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
- 2019-08-16
- Ultrapar, Petrobras, PagSeguro
- 2019-08-15
- Natura , GAP, ASUR, Petrobras, Prisa, OMA, Ultrapar, Stone
- 2019-08-14
- Movida, LiLAC, Wilson, Sons
- 2019-08-13
- Ecorodovias, Natura , Grupo Supervielle, Cementos Argos, Rumo SA, Magazine Luiza, Pampa Energia
- 2019-08-12
- Petrobras, Grupo Mexico, Loma Negra, Wilson, Sons , Telecom Argentina
- 2019-08-09
- Credicorp, B2W, Despegar, Loma Negra, Banco do Brasil, CCR
- 2019-08-08
- Quinenco, CSAV, MercadoLibre, Banco Macro, Vista Oil & Gas
- 2019-08-07
- Unidas, Raia Drogasil, Localiza, Femsa, Bancolombia, Cosan
- 2019-08-06
- Loma Negra, Entel, Bancolombia
- 2019-08-05
- Petrobras, SM SAAM, Ferrovial
Company research notes
- Date
- Company
- Title
- 2019-07-31
- Centauro
- Investing in new growth
- 2019-07-30
- Localiza
- Localiza | All eyes on the perpetual growth rate
- 2019-07-30
- Movida
- Movida | Profitability catch-up seems priced in
- 2019-07-30
- Unidas
- Unidas | Leaving the merger behind
- 2019-07-30
- Duratex
- A slow start, an attractive acquisition
- 2019-07-24
- Hansa Trust, Ocean Wilsons, Wilson, Sons
- Wilson, Sons | The value crystallisation conundrum
- 2019-07-23
- Vista Oil & Gas
- Vista Oil & Gas | Initiation: A quality Vaca Muerta play
- 2019-07-17
- Prisa
- The Arco read-through for Santillana
- 2019-07-16
- Grendene
- Weak earnings, robust cash conversion
- 2019-07-15
- Renner
- Low cash conversion caps upside
Nau Preferencia
- Date
- Title
- 2019-06-06
- Latin American stock ideas | June 2019
- 2019-06-04
- Iberia Book | June 2019
- 2019-05-16
- Iberia book | May 2019
- 2019-04-15
- Iberia book | April 2019
- 2019-04-15
- Latin American stock ideas | April 2019
- 2019-04-01
- A Mexican pairs trade
- 2019-03-29
- Preferências | ESG
- 2019-01-16
- Argentine stock review
- 2018-10-29
- Latin American stock ideas | October 2018
- 2018-10-29
- Latin American stock ideas October 2018 1pp
Latam Banks
- Date
- Company
- Title
- 2019-07-25
- Itau, Banco do Brasil, Bradesco, Banco Santander Brasil, Vostok
- Brazilian Banks | Fight moves to Next Round
- 2019-07-23
- BBVA Bancomer, BBVA, Itau
- Latin American Banks | A spotlight on potential M&A scenarios
- 2019-07-10
- Vostok
- Vostok Emerging Finance l 40% upside post Creditas deal | Buy unchanged
- 2019-07-04
- Itau, Banco Santander Mexico, Banorte, BBVA Bancomer
- Fintech | When only some incumbents meet eMobility
- 2019-06-27
- Itau, Banco do Brasil, Bradesco, Banco Santander Brasil
- Brazilian Banks | Back from the battlefield | Sector downgrade
- 2019-06-18
- Banorte
- Mexico Fintech | Banks start to eye merchant sub acquirers
- 2019-05-22
- Banbajío, Inbursa, Banco Santander Mexico, Banorte, Banregio, BBVA, Banco Santander, BBVA Bancomer
- Mexican Banks | CitiBanamex starts to lower some fees
- 2019-05-16
- Bancolombia
- Colombian Banks | Assessing regulatory fee pressure
- 2019-05-14
- Bradesco, Itau, Banco Santander Brasil, Stone, PagSeguro
- Itaú to launch Iti (QR enabled digital wallet)
- 2019-04-24
- Grupo Supervielle, Banco Macro, Grupo Financiero Galicia
- Argentine Banks | Commercial exposure driving up NPL formation
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
- 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
- 2019-05-17
- Movida, Unidas, Localiza
- Brazilian car rental | A new player in ride-sharing car rental
- 2019-04-16
- Movida, Unidas, Localiza
- Brazilian car rental | Uber’s IPO prospectus in the spotlight
- 2019-03-28
- Movida, Unidas, Localiza
- Brazilian car rental | Key takeaways from the Lyft IPO
- 2019-02-21
- OMA, ASUR, GAP
- Mexican airports | All eyes on the risk-free rate and SCT
- 2019-01-07
- CCR, Wilson, Sons , Corporación América Airports, Rumo, Ecorodovias
- Brazilian infrastructure | Pro-privatisation stance but limited pipeline visibility (so far)
- 2018-12-12
- Localiza, Unidas, Movida
- Brazilian car rental | The automotive e-revolution
- 2018-11-06
- GAP, ASUR, Banorte, OMA
- Mexican airports | NACM cancellation | Implications?
