AHEB3F

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What it is

São Paulo Turismo S.A. is a Brazilian company in the cyclical consumer sector — specifically travel and leisure — that is controlled by the Prefeitura de São Paulo (the city government), organising major public events such as the Paulistano Carnival, the Virada Cultural, and the LGBTQIA+ Pride Parade.

Its most commercially significant asset is the Anhembi Parque complex, one of the largest convention and events centres in Latin America, alongside management of the Autódromo de Interlagos and the Polo de Ecoturismo de São Paulo.

The company lists three share classes on B3: ordinary shares (AHEB3), and two classes of preferred shares (AHEB5, AHEB6), each also tradeable in fractional form (AHEB3F, AHEB5F, AHEB6F).

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Who owns it

São Paulo Turismo is a mixed-economy company — control is shared between the city government and private investors, with the Prefeitura as the dominant shareholder. The precise municipal ownership percentage is not disclosed in available sources, but AHEB3 ordinary shares carry voting rights, so whoever holds the majority of ordinary shares controls the company.

The company’s history begins in 1967 with the granting of land for an exhibition centre; it was formally incorporated in 1968 as “Centro Interamericano de Feiras e Salões S.A.” Through the 1970s, state participation grew through EMBRATUR, BADESP, and the Municipality of São Paulo, and by 1974 it had been renamed Anhembi S.A. Centro de Feiras e Salões.

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Who runs it

Gustavo Garcia Pires serves as Chief Executive (Diretor Presidente), elected in April 2025 with a mandate running to April 2027. He holds a law degree from Universidade Presbiteriana Mackenzie and an MBA in public-policy management; before joining SPTuris he worked in São Paulo state secretariats and served as executive secretary at the Prefeitura from 2018 to 2021.

Board chair and CFO are not disclosed by name in available sources. The 2024 annual financial statements, filed 26 March 2025, were audited by Conatus Auditores Independentes S.S.

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The money, in plain words

Over the past twelve reported months the company brought in R$673.4M (~US$129.4M) in sales and kept R$82.5M (~US$15.8M) as profit. That means it holds about 12 cents of profit for every real of revenue — a net profit margin of 12.3% — respectable for a public-sector events operator (our calculation).

For every real of shareholders’ equity in the business, it earned roughly 32 cents last year — a return on equity of 32.2%, high by most standards (our calculation). The company carries more cash than debt, a sign of financial solidity uncommon in the events industry.

The price-to-earnings ratio stands at just 2.59× and shares trade at 0.83× book value — meaning the stock is valued at less than the accounting worth of its net assets. That can signal either deep value or structural risk; with a public-sector owner, markets appear to price in governance and political uncertainty.

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What it is doing now

Via SPTuris, the city signed a 30-year concession of the Complexo Anhembi with GL Events Brasil, the global French events group, with the complex now expected to generate around R$5 billion (US$961 mn) a year of economic activity for São Paulo. GL Events paid a fixed upfront concession fee of R$53.7 (US$10)M, and SPTuris receives the greater of R$12.1 (US$2)M per year or 12.5% of the concessionaire’s gross revenue annually.

In 2024 the calendar included a National Football League (NFL) game, and a larger overall volume of events drove the revenue gains visible in the trailing figures. Management says 2025 will be challenging — rising inflation and higher interest rates are a headwind — but the company plans to continue bringing new events to the city.

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What to watch

• Concession revenue ramp. The 12.5% revenue share from GL Events is the company’s new engine; watch how quickly the Anhembi complex fills its calendar to test whether the R$5bn (US$961 mn) economic-activity projection materialises.
• Arena São Paulo. Live Nation, Oak View Group, and GL Events are building São Paulo’s first 20,000-seat indoor arena at the Anhembi site. Its completion will determine whether the city can host the NBA, major UFC cards, and grand-slam tennis — all of which feed SPTuris’s revenue share.
• Governance discount. With a P/E below 3× and shares priced under book value, the market signals scepticism. Any move by the Prefeitura to change strategy, privatise further assets, or appoint politically driven management would test that discount — in either direction.
• No dividend. SPTuris distributed R$0.00 (US$0.00)in dividends over the past year, giving a dividend yield of 0%. If profits continue to compound without distribution, investors will press for a capital-return policy.

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This is news, not investment advice.