Sectors
We are sector-agnostic
Pennine Alps · Valais
We are sector-agnostic. How a company is priced does not change with what it does: earnings are normalised the same way, net debt is determined the same way, and working capital is negotiated the same way in any business
What changes is what sustains the margin, and that is what organises the list below. It brings together the nineteen sectors in which the activity of our four practices in Brazil is concentrated: where owners sell, where companies issue debt, where businesses seek court protection and where listings come from
The market in three numbers
M&A transactions in Brazil in 2025, with technology the clear leader
in debentures in 2025, led by power, transport, financials and sanitation
of 2025 judicial reorganisation filings came from agriculture, ahead of services
Where each practice works
Revenaz reading of the intensity of each practice by sector
| Sector | M&A | DCM | Special Situations | IPO & Tender Offers |
|---|---|---|---|---|
| Technology and finance | ||||
| Technology and software | 3 | 1 | 1 | 2 |
| Internet and digital platforms | 3 | 1 | 2 | 2 |
| Financial services | 3 | 3 | 2 | 2 |
| Telecoms and digital infrastructure | 3 | 3 | 2 | 1 |
| Infrastructure and resources | ||||
| Electric power | 3 | 3 | 2 | 2 |
| Water and sanitation | 2 | 3 | 1 | 2 |
| Transport, logistics and concessions | 3 | 3 | 3 | 1 |
| Oil, gas and mining | 2 | 2 | 2 | 1 |
| Real estate and construction | 2 | 3 | 3 | 1 |
| Agribusiness and the food chain | ||||
| Agribusiness and inputs | 3 | 3 | 3 | 1 |
| Sugar, ethanol and biofuels | 2 | 3 | 3 | 1 |
| Food and beverages | 3 | 2 | 2 | 1 |
| Healthcare and education | ||||
| Healthcare | 3 | 2 | 2 | 2 |
| Pharma, medical devices and animal health | 3 | 1 | 1 | 2 |
| Education | 3 | 2 | 2 | 2 |
| Consumer and industrials | ||||
| Retail and consumer goods | 3 | 2 | 3 | 2 |
| Industrials and capital goods | 3 | 2 | 3 | 1 |
| Chemicals, plastics and materials | 3 | 2 | 2 | 1 |
| Business services | 3 | 1 | 2 | 1 |
The sectors
Technology and finance
Technology and software
Enterprise software, vertical SaaS, data and security. The multiple is a function of recurring revenue, net retention and customer concentration
- Pricing metric
- EV/ARR and EV/EBITDA, adjusted by the rule of 40
- Due diligence focus
- Net recurring revenue, cohort churn and capitalised development
- Typical debt
- Convertible and bank debt with recurring-revenue covenants
- ERP and vertical software
- Data, cloud and cybersecurity
- Consolidators and roll-ups
Internet and digital platforms
Marketplaces, e-commerce and subscription platforms. Price is argued over cohorts, acquisition cost and the path to margin
- Pricing metric
- EV/net revenue and customer lifetime value over acquisition cost
- Due diligence focus
- Take rate, cohort repeat purchase and gross versus net revenue recognition
- Typical debt
- Card receivables financing and venture debt
- Marketplaces and e-commerce
- Subscription platforms
- Digital media and advertising
Financial services
Payments, lending, insurance and asset management. Regulatory capital, funding and portfolio quality set the valuation
- Pricing metric
- Price to book and price to earnings, against return on equity
- Due diligence focus
- Portfolio quality, IFRS 9 provisioning, Basel ratio and cost of funding
- Typical debt
- Financial bills, FIDCs and subordinated debt
- Payments and acquiring
- Lending, securitisation and FIDCs
- Insurance and asset management
Telecoms and digital infrastructure
Regional fibre providers, towers and data centres. Capital-intensive assets valued on contracted revenue and replacement cost
- Pricing metric
- EV/EBITDA and value per subscriber or per tower
- Due diligence focus
- Churn by base, maintenance capex and shared-use contracts
- Typical debt
- Incentivised debentures and vendor financing
- Regional fibre providers
- Towers and neutral networks
- Data centres
Infrastructure and resources
Electric power
Renewable generation, transmission, distribution and trading. The largest debenture issuer in the country, with long contracts and predictable cash flow
- Pricing metric
- Discounted cash flow to the end of the concession or permit
- Due diligence focus
- Power purchase agreements, hydrological and curtailment risk, and tariff reviews
- Typical debt
- Incentivised debentures and long-term project finance
- Wind, solar and hydro generation
- Transmission and distribution
- Trading and distributed generation
Water and sanitation
Water and sewage concessions and private operators after the new legal framework. Universalisation capex funded by incentivised debt
- Pricing metric
- Multiple of the regulatory asset base and concession cash flow
- Due diligence focus
- Universalisation targets, economic-financial equilibrium and tariff adjustments
- Typical debt
- Incentivised debentures and development bank debt
- Concessions and PPPs
- Regional private operators
- Services and equipment
Transport, logistics and concessions
Toll roads, ports, railways, warehousing and trucking. Contract quality matters more than the margin of any single year
- Pricing metric
- EV/EBITDA for operators and discounted cash flow for concessions
- Due diligence focus
- Remaining term, investment obligations, fleet renewal and customer contracts
- Typical debt
- Incentivised debentures, receivables-backed notes and fleet leasing
- Road and port concessions
- Logistics operators and warehousing
- Road freight
Oil, gas and mining
Mature fields, oilfield services, natural gas and mid-sized mining. Commodity prices and decommissioning cost enter the model
- Pricing metric
