ABRASCA - Brazilian Association of Publicly Traded Companies. Founded in September 1971, it is a nationwide non-profit civil entity whose legal personality is distinct from that of its members, which are companies legally registered as publicly traded companies.
Major Shareholder – é aquele que possui maior número de cotas ou ações da empresa
Ordinary Shares (ON) - is one that gives shareholders, in addition to profit sharing, the right to vote at general meetings of the company
Preferred Shares (PN) - Their main feature is the guarantee of priority in receiving dividends - the portion of company profits distributed among shareholders - in the event of the company's liquidation.
APIMEC - Association of Capital Market Analysts and Investment Professionals. It is a non-profit civil association. It brings together capital market analysts and related professionals, promoting socio-cultural activities aimed at integrating, training and specializing its members.
Annual General Meeting (AGM) - is a meeting that by law takes place annually in the four months following the end of the fiscal year. Its main purpose is to make decisions about the future of the company, according to article 132 of the Corporate Law, by having the shareholders vote on the points to be discussed. The ordinary general meeting must only release decisions related to the five specific topics provided for by law, which are:
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- Monetary correction of share capital;
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- distribution of dividends;
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- election of directors and members of the supervisory board;
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- choice of application of net profit;
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- analysis of directors' accounts and financial statements.
Extraordinary General Meeting (EGM) - meeting to take decisions relating to any other topic, except the five specific topics provided for by law in the case of the AGM. There is no set deadline for the AGM to take place - it can be called at different times.
B3 - São Paulo Stock Exchange - the place where the shares of publicly traded companies on the Brazilian market are traded
BACEN - Central Bank of Brazil. It is a federal authority that is part of the National Financial System and is linked to the Brazilian Ministry of Finance. Like the other central banks in the world, the Brazilian Central Bank is one of the country's main monetary authorities, the main one being the National Monetary Council - CMN.
Balance sheet - An accounting statement of a company's assets, liabilities and shareholders' equity. It refers to a complete financial year.
Custodian Bank – banco responsável por guardar física ou eletronicamente os ativos financeiros (ações, obrigações, etc) detidos pelos clientes e tratar de todos os eventos relacionados com essa posse..
Custodian Bank - bank responsible for the transfer and agency services of depositary receipts (DRs), such as American Depositary Receipts (ADRs) and Brazilian Depositary Receipts (BDRs), issuing the securities and making them available on the market.
Benchmark - A term used in the financial market to determine an index that will serve as a parameter for comparing investments. A currency fund, for example, may have the variation in the US dollar as its benchmark.
BM&FBOVESPA - Stock, Commodities and Futures Exchange. Brazil's official stock exchange, based in São Paulo and the second largest stock exchange in the world by market value. The Bolsa de Valores de São Paulo (Bovespa) and the Bolsa de Mercadorias e Futuros (BM&F) merged to create a new institution that is linked to all the Brazilian stock exchanges.
BNDES - National Bank for Economic and Social Development. Public company whose activities are: to study the problems of global economic development and examine specific projects, with the aim of boosting the country's economic sector, strengthening the national business sector, alleviating regional imbalances, promoting the integrated development of agricultural, industrial and service activities, and promoting the growth and diversification of exports.
Stock Exchange - Simply put, this is the trading environment for securities such as shares, government bonds and commodities.
Bovespa - São Paulo Stock Exchange. A non-profit civil association where securities are traded. Its main objectives are: to maintain a suitable place or electronic trading system for the purchase and sale of securities; to maintain high ethical standards in trading; to disclose transactions quickly and in detail.
BR GAAP - Accounting practices adopted in Brazil, which are based on the Brazilian Corporate Law, the accounting standards issued by IBRACON and the CVM and CFC resolutions.
CADE - Cade is an authority responsible for maintaining order and curbing the abuse of economic power in the country. In other words, it is Cade's job to ensure competitiveness and prevent competition problems in the most diverse sectors of the economy, preventing distortions that harm the end consumer. It acts, for example, in cases of mergers and acquisitions. When a company makes a bid for another company, it is obliged to submit details of the procedure to Cade, which analyzes the viability of the deal from the point of view of competition.
CAGR - Compound annual growth rate.
Share Capital - Financially or in accounting terms, it is the portion of a company's equity that represents an investment in the form of shares made in the company by the shareholders, which includes not only the portions handed over to them, but also the amounts obtained by the company and which, by decision of the shareholders, are incorporated into the share capital.
