Since the economic crisis, how has the valuation model changed?
Pinto: After the crisis, investors are analyzing more deeply before deciding on their investments in Brazil. But they can see the growth potential that exists in the country in all areas — in the strong fundamentals of the economy and of the companies and in the strength of the local capital markets. Broadly speaking, investors have become more discerning and demanding. Generally, investors are pricing the shares, based on the minimum value of the price range suggested, or even slightly below. This does not mean that the market is bad. This is just a new attitude of investors who still believe in the companies, but in a more realistic way.
