IRS desce de novo em setembro. Veja as simulações

[pedrosantosslb]

Parece-me o mesmo... já comprei ontem com o mesmo "feeling". a 11.45 com Stop nos 11.35.

Paulo,

também estou dentro com entrada a 11,51 mas ainda n coloquei stop. Posso perguntar quais as tuas motivações para os 11.35?
Obrigado

É 0,05 abaixo do mínimo de ontem...
Se eu comprei ontem e ainda as tenho hoje, é porque pensava que iam subir... Se o preço descer abaixo do mínimo de ontem, a razão pela qual entrei seria invalidada.

ok obrigado!

[pcamposm]

Parece-me o mesmo... já comprei ontem com o mesmo "feeling". a 11.45 com Stop nos 11.35.

Paulo,

também estou dentro com entrada a 11,51 mas ainda n coloquei stop. Posso perguntar quais as tuas motivações para os 11.35?
Obrigado

É 0,05 abaixo do mínimo de ontem...
Se eu comprei ontem e ainda as tenho hoje, é porque pensava que iam subir... Se o preço descer abaixo do mínimo de ontem, a razão pela qual entrei seria invalidada.

[pedrosantosslb]

Parece-me o mesmo... já comprei ontem com o mesmo "feeling". a 11.45 com Stop nos 11.35.

Paulo,

também estou dentro com entrada a 11,51 mas ainda n coloquei stop. Posso perguntar quais as tuas motivações para os 11.35?
Obrigado

[pcamposm]

Parece-me o mesmo... já comprei ontem com o mesmo "feeling". a 11.45 com Stop nos 11.35.

[Luka!]

Desta vez é a GALP com target acima dos 17€...
nao consigo resistir à descida de hoje: uma entrada na GALP...ver abaixo analise interessante!

Galp – Overhang pressure has been reduced

ENI sold through an accelerated bookbuilding 4% of Galp’s shares at €11.48, which corresponds to the lower limit of the offered range price (€11.48-€11.73). At the same time, ENI placed a 3-year exchangeable bond amounting to €1.028mn (the initial amount was up to €1.100mn) that corresponds approximately to 8% of Galp’s shares (strike price of €15.5 per share, which is 35% above the placement price and a coupon of 0.25%). In addition, Caixa Geral de Depósitos (CGD) sold 1% due to the exercise of its tag along right to sell its stake under this deal. The total number of Galp’s shares placed in the market amounted to 41.5 million, less than 1% than the top number of shares officially announced yesterday (49.8 million shares), meaning that the overall deal was downsized. ENI has a 90-day lock up period and Amorim Energia’s option to buy 5% of Galp from ENI was extended until 31 December 2013.

We recall that under the agreement signed on 29th March 2012 (in which ENI’s exit from Galp was prepared), ENI had the right to sell up to 18% of Galp’s shares in the market (percentage that eventually could be increased by 2% in the case of the exchangeable bond issue) through a public offering, accelerated bookbuilding, block trades, overnight market transaction and/or private placements. Amorim still holds a call option to buy a 5% of the share capital of Galp from ENI and as a consequence of the exchangeable bond issue, Amorim Energia has also a right of first refusal of up to 3.34% or up to 8.34% (vis-à-vis 5.34% or up to 10.34% in the previous agreement) respectively depending on whether the call option would be exercised. The agreement is not enough clear, but in our point of view, Amorim Energia gave up of buying 2% of Galp’s shares.

Excluding the sale of the first 5% of Galp’s outstanding shares to Amorim Energia (last July) and also the 12% of Galp’s shares placed under this deal (4% through accelerated bookbuilding plus 8% through exchangeable bonds), there is still a 16.34% stake. In addition, Amorim has a call option of up to 5% and the right of first refusal up to 3.34% or up to 8.34% depending on whether or not the call option would be exercised.


To sum up and according to our understanding, there are still 8% of Galp’s outstanding shares that can be sold, but not in the coming 3 months due to the 90-day lock-up period. At the end of the year 2013, Amorim Energia can exercise its call option and the right of first refusal or nominate a third party, meaning that in thirteen months there could be more shares available (8.34% of Galp’s outstanding shares) and last but not least in 3 years time the exchangeable bond issue matures and 8% of Galp’s outstanding shares could be available if the stock price is below the strike. Following the conclusion of this operation, the huge short-term overhang pressure has been reduced (roughly 13% out of 29.34%), which we consider positive; however the long-term overhang pressure is still there (approximately 24.34%). Moreover, due to the today’s placement of 5% of Galp’s shares free float will increase, which makes this stock more interesting.

Rating: Buy; Target (YE12): €17.85; Price: €11.50

> Efectivamente parece interessante aproveitar esta queda para comprar !

TRADING PLAN
> Comprar : entre 11,5 e 11,65€
> Target casa de investimento : 17,85 €
> O meu target 12,50 €