CBLC - Brazilian Settlement and Custody Company. Department of BM&FBOVESPA responsible for the custody of shares and other private securities on the Brazilian financial market.
CMN - National Monetary Council. Council created by Law No. 4,595 of December 31, 1964, with the highest deliberative power in the National Financial System, responsible for issuing general rules and guidelines for its proper functioning.
Commodity: Termo em inglês geralmente utilizado no plural como Commedities. No mercado financeiro é usado para indicar um tipo de produto, geralmente agrícola ou mineral, de grande importância econômica iternacional, pois é amplamente negociado entre importadores e exportadores, como petróleo, soja, carne, algodão, aço, cobre, etc.
Conference Call - Conference call with analysts, institutional investors and individual investors in the period in which the Company reports its financial results for the most recent quarter. The conference call should also include information related to the Company's vision for the future.
Independent Board Member - According to the Novo Mercado regulations, the Independent Director is characterized by: (i) not having any relationship with the Company, except for capital participation; (ii) not being a controlling shareholder, spouse or relative up to the second degree, or not being or not having been, in the last three years, linked to a company or entity related to the controlling shareholder (people linked to public educational and/or research institutions are excluded from this restriction); (iii) not having been, in the last three years, an employee or director of the Company, of the controlling shareholder or of a company controlled by the Company; (iv) not be a direct or indirect supplier or purchaser of the Company's services and/or products, to an extent that would imply a loss of independence; (v) not be an employee or manager of a company or entity that is offering or demanding services and/or products from the Company; (vi) not be the spouse or relative up to the second degree of any of the Company's managers; and (vii) not receive any remuneration from the Company other than that of a director (cash income from equity participation is excluded from this restriction). "Independent directors" are also those elected through the powers provided for in article 141, paragraphs 4 and 5, or article 239 of the Brazilian Corporation Law, which provide for quorums and forms for the election of board members by minority shareholders.
*Board of Directors - a body of elected or appointed members who jointly supervise the activities of a company or organization
Supervisory Board - This is the advisory arm of the General Meeting, which looks after the company's accounts and financial statements. In short, the supervisory board is made up of three to five members, all elected by the General Meeting. These members may or may not be shareholders in the company.
CVM - Comissão de Valores Mobiliários - an authority that supervises, regulates and disciplines the Brazilian securities market. Established by Law 6.385 of December 7, 1976, the Securities and Exchange Commission is a body linked to the Ministry of Finance.
Debenture - a private credit security issued by corporations to the general market. Basically, it's a way for large companies to finance themselves through third-party capital, remunerating them for it.
Operating Expenses - They can be subdivided into Administrative Expenses (administrative staff salaries, office rent, office telephone and electricity bills, etc.) and Sales Expenses (marketing, advertising, discounts, commissions, etc.). Thus, Operating Expenses are all the expenses related to the company's activities, but which are indirect (the direct ones are grouped under Cost of Goods Sold).
Demand - Average of the instantaneous electrical powers requested by a consumer or concessionaire during a specified period.
Assured demand - Demand that must be made available to the consumer by the concessionaire, at the point of delivery, in accordance with the value and duration of the contract.
Contracted demand - Demand stipulated in a contract, made continuously available to the consumer or concessionaire and which will be paid for in full, regardless of whether or not it is used during the billing period.
Demand overruns - Portion of the metered demand that exceeds the contracted demand.
Billable demand - Demand taken into account when calculating the bill to be charged to the consumer or concessionaire.
Board of Directors -Made up of members elected by the board of directors, or in its absence, by the general meeting, the executive board is responsible for representing and managing the company.
Disclosure - When a company discloses information, it makes it easier for investors to make decisions and increases their protection.
Dividends – parcela do lucro líquido das empresas que é destinada aos acionistas como forma de remuneração. Os proventos dos acionistas podem ser feitos em dinheiro, especiais ou Juros Sobre o Capital Próprio (JCP).dos lucros das empresas. Assim, conforme as empresas crescem seus resultados, seus dividendos também evoluem, o que proporciona uma remuneração crescente aos seus acionistas.
EBITDA - Ebitda (Earnings Before Interest, Taxes, Depreciation and Amortization) is an acronym that stands for "Earnings Before Interest, Taxes, Depreciation and Amortization" (also known as Lajida). It is a financial indicator widely used to evaluate companies listed on the stock market.
