André Cepeda, Untitled, São Paulo, Brasil, 2012
Publications
Coverage
- Company
- Country
- Sector
- ACS
- Spain
- Conglomerates, Infrastructure
- Alba
- Spain
- Conglomerates
- Alfa
- Mexico
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Antarchile
- Chile
- Conglomerates
- Arcos Dorados
- Argentina
- Consumer
- Arezzo
- Brazil
- Consumer
- ASUR
- Mexico
- Infrastructure
- Atento
- Spain
- Business services
Diário
- Date
- Company
- 2020-09-18
- MercadoLibre, LiLAC, Carrefour Brasil
- 2020-09-17
- GPA, Petrobras, GALP
- 2020-09-16
- Banco Santander Mexico, GPA, Femsa
- 2020-09-15
- Walmex, Bradesco, Petrobras, America Movil
- 2020-09-14
- Linx, Totvs, Bradespar, Cosan
- 2020-09-11
- GPA, LiLAC, Femsa, PagSeguro
- 2020-09-10
- Copec, Cosan , Cogna, La Comer, Oi, GP Investments, GPA, Burger King Brasil, Walmex, Petz, Canacol
- 2020-09-09
- Bradespar, Alpargatas, Itausa
- 2020-09-08
- Oi, Petz, Corporación América Airports
- 2020-09-07
- Prisa, Petz, CCR, Alfa
Company research notes
- Date
- Company
- Title
- 2020-09-17
- PagSeguro, MercadoLibre
- Re-evaluating Pago in the light of Ant
- 2020-09-15
- Banco Santander Mexico
- Santander Mexico | High conviction in Latin American banks
- 2020-09-14
- America Movil
- Tracfone Sale
- 2020-09-13
- Cosan Ltd, Cosan
- Cosan's Compass Gas | Pre-IPO research
- 2020-09-03
- Vostok
- VEF | On the path to a well-earned NAV premium
- 2020-09-02
- Petz
- Pre-IPO research
- 2020-08-31
- JSL
- Simpar | spotlight on IPO of JSL Logistica
- 2020-08-20
- Ultrapar
- Ultrapar board changes
- 2020-08-10
- Braskem, Petrobras
- PBR | Braskem sale moves a step closer
- 2020-08-05
- Pague Menos, Panvel, RaiaDrogasil
- Pague Menos | Independent, Pre-IPO research
Models
- Company
- Country
- Sector
- Alba
- Spain
- Conglomerates
- Alpargatas
- Brazil
- Consumer
- America Movil
- Mexico
- Telecommunication Services
- Arco Platform
- Brazil
- Consumer
- Arcos Dorados
- Argentina
- Consumer
- B2W
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- Centauro
- Brazil
- Consumer
- Antarchile, Copec
- Chile
- Industrials
- Cosan , Cosan Ltd, Cosan Logistica
- Brazil
- Conglomerates
Nau Preferencia
- Date
- Title
- 2020-09-15
- Small & Midcap Compendium | September 2020
- 2020-08-24
- Small & Midcap Compendium | August 2020
- 2020-07-15
- Latin America | Small & Midcap Compendium | July 2020
- 2020-06-15
- Latin America | Small & Midcap Compendium | June 2020
- 2020-05-18
- Small & Midcap Compendium | May 2020
- 2020-04-16
- Small & Midcap Compendium | April 2020
- 2020-03-17
- Small & Midcap Monthly Compendium
- 2020-03-05
- Top 5 Mexican stock picks for 2020
- 2020-03-03
- Mexico | ESG | Minority tag-along rights
- 2020-02-18
- Latin America Small & Mid-caps Compendium | February 2020
Latam Banks
- Date
- Company
- Title
- 2020-09-14
- Itau, XP
- Nubank enters digital investment market
- 2020-08-26
- Latin American Fintech | Ant Financial read-across | 1st look at the world’s largest fintech lender
- 2020-08-13
- Latin American Banks | Loan forbearance | Further disclosure needed
- 2020-08-05
- Banco do Brasil, Banco Santander Brasil, Itau, Bradesco
- Brazilian Banks | Loan loss charges | How much is enough?
