Positivo’s Strategic Shift Unlocks Potential in R$117 Billion Market, Itaú BBA Reports
Positivo Tecnologia has embarked on a journey to diversify its revenue streams beyond computer sales and retail channels.
The company identified nine key areas for strong presence, including the Internet of Things (IoT) for homes and IT infrastructure.
Itaú BBA believes this strategy positions Positivo well for future growth in high-margin markets with recurring revenue.
The bank initiated coverage of Positivo with a neutral recommendation and a target price of R$6.70. This target suggests an 18% upside potential from recent stock prices.
Analysts Maria Clara Infantozzi and Thiago Alves Kapulskis expect volatility in the short term due to low computer demand and promotional pressures.
Positivo’s special projects division, which develops custom hardware, faces challenges. The company reported no expected revenue from this area this year.
This situation overshadows the fact that Positivo’s shares are among the cheapest in Itaú BBA’s tech coverage universe, with an estimated P/E ratio of 4 for 2025.
Positivo’s Bold M&A Strategy
Despite short-term concerns, Itaú BBA highlights Positivo‘s strategy of intense M&A activity. This approach exposes the company to addressable markets totaling R$117 billion ($21.27 billion).
Key segments include card payment machines and IT services, bolstered by the recent acquisition of Algar Tech MSP. Positivo’s partnerships with tech giants like Intel, Microsoft, and Qualcomm strengthen its investment thesis.
These collaborations enhance product execution and quality while opening doors in the AI sector. Itaú BBA believes Positivo could pioneer the distribution of global AI solutions in Brazil.
In addition, the company’s strong positioning in IT services and server products aligns with expected demand growth as companies implement AI tools.
At 3:40 PM, Positivo’s shares were up 3.87% at R$5.90 ($1.07), with a year-to-date decline of 10.33% and a market value of R$840 million ($152.73 million).
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