PGMN3 Risks: Nine DCs, Cyber, Tax Cases >R$100M
Pague Menos (PGMN3) FRE risk factors read like a retail operating manual: nine distribution centers, POS/cyber exposure, competition, leverage covenants — then a short list of tax cases above R$100 million with no provisions on the item 4.4 inventory.
This page summarizes a real FRE risk-factor analysis. apicvm returns the filings.
The research question
> What material operational and judicial risks does the FRE flag?
Operating risk themes
| Theme | FRE point |
|---|---|
| Logistics | Dependence on nine DCs — outage → stockouts and cost spikes |
| IT / cyber | Data centers, POS, logistics, inventory systems |
| Competition | New entrants, consolidation, rules opening non-pharmacy retail |
| Leverage | Net debt/EBITDA and EBITDA/interest covenants; breach → acceleration |
| Tax / regimes | Law changes, loss of special regimes, adverse tax outcomes |
Material tax / judicial lines (updated cause values)
| Matter | Updated amount | Loss chance (as stated) |
|---|---|---|
| Annulment suit 0009010-90.2010 | R$ 166.9 million | Remote (insurance guarantee; prior pledge of 9.13M controller shares) |
| PIS/COFINS assessment 11234-720.231/2020 | R$ 160.5 million | Possible (CARF) |
| ICMS Goiás annulment 5.630.600-84.2020 | R$ 111.4 million | Possible (expert evidence; insurance bond) |
| Tocantins tax execution 0012048-03.2015 | R$ 68.8 million | Bond posted R$ 79.3 million |
The FRE states no provisions were booked for the processes described in item 4.4.
Research takeaway
Pair this risk inventory with the dedicated zero-provisions contingencies page. Filter with name=Fatores so DC/cyber themes do not disappear into a generic “retail risk” summary.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=PGMN3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=PGMN3&type=FRE&year=2025&name=Fatores"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
Ready to integrate?
Get an API key and start querying Brazilian CVM filings programmatically.