The D’R network reduces the reference for new beds; Retail action
The D’R Network has revised its organic growth plan from 2025 to 2028, providing a total of 3,203 hospital beds to open, according to the latest Group Reference Form, the number less than 4,036 a year before a year.
According to a document published on the D’R Network website over the weekend, the group is developing more than 30 new projects (Greenfield) and expansion (Brownfield), which are in various stages of development and licensing.
The company said that the average unit of new beds would cost around $ 1.4 million, with 80% of these “Brown Fields”. In the 2024 report, the average cost is $ 1.5 million and “Brown Fields” projects represent 70% plan with over 40 projects.
This year, there is a suggestion to open 491 beds compared to the 898 of the 2024 reference report. By next year, there are 868 beds in the past 1,117 beds. For 2027, it offers 951 new beds in 1,250 beds in the 2024 plan, before the 893 beds of 771, and for the 2024 plan.
In the eyes of Citi analysts, the movement of the network is not naturally good for faith around the company’s long -term growth foundations.
The D’R network distributed 411 beds in 2021, 560 beds in 2022, 250 beds in 2023 and 1,317 in 2024. In the last year’s report, there is a suggestion to complete 1,348 beds in 2024.
At 2:50 pm, the health group shares fell 3.1%, which fell to R $ 36.28, which was the worst Ibovespa performance, which increased by 0.36%.
For Bradesco BBI analysts, the reduction in the expansion plan is widely negative for the D’R network, especially with the rise in the Sulamerrica Health Plans Market and with a more favorable competitive atmosphere for group hospitals, and their exposure to operators in financial difficulties.
“In addition, the sharp incision in Brownfield projects – they are usually more profitable and do not require payer’s accreditation – it is also a negative sign, which indicates weak growth opportunities in existing markets,” they added in a report to clients.
However, analysts have highlighted the reference to a review of 3.2 thousand beds, still indicating a solid growth in 25% capacity.
JP Morgan analysts stressed that there was a lot of review in the opening ceremonies planned for 2025 and 2026.
And quoting conversations with the company, they said that it reflects the review of Brownfield plans, as the recent cancellation of non -profible health plans has opened its efficiency in certain assets, but the number of reduced contracts in some areas is also limited to a slight and medium time capacity.
“Therefore, the phase/cancellation of the projects is required,” they said.
The JP Morgan team estimates that the expansion revision does not have physical effects on short -term expectations and has a limited impact on the general capacity of beds, while at the same time strengthens the company’s capital discipline.
American Bank analysts have pointed out that the plan is not included in the joint venture with Atlantic Hospitals, a subsidiary of Bradesco Sade.
In the same report, JP Morgan revised expectations for the D’R network, setting a target price of $ 42 per share on December 2026, $ 36 to 2025. “We continue to be overweight. We have seen this company as one of the best options to work in the health sector.”