- 2020-07-23
- Mexican Banks | Main takes from the pension reform bill
- 2020-07-21
- Inbursa, Banregio, Gentera, Banbajío, Banorte, Banco Santander Mexico
- Mexican Banks | The thesis against excessive credit losses
- 2020-07-17
- Bradesco, Banco Santander Brasil, Banco do Brasil, Itau
- Brazilian Banks | Growing regulatory pressure | INSS payroll loans now
- 2020-07-10
- Credicorp, IFS
- Peruvian Banks | bill proposal softened, but still negative
- 2020-07-07
- Inbursa, Banregio, Banco Santander Mexico, Banorte, Banbajío, Gentera
- Mexican Banks | Earnings disparities in the making
- 2020-07-07
- Brazilian Banks | Loan refinancing only accelerating in middle market
Iberian Banks
- Date
- Company
- Title
- 2019-04-04
- Banco Santander Brasil, Banco Santander, BBVA, Banco Santander Mexico, Banco Santander Chile
- Banco Santander | 25 Years On
- 2017-10-05
- Banco Santander, Caixabank, BBVA
- Redomiciliation | A no-brainer? | What next?
- 2015-03-11
- BCP, BPI, Caixabank
- Iberian Banks: All bets are off in Portugal
- 2014-12-23
- BPI, Caixabank
- Angola is shaping the Portuguese agenda
- 2014-08-07
- BES, Banco Popular
- The Sting
- 2014-07-25
- BBVA, BES
- Fixing the balance-sheet is only the start
- 2014-07-04
- Banco Santander, BES
- Dismantling Basel 3
- 2014-06-27
- BCP, Banco Popular, BES
- Putting the house in order
- 2014-06-18
- BCP, Banco Popular, BPI, BES
- Days of reckoning
- 2014-06-06
- BBVA, Banco Santander, BES
- Liquidity targeting the wrong audience
Latam Infrastructure
- Date
- Company
- Title
- 2020-07-05
- Sanepar, Copasa, Sabesp
- Brazil water | A scale opportunity | Sector initiation
- 2020-06-12
- GAP, ASUR, OMA
- Mexican airports | Almost 3 years to full traffic recovery
- 2020-05-27
- Localiza, Unidas, Movida
- Brazilian car rental | Powerful, structural forces remain
- 2020-03-17
- Santos Brasil, Wilson, Sons , SM SAAM
- Latin American Ports | Company meeting notes
- 2020-01-07
- Unidas, Movida, Localiza
- Brazilian car rental | Growing pains in global mobility
- 2019-11-13
- Fibra Macquarie, Fibra Uno, Vesta, Terrafina
- The Mexican real estate sector | Vesta and F. Macquarie raised to Buy
- 2019-10-18
- Movida, Unidas, Localiza
- Brazilian car rental | Potential disruptors also in used cars
- 2019-10-02
- Movida, Localiza
- Brazilian car rental | Lawmakers turn their attention to RAC
- 2019-08-14
- OMA, ASUR, GAP
- Mexican airports | Traffic vs risk-free rate
- 2019-06-25
- Cementos Argos, Cemex, Cemex Latam
- Colombian cement | Recovery fully priced-in
Latam Energy
- Date
- Company
- Title
- 2020-08-05
- Petrobras
- BP agenda reset | Latin America energy implications
- 2020-06-03
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail | All eyes on lockdown lifting
- 2020-05-19
- GeoPark
- Colombian E&Ps | Rolling the barrels
- 2020-05-04
- GeoPark, Vista Oil & Gas, GALP, Petrobras
- Latin American oil sector | Where now?
- 2020-04-02
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail | Volume impact of asymmetric lockdown
- 2020-02-05
- Cosan , BR Distribuidora, Ultrapar
- Brazil fuel retail - Fight for market share intensifies
- 2020-02-03
- GeoPark
- Colombian E&Ps | still plenty in the tank
- 2019-12-10
- Tullow Oil
- What’s next for Tullow Oil?
