BB Investimentos raises Multiplan price target to R$ 41

BB Investimentos reiterated its buy rating on mall operator Multiplan and raised its year-end 2027 price target to R$ 41 from R$ 35 per share. The bank updated its financial models after incorporating first-half 2026 results.

Multiplan posted same-store sales growth of 7.5% between 2024 and 2025, outpacing the Brazilian shopping center sector average of 1.3% recorded by industry association Abrasce. In the first half of 2026, the company continued to deliver same-store sales growth above domestic inflation. Over the trailing 12 months, rental revenue rose 5.2% year over year to R$ 1.7 billion, supported by recent expansions at MorumbiShopping in São Paulo and BH Shopping in Minas Gerais. Parking revenues climbed 9.7% to add R$ 370 million.

The company has continued its asset recycling strategy, completing the sale of a 9.33% minority stake in ParkShoppingBarigüi in Curitiba for R$ 250 million in the third quarter of 2026. This divestment follows earlier minority sales in JundiaíShopping, ParkShoppingSãoCaetano, and BH Shopping.

Proceeds from asset sales and trailing 12-month consolidated operating cash flow of R$ 1.65 billion helped Multiplan advance its deleveraging process. The net debt to EBITDA ratio reached 2.3 times in late 2024 after the company used roughly R$ 2 billion in cash to repurchase a block of shares from an institutional investor. By the second quarter of 2026, the leverage ratio declined to 1.9 times.