Holding Company - A holding company that controls or "insures" other companies. A company that owns the majority of shares in other companies and has control over their management and corporate policies. A holding company is a legal entity that has control over other legal entities.
e-Commerce - A form of commerce where transactions are carried out using electronic equipment connected to data transmission networks, such as computers and cell phones.
Bylaws - A set of norms and rules establishing the institutional or organic principles of a collectivity or corporation, whether public or private.
Eurobonds - Bonds issued by the government or by Brazilian companies on the international market.
Billing - This is the financial result of the sale of a company's products or services.
Free Float - Quantity of a company's shares available for trading on organized markets. Commonly referred to as "Outstanding Shares", excluding those held by controlling shareholders.
Cash Flow - It defines the movement of cash in and out of a company's cash office. It is also called a demonstrative and chronological table forecasting the inflows and outflows of cash over a future period (days, months, years), which is a fundamentally important tool for the financial planning of a company in operation or for the implementation of a project. In the latter case, cash flow analysis makes it possible to define the enterprise's break-even point.
Corporate Governance - Corporate governance is the practices and relationships between shareholders, the board of directors, the executive board, the independent auditors and the supervisory board, with the aim of optimizing the company's performance and facilitating access to capital. The term is used to cover matters relating to the power of control and direction of a company, as well as the different forms and spheres of its exercise and the various interests that are in some way linked to the life of commercial companies.
High Yield - It means a high rate of return. Loans on which companies pay significantly high interest rates, and which are usually made on the European market, are classified as High Yield. Investment funds that invest in securities classified as High Yield usually have a higher credit risk.
Home Broker - É um canal de relacionamento entre os investidores e as sociedades corretoras, para negociações no mercado acionário, permitindo o envio de ordens de compra e venda de ações pela Internet e possibilitando acesso às cotações e acompanhamento de carteiras de ações, entre vários outros recursos.
IBOVESPA - It is the most important indicator of the performance of the Brazilian stock market, as it portrays the behavior of the main shares traded on BOVESPA. It is formed from an imaginary investment, in Reais, in a theoretical number of shares (portfolio). Its basic purpose is to serve as an average indicator of market behavior. Therefore, the stocks that make up the index represent more than 80% of the number of trades and financial volume traded on the spot market. As the stocks that make up this portfolio are very representative, we can say that if most of them are rising, the market, as measured by the Bovespa Index, is rising, and if it is falling, it is falling.
IBX - Brazil Index – IBrX (também conhecido como Índice Brasil ou IBX) tem por objetivo ser o indicador de desempenho médio das cotações dos ativos de maior negociabilidade e representatividade do mercado de ações brasileiro.
IBrX-100 - Brazil/Bovespa Index. It is a price index that measures the return on a theoretical portfolio made up of shares in 100 publicly traded companies, selected from among the most traded on the São Paulo Stock Exchange, in terms of number of trades and financial volume. The shares that make up the index are weighted by the respective number of shares that are available for trading on the market. The Brazil Index is considered an index that evaluates the total return of the stocks in its portfolio.
IBrX-50 - Brazil 50 Index. It is an index that measures the total return of a theoretical portfolio made up of 50 publicly traded companies, selected from among the most traded on the São Paulo Stock Exchange, in terms of number of trades and financial volume. The IBrX-50 has the same characteristics as the IBrX-100 - Brazil/Bovespa Index, which is made up of 100 stocks selected from among the most traded on the São Paulo Stock Exchange.
Inflation - Persistent increase in prices in general, resulting in a continuous loss of the purchasing power of the currency.
IFRS - International Financial Reporting Standards. This is a set of rules that determines how accounting procedures should be carried out within a company.
ICMS - The Tax on the Circulation of Goods and Interstate and Intercity Transportation and Communication Services (ICMS) is a state tax that accounts for the largest share of the revenue collected by Brazil's federal units.
Interest on Equity (JCP) - type of income paid by companies, and are therefore characterized as one of the alternatives for distributing profits to shareholders. Paid as remuneration for borrowing funds from shareholders, JCP are distributed over the course of the financial year, just like company dividends.
Nominal Interest - Rates of return on capital that do not take into account the variation of any index or inflation index.
Real Interest - This is the result of the nominal interest rate, minus inflation or the price index.
Interest on Equity - A form of remuneration to the company's shareholders, derived from profits retained from previous periods.
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Earnings per share - portion of the company's profit that is allocated to each outstanding share of that company on the stock exchange.