- 2019-10-07
- Ultrapar, BR Distribuidora, Cosan
- Brazilian fuel retailing | the Battle is on
- 2019-08-28
- BR Distribuidora, Ultrapar, Cosan
- The future of Latin American Fuel Retailing
Latam TMT
- Date
- Company
- Title
- 2020-08-28
- MercadoLibre, PagSeguro
- Ant Payments
- 2020-08-04
- Telefonica, Telesites
- Emerging Markets Towers Primer
- 2020-07-23
- Oi, TIM Brasil, Vivo, America Movil
- Brazilian Telecoms | Highline enters negotiations with Oi
- 2020-06-24
- Cielo, PagSeguro, MercadoLibre, Stone
- WhatsApp payments suspended
- 2020-06-22
- Cielo, PagSeguro, MercadoLibre, Stone
- Brazilian payments | Evolution of the payments landscape
- 2020-02-03
- LiLAC, Entel, Vivo, Telefonica, America Movil, TIM Brasil
- Consolidation | quest for higher returns
- 2019-12-16
- Via Varejo, Magazine Luiza, MercadoLibre, B2W
- Brazilian e-commerce | The long term prize for the winners
- 2019-11-20
- Entel, LiLAC, Telecom Argentina, America Movil, Telefonica
- Telefonica asset sales could drive a wave of sector consolidation
- 2019-10-04
- Stone, PagSeguro, Cielo
- InfinitePay | disrupting the disruptors
- 2019-09-25
- Vivo, Oi, Telefonica, America Movil, TIM Brasil
- Brazilian Telecoms | Oi consolidation scenarios
Holding companies and Conglomerates
- Date
- Company
- Title
- 2020-01-06
- Itausa, Sonae , CSAV, Vostok, Quinenco, Jereissati, Duratex, Femsa, Antarchile, Cosan , Cosan Ltd, Massy Holdings, Copec, Alba, Prisa, Ultrapar, ILC, GP Investments
- The LatAm compounders: focus on NAV growth
- 2019-09-04
- Hapag-Lloyd, Sonae , CSAV, Prisa, Alba, Pharol, Semapa, Industrias Peñoles, Prosegur, Sonaecom, Ocean Wilsons, Hansa Trust, Vostok, Spice
- The search for value with a catalyst
- 2019-07-02
- Grupo Exito, Quinenco, GP Investments, CSAV, Ultrapar, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Grupo Carso, Grupo Argos, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Grupo Mexico, Industrias Peñoles, GPA, Femsa, Jereissati
- Focus on capital allocation
- 2019-04-08
- Sonae , Prisa, Alba, Pharol, Prosegur, Sonaecom, Semapa
- Value with a catalyst or value trap?
- 2019-01-23
- Grupo Exito, Quinenco, GP Investments, CSAV, Antarchile, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Grupo Mexico, Irsa, Alfa, Ocean Wilsons, Cosan Logistica, Hansa Trust, Cresud, GPA, Femsa, Jereissati, CBD
- Are collapsing cascade structures a trend?
- 2019-01-03
- Quinenco, ILC, Ultrapar, Massy Holdings, Cosan Ltd, Nutresa, Alfa, Ocean Wilsons, Femsa, Vostok
- Our top picks for 2019
- 2018-10-11
- Grupo Exito, Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, GPA, Femsa, Jereissati, Vostok
- NAV discount at record high
- 2018-07-09
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, Femsa, Jereissati, Vostok
- Cascade structures, double discounts
- 2018-04-05
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Prosegur, Massy Holdings, Cosan Logistica, JBS, Pampa Energia, Ternium, Sociedad Comercial del Plata, Siderar, Grupo Mexico, Industrias Peñoles, Femsa
- Spotlight | above average discounts
- 2018-01-09
- Quinenco, Itausa, GP Investments, CSAV, Ultrapar, CIE Automotive, Antarchile, KUO, Copec, SM Chile, Bradespar, Grupo Sura, Cosan Ltd, Cosan , Cresud, Nutresa, Irsa, Alfa, Ocean Wilsons, Grupo Carso, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Prosegur, Massy Holdings, Femsa, Cosan Logistica, JBS, Pampa Energia, Almendral, IRSA Propiedades Comerciales, Brasilagro, Ternium, Sociedad Comercial del Plata, Siderar, Discount Investment Corporation, Grupo Mexico, Industrias Peñoles, Mota-Engil, Spice
- Top picks and a flurry of “special sits”
Latam Consumer
- Date
- Company
- Title
- 2020-09-01
- Pague Menos, Natura , Lojas Americanas, Via Varejo, Guararapes, Carrefour Brasil, Panvel, RaiaDrogasil, Arcos Dorados, Centauro, Marisa, GPA, MercadoLibre, Renner, Hering, Burger King Brasil, Arezzo, B2W, Alpargatas, Magazine Luiza
- Brazil eCommerce | Spotlight on 26 Brazilian retailers
- 2020-04-06
- GPA, Carrefour Brasil
- The Atacarejo food retailing format
- 2020-04-06
- GPA, Carrefour Brasil
- The Atacarejo food retailing format
- 2019-11-25
- RaiaDrogasil, Ultrapar, Panvel
- Brazilian drug retailers in pictures
- 2019-03-25
- Walmex, Femsa, Fragua
- Mexican drug retailers
- 2019-02-11
- BR Distribuidora, Ultrapar, Cosan
- Back to growth | margin normalisation
- 2018-11-30
- IMC, Burger King Brasil, Arcos Dorados
- Another e-revolution takes grip
- 2018-11-12
- RaiaDrogasil, Ultrapar
- Northern players feel the pain in Q3
- 2018-10-05
- BR Distribuidora, Ultrapar, Cosan
- An inflexion point in August?
