Grupo Casas Bahia SA 2Q26 - Heavy reserves add to operating losses; judicial recovery Reiterate Rating: UNDERPERFORM | PO: 0.80 BRL | Price: 0.47 BRL Accessible version Revenue +1.6%; adj. EBITDA -9.4%; R$10.1bn loss Reit. Underperform, dilution, loss of scale, contingency We cut our estimates to reflect 2Q charges, weak sales and high financing costs. We lower our price objective from R$1.00 to R$0.80. Given wider losses and rising uncertainty we shift from an EV/EBITDA to EV/revenue valuation metric, whic ...