- Present value of proved reserves and EV/EBITDA at reference prices
- Due diligence focus
- Reserve certification, decommissioning cost and environmental liabilities
- Typical debt
- Pre-export finance and reserve-based lending
- Mature fields and services
- Gas distribution
- Mining and aggregates
Real estate and construction
Residential development, land subdivision, warehouses and heavy construction. Receivables structure and ring-fenced assets define the risk
- Pricing metric
- Net asset value and present value of backlog margin
- Due diligence focus
- Ring-fenced project structure, inventory, cancellations and receivables book
- Typical debt
- CRI, construction finance and project lending
- Residential development and land
- Warehouses and rental income
- Heavy construction and engineering
Agribusiness and the food chain
Agribusiness and inputs
Farming, input distribution, crop protection and biologicals. Working capital tied to the harvest, and today the sector with the most judicial reorganisation filings
- Pricing metric
- EV/EBITDA normalised for the harvest and price cycle
- Due diligence focus
- Days sales outstanding, grower concentration and portfolio collateral
- Typical debt
- CPR, CRA, Fiagro and agri-receivables FIDC
- Input retailers and distribution
- Crop protection, fertilisers and biologicals
- Grain production and trading
Sugar, ethanol and biofuels
Sugar and ethanol mills, biodiesel and biogas. A cyclically leveraged sector, with debt matched to sugar and ethanol prices
- Pricing metric
- EV per tonne crushed and mid-cycle EV/EBITDA
- Due diligence focus
- Cane field age, sugar content, cost per tonne and hedging structure
- Typical debt
- CRA, pre-export finance and seasonal bank debt
- Sugar and ethanol mills
- Biodiesel and biogas
- Cogeneration and decarbonisation credits
Food and beverages
Branded manufacturers, multi-category grocery, protein, ingredients and food service. Active consolidation, with the multiple sensitive to brand and distribution
- Pricing metric
- EV/EBITDA, with a premium for brand and distribution reach
- Due diligence focus
- Margin by channel, trade spend, stock-outs and concentration in large chains
- Typical debt
- Debentures, commercial notes and receivables financing
- Own-brand and private label
- Animal protein and ingredients
- Beverages and food service
Healthcare and education
Healthcare
Hospitals, clinics, diagnostics, dentistry and health plans. Regional consolidation, with payer relationships at the centre of price
- Pricing metric
- EV/EBITDA per bed, per site or per member
- Due diligence focus
- Claim denials, payer collection periods and loss ratio
- Typical debt
- Debentures and bank debt secured on receivables
- Hospitals and clinics
- Diagnostics and dentistry
- Health plans and care management
Pharma, medical devices and animal health
Generics, medical devices, pharmaceutical distribution and animal health. Regulatory approvals and intellectual property weigh on price
- Pricing metric
- EV/EBITDA and value of the registration portfolio and pipeline
- Due diligence focus
- Anvisa and Ministry of Agriculture registrations, patent expiry and GMP
- Typical debt
- Debentures and Finep innovation credit
- Pharma and generics
- Medical devices and equipment
- Animal health and nutrition
Education
Higher education, K-12, distance learning and learning systems. Regional schools and colleges consolidated by well-funded groups
- Pricing metric
- EV/EBITDA and value per student
- Due diligence focus
- Dropout, average ticket, reliance on student financing and medical school seats
- Typical debt
- Debentures and bank debt secured on tuition receivables
- Higher education and medical schools
- K-12 schools
- Learning systems and EdTech
Consumer and industrials
Retail and consumer goods
Physical and omnichannel retail, fashion, pharmacies and durables. The sector most exposed to the rate cycle, and therefore frequent in restructurings
- Pricing metric
- EV/EBITDA after leases and sales per square metre
- Due diligence focus
- Same-store sales, inventory turnover and supplier terms
- Typical debt
- Card receivables financing, reverse factoring and debentures
- Supermarkets and pharmacies
- Fashion, footwear and home
- Durables and appliances
Industrials and capital goods
Auto parts, machinery, equipment and manufacturing. A cyclical sector in which normalising earnings and the investment policy are the central discussion
- Pricing metric
- Mid-cycle EV/EBITDA
- Due diligence focus
- Order backlog, capacity utilisation and capex requirements
- Typical debt
- Finame, pre-export finance and debentures
- Auto parts and systems
- Machinery and equipment
- Metalworking and manufacturing
Chemicals, plastics and materials
Specialty chemicals, packaging, plastics and building materials. Margin driven by imported feedstock costs and the exchange rate
- Pricing metric
- Mid-cycle EV/EBITDA and margin per tonne
- Due diligence focus
- Imported feedstock cost, price pass-through and environmental licences
- Typical debt
- Pre-export finance, export advances and debentures
- Specialty chemicals
- Packaging and plastics
- Building materials
Business services
Outsourcing, facilities, security, engineering consultancy and HR services. Contracted revenue and customer concentration define the risk
- Pricing metric
- EV/EBITDA, discounted for customer concentration
- Due diligence focus
- Contracts, index-linked adjustments, labour liabilities and subcontracting
- Typical debt
- Commercial notes and bank debt secured on contracts
- Facilities and outsourcing
- Engineering and consultancy
- HR services and BPO
Don’t see your sector?
Outside this list, we learn the business, and that takes weeks, not months