POR QUE O MERCADO ODEIA ESSA AÇÃO QUE TEM R$250 MILHÕES EM CAIXA?

Episode Overview

• This segment features Matheus Soares from Market Makers discussing a "polemic" small-cap investment thesis: Enjoei (ENJU3), a Brazilian second-hand clothing marketplace.
• The discussion centers on value investing in distressed assets, analyzing why a company with a 95% stock drop might now offer an asymmetric opportunity for investors.
• The conversation moves through three main pillars of analysis: the founders' story, the quality of the business (turnaround and cost-cutting), and the valuation mismatch (cash on hand vs. market cap).
• Listeners will gain insight into how professional investors evaluate turnaround stories, specifically how to assess risk when a company's cash position exceeds its market value.

Key Concepts

• Negative Enterprise Value as an Asymmetry Indicator: A core concept discussed is the anomaly where a company's market capitalization (total value of all shares) is lower than the net cash on its balance sheet. In Enjoei's case, the company was valued at R$200 million while holding R$250 million in cash. Theoretically, this implies the operating business has a negative value, creating a safety margin for investors if the company stops burning cash.

• The "Broken Story" Discount: The speakers highlight how market sentiment can detach from fundamental reality due to a damaged narrative. Because Enjoei had a hyped IPO followed by a massive stock price drop and a history of cash burn, the market ignored its recent operational improvements. Investors often avoid "broken stories" regardless of valuation, creating opportunities for contrarians who are willing to look past the stigma.

• Operational Efficiency over Growth at All Costs: The thesis relies heavily on the pivot from growth to efficiency. The company transitioned from burning cash to gain market share to cutting costs (specifically general and administrative expenses) and optimizing margins. A critical part of this efficiency was internalization: by creating its own financial solution for seller receivables rather than paying 13 million Reais annually in financial expenses to third parties, the company structurally improved its cash flow profile.

• Liquidity Constraints in Small Caps: The discussion illustrates the structural limitations of institutional investing. A large fund (e.g., managing R$1 billion) physically cannot take a meaningful position in a company worth only R$200 million without distorting the price or becoming illiquid. This structural constraint explains why such obvious valuation gaps (cash > market cap) can persist—big players simply cannot enter the trade.

Quotes

• At 0:07 - "A assimetria tá a favor do comprador... É uma empresa que ela tem hoje... muito relevante no mercado de segunda mão... que ainda é muito pequeno no Brasil." - Explaining the foundational thesis: a leading player in an underdeveloped market trading at a price where the potential upside significantly outweighs the downside.

• At 3:31 - "Uma excelente história até chegar na bolsa... mas veio pra bolsa, todo mundo comprou ação, perdeu dinheiro... aí tudo vira uma coisa ruim... O resultado apresentado com poesia... tudo vira motivo pra nem olhar pra Enjoei." - Highlighting behavioral finance in action: how a company's "storytelling" and past stock performance can bias investors against analyzing current fundamental improvements.

• At 4:35 - "Só que mais recentemente, dado todo esse trabalho que eu falei de redução de custos... a empresa não queima mais caixa... a partir do quarto tri... a empresa trouxe pra dentro de casa uma como se fosse uma câmara de recebíveis." - Clarifying the pivotal operational change that de-risks the investment: moving from cash burn to cash generation through internal financial restructuring.

Takeaways

• Look for "Cash Box" Opportunities: When evaluating beaten-down stocks, check the balance sheet for situations where Net Cash approaches or exceeds Market Cap. This provides a tangible floor to the valuation, provided the management isn't actively destroying that cash.

• Re-evaluate "Burned" IPOs: Do not dismiss a company solely because its stock is down 90%+ since IPO. Monitor these companies for a shift in strategy—specifically a move from "growth at all costs" to profitability—as the market often lags in recognizing these turnarounds due to previous trauma.

• Monitor Capital Allocation in Turnarounds: For companies with large cash piles and low valuations, watch for capital distribution events (dividends or capital reduction). If a company stops burning cash and starts returning it to shareholders, it forces the market to re-rate the stock and removes the "what will they do with the money?" risk.