b3-analysis

B3 Quality Checklist

Methodology from Logan's tier list (YouTube: @investimentosemevidencia). Criteria 1, 2, 3 are ELIMINATORY — fail any = automatic AVOID regardless of other factors.

#	Criterion	Eliminatory	How to evaluate
1	Consistent growing profits (escadinha)	🔴 YES	Stair-step pattern in income statement, no recurring losses. #1 criterion.
2	Liquid ON shares (ticker ending in 3)	🔴 YES	PN-only or Unit-only with no ON liquidity = disqualified. Verify volume in OHLCV data.
3	No recent IPO	🔴 YES	Minimum 5+ years of profit history on B3.
4	Novo Mercado listing	No	Highest B3 governance level
5	Tag Along 100%	No	Minority protection — < 100% = penalize
6	Controlled debt	No	Prefer net cash or D/EBITDA < 2x
7	Expected return > CDI	No	Selic ~14,75% a.a. — justify via earnings yield, DCF, or DY

Score interpretation (after passing eliminatory filters)

• 6–7: Strong Buy / Elite
• 5: Buy
• 4: Hold / Monitor
• 0–3: Avoid

Tier classification

• Elite: All 7 ✅, proven stair-step growth, large/growing TAM
• Bom: Passes eliminatory, 5–6/7, minor flags
• OK: Passes eliminatory, 4/7, one notable weakness
• Mé: Passes eliminatory barely, erratic profits or structural limits
• Você é Louco: Fails an eliminatory criterion
• Oi: Persistent losses, cotação trending to zero

Technical Indicator Reference

When interpreting fetch_stock.py output:

Indicator	Bullish Signal	Bearish Signal
Close > SMA 200	Uptrend confirmed	Below = downtrend
SMA 50 crosses SMA 200 up	Golden cross	Death cross
RSI 14 < 30	Oversold — possible entry	RSI > 70 = overbought
MACD hist positive & rising	Momentum building	Negative & falling
Price near Bollinger Lower	Potential bounce
ADX > 25	Strong trend — confirm direction	ADX < 20 = ranging market

Macro Impact by Sector

Sector	High Selic Impact
Banking (ITUB, BBAS)	Mixed — spread benefits, but higher default risk
Utilities (EQTL, SAPR)	Negative — regulated returns compressed vs risk-free
Healthcare (RADL, FLRY)	Neutral-negative — capex financing more expensive
Retail (LREN, RENT)	Negative — consumer credit more expensive
Exporters (VALE, SUZB)	Positive — stronger USD boosts BRL revenue
Technology (TOTS)	Negative — high growth DCF heavily discounted
Insurance (PSSA, BBSE)	Positive — float income rises with higher rates

Red Flags

• Ticker final 4/11 only, no ON liquidity — bad faith (wants capital without losing control)
• Controlling shareholder holds only ON, forces investors into PN — misalignment
• Tag Along < 100%
• Heavy state interference (pricing, dividend policy risk)
• D/EBITDA > 3x
• Highly cyclical commodity sector without multi-decade consistent track record

Output Rules

• Always respond in Portuguese (Brazil)
• Every report must begin with the disclaimer: ⚠️ **Aviso:** Este relatório é gerado por agentes de IA para fins exclusivamente **educacionais e de estudo pessoal**. Não constitui recomendação de investimento, consultoria financeira ou análise profissional. Renda variável envolve risco de perda do capital investido.
• Always compare expected equity return vs CDI explicitly
• State clearly when data is unavailable or scripts return errors
• Never recommend leverage or derivatives — long-only equity analysis only
• Minimum position size for portfolio allocation: R$ 500

Universo B3 (Screening)

Usado pelo /b3:screen como universo padrão de triagem. Apenas ações ON (final 3) ou com ON líquida conhecida. Atualizar conforme necessário.

Bancos:         ITUB3, BBAS3, BBDC3, SANB3, BRSR3
Seguros:        PSSA3, BBSE3, IRBR3, ODPV3
Varejo:         LREN3, ARZZ3, VULC3, PNVL3, VIVA3, GRND3
Saúde:          FLRY3, HAPV3, RDOR3, DASA3, HYPE3
Tech/Software:  TOTS3, INTB3
Energia:        EQTL3, EGIE3, TAEE3, CPFE3, NEOE3
Saneamento:     SAPR3, SBSP3, CSMG3
Industrial:     WEGE3, ROMI3, FRAS3, LEVE3
Farmácias:      RADL3
Petróleo:       PETR3, PRIO3, RECV3
Mineração:      VALE3, GOAU3, GGBR3
Agro:           SLCE3, SMTO3, AGRO3
Logística:      RENT3, RAIL3, EMBR3
Construção:     DIRR3, CYRE3
Celulose:       SUZB3, KLBN3, RANI3
Alimentos:      ABEV3, JBSS3, MRFG3, MDIA3
Educação:       YDUQ3

Este universo pode ser substituído por qualquer lista de tickers via /b3:screen TICKER1 TICKER2 ...

Gotchas

• Criterion 2 is often misread: check the actual ticker suffix AND verify daily volume > R$ 10M. A ticker ending in 3 with low liquidity still fails criterion 2.
• yfinance P/L can be misleading for Brazilian stocks: cross-check against the income statement returned by fetch_stock.py. Trailing PE from info uses US GAAP adjustments.
• CDI is monthly in BCB data: fetch_macro.py converts it to annualized, but always double-check the annualization logic when citing CDI % a.a.
• Google News RSS has no pagination: if the lookback window is long and articles are sparse, fetch_news.py may return fewer results than expected. This is a data gap, not an error.
• D/EBITDA from yfinance uses debtToEquity (debt/equity ratio), not debt/EBITDA. To get D/EBITDA, divide totalDebt by ebitda from the fundamentals output.
• Score ≤ 2 = exclude from portfolio regardless of macro environment. No macro tailwind overrides a failed eliminatory criterion.