Market Overview

Goldman Sachs Comments on News of Fibria Celulose SA Accepting Proposal From Brazilian Government

Share:

In a report published Friday, Goldman Sachs analyst Marcelo Aguiar reiterated a Neutral rating and $13.10 price target on Fibria Celulose SA (NYSE: FBR).

In the report, Goldman Sachs noted, “On November 28, Fibria issued a press release after the market close stating that it accepted Brazilian Government's proposal to settle accumulated tax liabilities on foreign subsidiaries' profits until December 31, 2012. Fibria will recognize R$560mn of liabilities, which are to be booked in 4Q13 and the cash outflow will be R$392mn. The company's decision to pay the tax liabilities by December 31 will remove all interest/fines/charges and will also permit Fibria to use the fiscal loss to amortize the outstanding balance. We expect this to be a one-off payment before end 2013 and does not impact the company's outlook for tax payments over the next five years given the company would still have accumulated losses/goodwill that could bring its effective tax payments close to zero.”

Fibria Celulose SA closed on Wednesday at $12.22.

Latest Ratings for FBR

DateFirmActionFromTo
Jan 2018Goldman SachsDowngradesNeutralSell
Dec 2017Credit SuisseDowngradesOutperformNeutral
Aug 2017CitigroupUpgradesNeutralBuy

View More Analyst Ratings for FBR
View the Latest Analyst Ratings

 

Related Articles (FBR)

View Comments and Join the Discussion!

Posted-In: Goldman Sachs Marcelo AguiarAnalyst Color Reiteration Analyst Ratings

Latest Ratings

StockFirmActionPT
MRVLCFRAMaintains35.0
CSIQCFRAUpgrades22.0
MGNXSVB LeerinkMaintains27.0
EVCFRAMaintains43.0
RCUSSVB LeerinkReiterates42.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com