Liquidity - The ability of a security to be converted into currency. Absolute liquidity is only conferred on paper money, all other securities having lower liquidity, which varies according to the investment and the economic situation.
Logistics - It is the process of planning, implementing and controlling the flows of incoming and outgoing materials, as well as storage, services and information, from suppliers to customers.
Fractional lot - A lot that has a smaller number of shares than the standard lot.
Standard lot - A lot of securities with identical characteristics. This quantity of securities is fixed in advance by the stock exchanges.
Gross Profit - Difference between Net Revenue and Cost of Goods Sold.
Net Profit - The positive difference between Gross Profit minus Operating and Non-Operating Profit, which is the final result for a given period, after all income and expenses have been recorded.
MarginIt is an amount set by the Futures Exchange or the registration and settlement box for the buyer or seller of a forward contract that will serve as a guarantee for the fulfillment of the future obligation.
Gross Margin: Gross Profit ÷ Net Revenue is one of the best indicators of productivity: if we buy two companies with the same activity, the one with the highest gross margin is the most productive (whether due to efficiency in processes, gain in scale, cost structure, etc.).
Net MarginNet Profit ÷ Net Revenue is an indicator of profitability: if we compare two companies in the same business, the one with the highest Net Margin is the one with the best profitability in the business, including operational, financial and extra-operational issues.
Market shareMeasure of the market share of a brand or product.
Stock Market: Market on which shares are traded, either through the primary or secondary market.
Capital Markets: This is where financial resources are transferred between so-called savers and investors for various periods of time.
Financial Market: This is the market for transferring funds between economic agents. In the financial market, transactions are carried out with securities of varying maturities.
Primary Market: Market for the issue of new shares or securities in general.
Secondary Market: Where the securities acquired on the primary market are traded, favoring the liquidity of the securities already issued.
Promissory cream (NP): Credit security issued by companies, for public placement, which grants its holder credit rights.
New Market: BOVESPA's special listing segment, with differentiated corporate governance rules.
OscillationChange in the price of a given asset over a certain period of time.
Liability - Liabilities comprise all of a company's obligations and debts.
Equity: The net value of a company's assets. It represents the difference between the total value of the assets and the value of the debt with third parties.
GDP: Gross Domestic Product. The sum of all the wealth generated by a country's economy in a given period of time (usually one year).
Press Release: These are documents released by press offices, in this case Investor Relations, to inform, announce, contest, clarify or respond to the media about a fact involving the client, positively or otherwise. It is, in practice, an official and documented public statement by the client.
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Gross Revenue: Total reals received from the sale of the company's products or services, without any deductions.
Net Revenue: The amount that the company actually receives from the sales of its products, i.e. the turnover (gross revenue) minus direct taxes such as ICMS, IPI, ISS, PIS and Cofins.
Joint Stock Company: A commercial company made up of at least two shareholders, whose respective capital is represented by a proportional number of shares: the liability of each is limited to the issue price of the shares subscribed or acquired; S.A.'s can carry out any type of activity considered to be legally commercial, industrial or providing services. S.A.'s must engage in profit-making activities.
Stock OptionsThese are options given to a company's managers and employees as a way of remunerating them and aligning their objectives with those of the company.
Sustainability: Principle of action for a society that maintains the characteristics necessary for a fair, environmentally balanced and economically prosperous social system over a long and indefinite period of time. It thus meets the needs of the present without compromising the ability of future generations to meet their own needs.
SEC - Security and Exchange Commission - the agency responsible for regulating the capital markets in the USA. The SEC is equivalent to the CVM in the Brazilian market.
Mixed Economy Company - a joint-stock company structure in which the shares are shared between the state and the market, with the state being the largest holder of voting shares.
Tag along: A right that guarantees minority shareholders an extension of the conditions offered to controlling shareholders in the event of a sale of control of the company.
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Net Asset Value or Book Value - Book value, according to the definition given by the Federal Accounting Council (CFC), is the amount at which an asset or liability is recorded in the company's accounts. It takes into account the item's accumulated depreciation and provisions for impairment losses. The book value of an asset is that at which it was recognized in the company's balance sheet.
Market Value: The Market Cap is the value of the company on the stock exchange, i.e. hypothetically how much an investor would spend to buy all the company's shares at the current market price. To obtain this value, we multiply the price of each type of company share by the respective number of shares in circulation.
VolatilityIndicates the average degree of variation in the price of a security over a given period.
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