Tegma Gestão Logística S.A

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What it is

Tegma was founded in 1969 as Transportadora Sinimbu Ltda, starting in the transport of vehicles. After the departure of Allied Holdings from Axis do Brasil, the Sinimbu and Coimex groups assumed control and began operating as Tegma Gestão Logística — the name it carries today.

The Automotive Logistics arm moves new and used vehicles, manages port transfers, and handles yard and stock management for automakers; the Integrated Logistics arm provides road transport, general and bonded storage, chemicals supply chain management, packaging management, and intralogistics. Across Brazil, Tegma operates 50 branches with 1.7 million square metres of vehicle yards and 65,000 square metres of warehouses.

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Who owns it

Three holding companies — Mopia Participações e Empreendimentos, Cabana Empreendimentos e Participações, and Coimex Empreendimentos e Participações — form the controlling block, together holding 50.6% of shares. The largest single stake belongs to Mopia with 23.3%, followed by Coimex at 20.0% — both vehicles of the Coser family, which built the Coimex trading and infrastructure group.

Tegma has been listed on B3’s Novo Mercado — the exchange’s strictest governance tier — since its IPO on 3 July 2007. Minority shareholders hold 100% tag-along rights, meaning they must be bought out at the same price if the controlling block sells.

The remaining ~48.5% free float is held by institutional and public investors; EODHD data shows institutions hold roughly 44.3%.

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Who runs it

CEO Nivaldo Tuba brings more than 35 years of logistics experience, having previously led GDL S/A — a Tegma subsidiary — as well as the Columbia Group and Louis Dreyfus’s logistics operations. He was elected to lead Tegma in May 2024, taking office on 1 July of that year.

Ramón Pérez Arias Filho serves as CFO and Investor Relations director. The board is chaired by Murilo Cesar Lemos dos Santos Passos.

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The money, in plain words

Tegma has grown fast: sales rose 32% in 2023–24 and a further 6.5% in 2024–25, reaching R$2.23bn (US$432m) in the fiscal year just reported (our calculation from EODHD income data). For every real of sales it keeps about 10 cents as profit — a net profit margin of 10.3% on a trailing basis — solid for a trucking-intensive business.

The return on equity of 25.4% means that for every real shareholders have invested in the company, Tegma earns about 25 cents per year — a high figure, reflecting lean use of capital rather than heavy debt. With 100% tag-along rights and a dividend yield of 12.7%, the stock has attracted investors who want income: Tegma pays out roughly four times a year.

The balance sheet is nearly clean: net debt is only R$88m (US$17.1m) — our calculation — against annual profits of R$243m (US$47 mn), so the company could theoretically repay all borrowings in under five months from earnings alone. At a price-to-earnings ratio of 8.4×, the market is pricing this business cheaply relative to its profitability.

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What it is doing now

In mid-2025, Tegma acquired a 70% stake in Buskar.Me, a platform for logistics of pre-owned vehicles, expecting material commercial synergies with its existing Fast Line used-vehicle arm. Separately, it signed a new contract with Chinese automaker Omoda Jaco and bought land next to the BYD factory in Bahia — a strategic move to position Tegma as the primary logistics partner for China’s fast-growing car brands entering Brazil.

On the environmental side, the company is converting diesel-powered vehicle-carrier trucks to hybrid models, targeting a 35% reduction in greenhouse gas emissions. An ongoing rollout of Oracle ERP software and storage capacity expansion is also underway, aimed at improving cost efficiency across the network.

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What to watch

• Chinese automakers. BYD, Omoda Jaco, and other Chinese brands are expanding fast in Brazil. Tegma’s land purchase next to BYD’s Bahia plant is a deliberate bet on that shift; whether the volumes materialise will matter for growth.
• Market share. Tegma’s share of the automotive logistics market slipped 2.2 percentage points year on year to 22.6% in Q2 2025. Watching whether new contracts with emerging brands offset losses with legacy customers is the key operating question.
• Dividend sustainability. A 12.7% yield is eye-catching; it holds only if profits hold. Brazil’s vehicle market is sensitive to interest rates — expensive car loans slow sales and, with them, Tegma’s volumes.
• Buskar.Me integration. The used-vehicle logistics market is fragmented and digital; how Tegma absorbs and scales its new acquisition will test management’s ability beyond its core automotive-transport competence.
• Governance. The controlling shareholder Coimex recently requested a board reshuffle, replacing a member by direct indication — a reminder that with 50.6% control, the Coser family group ultimately sets the direction.

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This is news, not investment advice.