By Brazil Stock Guide – Dasa SA (BVMF: DASA3) raised R$705 million ($141 million) by selling two non-core businesses — its Argentine diagnostics unit Diagnóstico Maipú and the Brazilian occupational health unit Mantris.
The Argentine operation, sold to Swiss Medical, accounted for roughly R$600 million of the deal, priced at around 6.0x EV/EBITDA, above Dasa’s own trading multiple of 4.0x. Mantris, while profitable, was deemed peripheral to Dasa’s integrated healthcare platform.
The company said the proceeds will help reduce leverage, cutting net debt from R$6.8 billion in 2Q25 to about R$6.1 billion, bringing its net debt/EBITDA ratio down from 2.6x to 2.4x, according to BTG Pactual (BVMF: BPAC11). The divestment follows the 2024 sale of Dasa Empresas and is part of a broader restructuring focused on diagnostics and hospitals/oncology, the latter through its Rede Américas joint venture with Amil.
Despite the deal’s favorable valuation, BTG analysts reiterated a neutral rating on DASA3, warning that execution risks remain as the company integrates operations and manages capital structure. Dasa’s shares have lost 52% over the past 12 months, closing at R$1.30 on Sept. 30, with a market capitalization of R$1.6 billion.
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