UBS BB starts Dasa with buy and R$ 3.90 target

UBS BB initiated coverage of Brazilian healthcare company Dasa on September 21, 2026, with a buy rating and a price target of R$ 3.90. The target implies an upside potential of 37.32% compared to the closing price on Friday, September 18.

Analyst Olavo Arthuzo noted that Dasa remains highly leveraged, with net debt to Ebitda at 2.5 times in 2026. However, operational improvements indicate that a turnaround is gaining momentum. The bank cited better B2C average ticket dynamics and quarterly cash general and administrative expenses below R$ 300 million.

UBS BB projects diagnostic revenue compound annual growth rate of about 5.5% between 2025 and 2030, exceeding the broader industry pace of 4% to 5%. The bank also forecasts standalone Ebitda margin expansion from 23% in 2026 to the mid-24% range over the medium term.

Driven by operational efficiency and lower financial expenses, standalone net debt to Ebitda is projected to fall to 1.9 times by 2028 and 1.3 times by 2030, excluding potential cash distributions from Rede Américas. The R$ 3.90 target relies on a 5.0 times target EV/Ebitda for 2028, an 18% cost of capital, and a 5.0% terminal growth rate.