumptions": { "wacc": 0.1, "revenue_cagr_3y": 0.1, "terminal_multiple": 15, "ebit_margin_target": 0.75 }, "key_drivers": [ { "driver": "Consumer spending growth", "impact": "HIGH", "direction": "POS" }, { "driver": "Rental rate increases", "impact": "MED", "direction": "POS" }, { "driver": "Mall occupancy levels", "impact": "HIGH", "direction": "POS" }, { "driver": "Economic downturn risk", "impact": "MED", "direction": "NEG" }, { "driver": "Interest rate changes", "impact": "HIGH", "direction": "NEG" }, { "driver": "Expansion into new markets", "impact": "MED", "direction": "POS" }, { "driver": "Digital initiatives adoption", "impact": "LOW", "direction": "POS" } ], "method_notes": "Valuation based on forward EV/EBITDA and scenario analysis; HOLD due to limited upside within +/-6% expected return. Not investment advice.", "current_price": 29.01, "recommendation": "HOLD", "thesis_bullets": [ "High historical revenue and earnings growth rates.", "Premium shopping center portfolio with strong margins.", "Exposure to Brazilian economic and consumer cycles.", "Elevated valuation multiples relative to peers.", "Moderate upside balanced by significant risks." ], "target_price_6m": 29.5, "target_price_12m": 30 }, "errorsJson": { "attempts": [ { "error": "sanity_error: hold_scenario_return_too_directional: HOLD requires probability-weighted scenario return within +/-6%.", "attempt": 0, "rawOutputTruncated": "{\n \"model\": \"Equity Research AI Model\",\n \"as_of\": \"2026-04-08T21:30:33.000Z\",\n \"ticker\": \"IGTI11\",\n \"currency\": \"BRL\",\n \"current_price\": 29.01,\n \"target_price_6m\": 30.0,\n \"target_price_12m\": 30.5,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.55,\n \"thesis_bullets\": [\n \"High historical revenue and earnings growth rates.\",\n \"Premium shopping center portfolio with strong margins.\",\n \"Exposure to Brazilian economic and consumer cycles.\",\n \"Elevated valuation multiples relative to peers.\",\n \"Moderate upside balanced by significant risks.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Consumer spending growth\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Rental rate increases\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Mall occupancy levels\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Economic downturn risk\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Interest rate changes\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Expansion into new markets\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Digital initiatives adoption\", \"impact\": \"LOW\", \"direction\": \"POS\" }\n ],\n \"risks\": [\n \"Economic rec…" } ], "providerMeta": { "endpoint": "https://api.deepseek.com/v1/chat/completions", "provider": "deepseek", "webSearch": { "enabled": false, "supported": false }, "responseFormat": "json_object" }, "sanityIssues": [] }, "latencyMs": 380, "createdAt": "2026-04-09T04:18:20.389Z", "usage": { "inputTokens": 2900, "outputTokens": 2752, "costUsd": 0.001968 } }, { "id": "cmnqyvhii00jnp658kq0qvw9s", "runId": "cmnqyvhig00jkp65837i92g73", "modelId": "gemini.3-pro", "status": "SUCCESS", "rawOutput": "{\"model\":\"Equity-Analyzer-v1\",\"as_of\":\"2026-04-08T21:30:33.000Z\",\"ticker\":\"IGTI11\",\"currency\":\"BRL\",\"current_price\":29.01,\"target_price_6m\":30.5,\"target_price_12m\":32.5,\"recommendation\":\"BUY\",\"confidence\":0.65,\"thesis_bullets\":[\"Premium portfolio provides resilience against macroeconomic volatility and e-commerce penetration.\",\"High operating margins demonstrate strong pricing power and strict cost control.\",\"Negative FCF reflects ongoing capex, but core operating cash flow remains positive.\",\"High leverage exposes the company to elevated interest rate risks and debt costs.\",\"Valuation at current levels prices in much of the near-term growth potential.\"],\"key_drivers\":[{\"driver\":\"Selic interest rate\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Premium retail sales growth\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Occupancy rates\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Rental renewal spreads\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Capex for mixed-use expansions\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"E-commerce integration\",\"impact\":\"LOW\",\"direction\":\"POS\"}],\"risks\":[\"Prolonged high interest rates increasing debt servicing costs.\",\"Slower-than-expected absorption of new mixed-use developments.\",\"Consumer spending downturn affecting tenant sales and variable rent.