Afya set for best day since IPO on better-than-expected 2019 forecast

Afya

03/09/2019 15:20

** U.S.-listed shares of Brazilian medical education group
 AFYA.O  rise as much as 14.2% at $25 
    ** Co set for its best day since market debut on Jul. 19, if
gains hold
    ** Co expects pro forma FY rev to be between R$817.2 mln
($198.37 million) and R$832.2 mln vs est. of R$814.1 mln -
Refinitiv data
    ** Sees FY adj. EBITDA to be in the range of R$308.1 mln to
R$322.4 mln, way ahead of the R$299 mln est.
    ** Co also expects pro forma net rev. for second half of
2019 to be between R$415 mln and R$430 mln 
    ** "We expect to improve efficiencies and extract synergies
of companies acquired along 2Q19 (FASA and IPEMED), which is
expected to improve revenues and margins of such companies in
2H19"- co  urn:newsml:reuters.com:*:nGNX7pDlyS
    ** AFYA fell nearly 30% on Aug. 30 after Q2 profit fell
 urn:newsml:reuters.com:*:nL3N25Q4FM
    ** Among top percentage gainers across U.S. exchanges
    ** Stock gained nearly 32% in value from IPO price of
$19/shr


($1 = 4.1196 reais)

 (Reporting by C Nivedita in Bengaluru)
 ((C.Nivedita@thomsonreuters.com))