- 2018-08-28
- Fragua, Femsa
- Walgreens and FEMSA next moves?
Latam Macro
- Date
- Title
- 2020-03-13
- Valuation | Latin America | A 255bp spike in market risk premium
- 2019-12-17
- Brazil | BDR market | Key regulatory changes on the horizon
- 2019-12-02
- Valuation | Latin America | A discounted cash flow framework
- 2019-08-19
- Valuation | Latin America | Estimating the cost of equity
- 2017-05-05
- Latin America: US tax reform implications
- 2017-04-11
- Brazil Taxes: Payroll-tax breaks on the spotlight again
- 2016-12-05
- Mexican macro: Carstens out; minimum nominal wage up 9.7%
- 2016-11-17
- Brazil: Spending cup without pension reform is empty
- 2016-10-20
- Colombian Taxes: Dissecting the proposed tax reforms
- 2016-10-18
- Peruvian Macro: Commercial bank lending to grow below par
Nau Astrolabe
- Date
- Author
- Title
- 2018-05-31
- Cirrus Research | Global Notepad – Latin America: Be Selective, Leadership too Narrow
- 2016-09-12
- Luis Arenzana
- Estimating risk free rates in emerging markets
- 2015-09-21
- George Magnus
- George Magnus on China's economy: no collapse, but it's serious - so are the politics
- 2015-05-27
- Shared Prosperity and Poverty Eradication in Latin American – a World Bank Study
- 2014-11-11
- Lucas de Aragão
- The View from Brasilia – What Next?
- 2014-09-03
- Jonathan Anderson
- Please, Please, Just Give Us Tapering Already
- 2014-04-28
- Michael Shaoul
- Prospects for Brazil and the Bovespa
Nau Direct
- Date
- Company
- Country
- Sector
Company meeting notes
- Date
- Company
- Country
- Sector
- 2020-06-09
- Tenaris, Tenaris
- Argentina
- Energy
- 2020-06-05
- Canacol
- Colombia
- Energy
- 2020-05-29
- Terpel, Copec
- Chile
- Conglomerates
- 2020-05-06
- Hypera Pharma
- Brazil
- Health Care
- 2020-04-29
- Qualitas, Ienova, Fragua, Gruma, ASUR, Femsa, La Comer, Liverpool , Hoteles City Express, OMA, Walmex, Traxion
- Mexico
- Business services
- 2020-04-28
- IMC, Copec, Arcos Dorados, SM SAAM, Odontoprev, B2W, Walmex, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Liverpool , Petrobras, OMA, ILC, Unidas, Traxion, Ambev, Totvs, Ienova, Santos Brasil, Gruma, Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, Arco Platform, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Wilson, Sons , Log-In Logistica, Tenaris, GPA, IFS
- Peru
- Materials
- 2020-04-28
- Traxion, Ambev, Totvs, Ienova, Santos Brasil, Fragua, Wilson, Sons , Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, Arco Platform, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Log-In Logistica, Tenaris, GPA, IFS, IMC, Copec, Arcos Dorados, SM SAAM, Odontoprev, B2W, Walmex, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Liverpool , Petrobras, OMA, ILC, Unidas
- Mexico
- Business services
- 2020-04-28
- Localiza, Unidas, Movida
- Brazil
- Business services
- 2020-04-28
- IMC
- Brazil
- Consumer
- 2020-04-28
- Liverpool , Petrobras, OMA, Walmex, Unidas, Traxion, Arcos Dorados, SM SAAM, Odontoprev, B2W, ILC, Lojas Americanas, Duratex, Vivo, ASUR, Nutresa, Ambev, Totvs, Ienova, Santos Brasil, Fragua, Gruma, Femsa, PagSeguro, La Comer, Localiza, Renner, Kroton, Rumo, Despegar, Arezzo, Alpargatas, Movida, IMC, Linx, Qualitas, Braskem, Hoteles City Express, Natura , Carrefour Brasil, Grendene, CESP, Wilson, Sons , Log-In Logistica, Tenaris, GPA, IFS
- Peru
- Materials