\",\"Increased competition in the premium mall segment.\"],\"assumptions\":{\"revenue_cagr_3y\":0.06,\"ebit_margin_target\":0.75,\"wacc\":0.115,\"terminal_multiple\":14.0},\"scenarios\":{\"bear\":{\"target_price\":24.0,\"prob\":0.25,\"notes\":\"High rates compress valuation multiples and slow retail sales.\"},\"base\":{\"target_price\":32.5,\"prob\":0.55,\"notes\":\"Steady occupancy and moderate rent growth drive mid-single-digit upside.\"},\"bull\":{\"target_price\":38.0,\"prob\":0.2,\"notes\":\"Rate cuts and strong consumer spending boost tenant sales and margins.\"}},\"method_notes\":\"Valuation based on a 10-year DCF and EV/EBITDA multiple approach. Target implies ~12% upside, supporting a BUY rating. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T21:30:33.000Z", "model": "Equity-Analyzer-v1", "risks": [ "Prolonged high interest rates increasing debt servicing costs.", "Slower-than-expected absorption of new mixed-use developments.", "Consumer spending downturn affecting tenant sales and variable rent.", "Increased competition in the premium mall segment." ], "ticker": "IGTI11", "currency": "BRL", "scenarios": { "base": { "prob": 0.55, "notes": "Steady occupancy and moderate rent growth drive mid-single-digit upside.", "target_price": 32.5 }, "bear": { "prob": 0.25, "notes": "High rates compress valuation multiples and slow retail sales.", "target_price": 24 }, "bull": { "prob": 0.2, "notes": "Rate cuts and strong consumer spending boost tenant sales and margins.", "target_price": 38 } }, "confidence": 0.65, "assumptions": { "wacc": 0.115, "revenue_cagr_3y": 0.06, "terminal_multiple": 14, "ebit_margin_target": 0.75 }, "key_drivers": [ { "driver": "Selic interest rate", "impact": "HIGH", "direction": "NEG" }, { "driver": "Premium retail sales growth", "impact": "HIGH", "direction": "POS" }, { "driver": "Occupancy rates", "impact": "HIGH", "direction": "POS" }, { "driver": "Rental renewal spreads", "impact": "MED", "direction": "POS" }, { "driver": "Capex for mixed-use expansions", "impact": "MED", "direction": "NEG" }, { "driver": "E-commerce integration", "impact": "LOW", "direction": "POS" } ], "method_notes": "Valuation based on a 10-year DCF and EV/EBITDA multiple approach. Target implies ~12% upside, supporting a BUY rating. Not investment advice.", "current_price": 29.01, "recommendation": "BUY", "thesis_bullets": [ "Premium portfolio provides resilience against macroeconomic volatility and e-commerce penetration.", "High operating margins demonstrate strong pricing power and strict cost control.", "Negative FCF reflects ongoing capex, but core operating cash flow remains positive.", "High leverage exposes the company to elevated interest rate risks and debt costs.", "Valuation at current levels prices in much of the near-term growth potential." ], "target_price_6m": 30.5, "target_price_12m": 32.5 }, "errorsJson": { "attempts": [], "providerMeta": { "model": "gemini-3-pro-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 25797, "createdAt": "2026-04-09T04:18:20.389Z", "usage": { "inputTokens": 2448, "outputTokens": 515, "costUsd": 0.011076 } }, { "id": "cmnqyvhii00jlp658efi15510", "runId": "cmnqyvhig00jkp65837i92g73", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"gpt-5\",\"as_of\":\"2026-04-08T21:30:33.000Z\",\"ticker\":\"IGTI11\",\"currency\":\"BRL\",\"current_price\":29.01,\"target_price_6m\":27.7,\"target_price_12m\":26.8,\"recommendation\":\"SELL\",\"confidence\":0.57,\"thesis_bullets\":[\"Premium malls support resilient rents, but shares already price in much of that quality.\",\"Current price sits near 52-week high despite negative TTM free cash flow.\",\"Leverage is manageable, yet higher-for-longer rates pressure real estate valuations.\",\"Selective expansions and asset recycling can help earnings, but upside looks limited.\",\"Risk/reward appears skewed slightly down unless Brazil cuts rates faster.\"],\"key_drivers\":[{\"driver\":\"Premium mall occupancy and sales\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Lease indexation and spreads\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Brazil real rates and cap rates\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Starting valuation near highs\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Negative free cash flow\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Debt structure and refinancing\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Asset recycling and JV monetization\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Affluent-region consumer spending\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Faster Selic cuts could re-rate mall assets and lower WACC.