The operational restructuring that Dasa has been conducting over the past few years, based on the "back to basics" philosophy, has been producing positive results for the company, according to Itaú BBA.
Even so, this hasn't been enough to make the bank's research team optimistic enough to recommend buying shares in the diagnostic medicine company, at least not at this time.
Upon resuming coverage of Dasa's shares, analysts Vinicius Figueiredo, Lucca Generali Marquezini, and Felipe Amancio established a neutral recommendation for the stock and a target price of R$ 3.30 - DASA3 has been trading around R$ 2.60.
The assessment is that the turnaround still needs to translate into more robust cash generation and higher returns for investors, and that this must occur in a sustainable manner.
"We view Dasa's ongoing transformation positively, supported by improvements observed in its premium diagnostics business and the B2B segment, as well as the potential for margin expansion in the Americas Network, which should translate into a robust contribution from the investee companies' results to the company," says an excerpt from the report.
“Even so, in the current stock market environment, investors are looking not only for operational improvements, but also for clearer evidence of an acceleration in free cash flow (FCF) generation and higher returns for shareholders,” he adds.
According to analysts at Itaú BBA , after the narrative shifted from exclusively focusing on financial leverage—which decreased from 4.4 times at the beginning of 2023 to between 2.5 and 3.0 times—Dasa began to focus on its core business, selling assets acquired in the past as part of a project to build a "healthcare ecosystem."
This effort resulted in a "simpler and healthier" structure for Dasa, according to Itaú BBA. The result was an improvement in the EBITDA margin, which rose from 15.5% in the fourth quarter of 2024 to 20.9% in the first three months of 2026.
The report also points to the benefits of the joint venture with Amil in the hospital sector, following Dasa's failure to operate this type of asset on its own.
"The overlap between the hospitals of the Américas Network and the beneficiaries of Amil's health plans may be an important factor in ensuring healthier operations for the new company," says an excerpt from the report.
By 2027, Dasa expects to see a 10% increase in revenue, driven by volume growth. The EBITDA margin is projected to reach 23.2% in 2026 and 25.2% in 2027.
Excluding the effects of the joint venture and the "Other" line item, Itaú BBA projects that the EBITDA margin will reach 22.7% in 2026 and 23.4% in 2027.
The combination of a healthier diagnostics operation, a greater contribution from the Americas Network, and a more disciplined capital allocation agenda should translate into a more robust cash generation profile, with free cash flow of R$ 235 million in 2026.
Still, Itaú BBA wants to see more from Dasa, at a time when its shares are trading at an estimated EV/EBITDA multiple of 4.5 times for 2026.
“We recognize significant upside potential relative to our estimates and investment thesis at current levels. For now, however, we prefer to monitor the execution of the strategy and the delivery of free cash flow before evaluating a more attractive entry point,” says an excerpt from the report.
Dasa's shares have fallen 41.1% this year, bringing the company's market value to R$ 3.3 billion.