\",\"Occupancy, tenant sales, and leasing spreads may exceed expectations.\",\"Asset sales, buybacks, or dividends could unlock value.\",\"Snapshot EV and margin fields may distort normalized valuation signals.\"],\"assumptions\":{\"revenue_cagr_3y\":9,\"ebit_margin_target\":61,\"wacc\":12,\"terminal_multiple\":13.5},\"scenarios\":{\"bear\":{\"target_price\":23,\"prob\":0.25,\"notes\":\"Rates stay high and valuation compresses despite stable operations.\"},\"base\":{\"target_price\":26.8,\"prob\":0.5,\"notes\":\"Solid leasing offsets only part of rich starting valuation.\"},\"bull\":{\"target_price\":31.5,\"prob\":0.25,\"notes\":\"Faster rate cuts and asset monetization drive rerating.\"}},\"method_notes\":\"Scenario-weighted valuation using normalized cash generation and premium-mall multiple assumptions; no sell-side PTs used. Snapshot quote fields are authoritative. Some snapshot margins/EV ratios appear internally inconsistent, so targets rely more on normalized assumptions than raw reported multiples. Recommendation matches ~-7.6% 12M base return. not investment advice\"}", "parsedJson": { "as_of": "2026-04-08T21:30:33.000Z", "model": "gpt-5", "risks": [ "Faster Selic cuts could re-rate mall assets and lower WACC.", "Occupancy, tenant sales, and leasing spreads may exceed expectations.", "Asset sales, buybacks, or dividends could unlock value.", "Snapshot EV and margin fields may distort normalized valuation signals." ], "ticker": "IGTI11", "currency": "BRL", "scenarios": { "base": { "prob": 0.5, "notes": "Solid leasing offsets only part of rich starting valuation.", "target_price": 26.8 }, "bear": { "prob": 0.25, "notes": "Rates stay high and valuation compresses despite stable operations.", "target_price": 23 }, "bull": { "prob": 0.25, "notes": "Faster rate cuts and asset monetization drive rerating.", "target_price": 31.5 } }, "confidence": 0.57, "assumptions": { "wacc": 12, "revenue_cagr_3y": 9, "terminal_multiple": 13.5, "ebit_margin_target": 61 }, "key_drivers": [ { "driver": "Premium mall occupancy and sales", "impact": "HIGH", "direction": "POS" }, { "driver": "Lease indexation and spreads", "impact": "HIGH", "direction": "POS" }, { "driver": "Brazil real rates and cap rates", "impact": "HIGH", "direction": "NEG" }, { "driver": "Starting valuation near highs", "impact": "HIGH", "direction": "NEG" }, { "driver": "Negative free cash flow", "impact": "MED", "direction": "NEG" }, { "driver": "Debt structure and refinancing", "impact": "MED", "direction": "NEG" }, { "driver": "Asset recycling and JV monetization", "impact": "MED", "direction": "POS" }, { "driver": "Affluent-region consumer spending", "impact": "MED", "direction": "POS" } ], "method_notes": "Scenario-weighted valuation using normalized cash generation and premium-mall multiple assumptions; no sell-side PTs used. Snapshot quote fields are authoritative. Some snapshot margins/EV ratios appear internally inconsistent, so targets rely more on normalized assumptions than raw reported multiples. Recommendation matches ~-7.6% 12M base return. not investment advice", "current_price": 29.01, "recommendation": "SELL", "thesis_bullets": [ "Premium malls support resilient rents, but shares already price in much of that quality.", "Current price sits near 52-week high despite negative TTM free cash flow.", "Leverage is manageable, yet higher-for-longer rates pressure real estate valuations.", "Selective expansions and asset recycling can help earnings, but upside looks limited.", "Risk/reward appears skewed slightly down unless Brazil cuts rates faster." ], "target_price_6m": 27.7, "target_price_12m": 26.8 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "openai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "resp_09aa0024c025dc600069d72a6ebe1c8195a547d3072d0cf731", "reasoningEffort": "medium", "structuredOutputs": { "used": true, "requested": true, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 36484, "createdAt": "2026-04-09T04:18:20.389Z", "usage": { "inputTokens": 2451, "outputTokens": 2193, "costUsd": 0.034991 } }, { "id": "cmnqyvhii00jop658e0ogxenf", "runId": "cmnqyvhig00jkp65837i92g73", "modelId": "xai.grok-4.20-reasoning", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"Premium Malls DCF Model\",\n \"as_of\": \"2026-04-08T21:30:33.000Z\",\n \"ticker\": \"IGTI11\",\n \"currency\": \"BRL\",\n \"current_price\": 29.01,\n \"target_price_6m\": 29.5,\n \"target_price_12m\": 30.4,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.62,\n \"thesis_bullets\": [\n \"Premium mall portfolio drives 75% operating margins\",\n \"Low 3% YoY revenue growth limits earnings upside\",\n \"Rich 29x EV/EBITDA multiple signals fair valuation\",\n \"Solid liquidity offsets moderate leverage position\",\n \"Selective multi-use projects support future growth\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Brazil GDP and consumption growth\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Interest rate environment\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Mall occupancy and foot traffic\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"E-commerce competition\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Inflation-linked rent adjustments\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"New multi-use project execution\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Consumer discretionary spending\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n }\n ],\n \"risks\": [\n \"Brazil recession or political instability\",\n \"Rising interest rates curbing consumption\",\n \"Accelerated shift to online retail\",\n \"Lower occupancy from tenant bankruptcies\",\n \"Execution delays on expansion projects\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.05,\n \"ebit_margin_target\": 0.72,\n \"wacc\": 0.105,\n \"terminal_multiple\": 20\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 24.0,\n \"prob\": 0.35,\n \"notes\": \"Recession reduces occupancy and compresses multiples.\"\n },\n \"base\": {\n \"target_price\": 30.4,\n \"prob\": 0.45,\n \"notes\": \"Stable consumption maintains margins and occupancy.\"\n },\n \"bull\": {\n \"target_price\": 37.0,\n \"prob\": 0.2,\n \"notes\": \"Strong economy drives traffic, rents and re-rating.\"\n }\n },\n \"method_notes\": \"DCF with 5% revenue CAGR, 72% EBIT margin, 10.5% WACC and 20x terminal multiple. High valuation vs modest growth yields limited upside. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T21:30:33.000Z", "model": "Premium Malls DCF Model", "risks": [ "Brazil recession or political instability", "Rising interest rates curbing consumption", "Accelerated shift to online retail", "Lower occupancy from tenant bankruptcies", "Execution delays on expansion projects" ], "ticker": "IGTI11", "currency": "BRL", "scenarios": { "base": { "prob": 0.45, "notes": "Stable consumption maintains margins and occupancy.", "target_price": 30.4 }, "bear": { "prob": 0.35, "notes": "Recession reduces occupancy and compresses multiples.", "target_price": 24 }, "bull": { "prob": 0.2, "notes": "Strong economy drives traffic, rents and re-rating.", "target_price": 37 } }, "confidence": 0.62, "assumptions": { "wacc": 0.105, "revenue_cagr_3y": 0.05, "terminal_multiple": 20, "ebit_margin_target": 0.72 }, "key_drivers": [ { "driver": "Brazil GDP and consumption growth", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest rate environment", "impact": "HIGH", "direction": "NEG" }, { "driver": "Mall occupancy and foot traffic", "impact": "HIGH", "direction": "POS" }, { "driver": "E-commerce competition", "impact": "MED", "direction": "NEG" }, { "driver": "Inflation-linked rent adjustments", "impact": "MED", "direction": "POS" }, { "driver": "New multi-use project execution", "impact": "MED", "direction": "POS" }, { "driver": "Consumer discretionary spending", "impact": "HIGH", "direction": "POS" } ], "method_notes": "DCF with 5% revenue CAGR, 72% EBIT margin, 10.5% WACC and 20x terminal multiple. High valuation vs modest growth yields limited upside. Not investment advice.", "current_price": 29.01, "recommendation": "HOLD", "thesis_bullets": [ "Premium mall portfolio drives 75% operating margins", "Low 3% YoY revenue growth limits earnings upside", "Rich 29x EV/EBITDA multiple signals fair valuation", "Solid liquidity offsets moderate leverage position", "Selective multi-use projects support future growth" ], "target_price_6m": 29.5, "target_price_12m": 30.4 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "xai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "c652f362-687f-99b5-b63e-f6d827b62599", "usedFallbackChatCompletions": false }, "sanityIssues": [] }, "latencyMs": 22779, "createdAt": "2026-04-09T04:18:20.389Z", "usage": { "inputTokens": 2796, "outputTokens": 3489, "costUsd": 0.060723 } } ] } }