- 2018-07-11
- Rumo, GMexico Transportes
- Latin American Railways: Initiating on Rumo and GMexico Transportes
Latam Energy
- Date
- Company
- Title
Latam TMT
- Date
- Company
- Title
- 2019-07-08
- PagSeguro, Stone, MercadoLibre, Cielo
- Growth in the midst of a price war
- 2019-06-19
- Stone, MercadoLibre, PagSeguro, Cielo
- InfinitePay - a new disruptive player?
- 2019-05-16
- Cielo, PagSeguro, Stone, Itau
- Short-term competition versus long-term blue sky scenarios…
- 2019-05-14
- PagSeguro, Stone, MercadoLibre
- Brazilian Payments | Iti launch: further payments disruption
- 2019-04-01
- PagSeguro, Stone, Cielo
- Brazilian payments | Beginning of the end for prepayments?
- 2019-01-31
- LiLAC, Telefonica, America Movil
- Consolidation in Central America
- 2018-12-21
- LiLAC, Entel, Megacable, America Movil, Vivo, Televisa, TIM Brasil, Telecom Argentina
- Broadband | cost control | consolidation
- 2018-09-20
- B2W, MercadoLibre
- Netshoes acquisition talks
- 2018-07-16
- America Movil, Televisa
- Regulation | AMX versus Televisa
- 2018-05-22
- B2W, MercadoLibre
- Brazil | E-commerce logistics
Holding companies and Conglomerates
- Date
- Company
- Title
- 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”
- 2017-10-03
- Grupo Mexico, Quinenco, GP Investments, ILC, Ultrapar, KUO, Cosan Ltd, Cresud, Nutresa, Alfa, Ocean Wilsons, Femsa, Duratex, Sociedad Comercial del Plata, Siderar
- IPOs | Monetisation of value vs. NAV discount
- 2017-07-03
- Quinenco, GP Investments, CSAV, Ultrapar, KUO, Massy Holdings, Bradespar, Cresud, Ternium, Femsa, Ocean Wilsons, Duratex, ILC
- Out-performance continues
Latam Consumer
- Date
- Company
- Title
- 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?
- 2018-08-21
- Cosan , Ultrapar, BR Distribuidora
- The Brazilian fuel retailing sector
- 2018-05-16
- BR Distribuidora, Ultrapar, Cosan
- A weak start but well-positioned
- 2018-05-14
- Panvel, RaiaDrogasil, Ultrapar
- Drug retailers grapple with slowdown
- 2018-03-26
- Hering, Renner, Guararapes
- Footwear over apparel
Latam Macro
- Date
- Title
- 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
- 2016-09-15
- Colombia: A closer look at the impending tax reform
- 2016-09-15
- Brazilian Macro: Our base case scenario for the consumer in 2017
- 2016-09-13
- Mexican Macro: Inflection point in consumer spending?
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
- 2019-04-01
- Credito Real
- Mexico
- Financials
- 2018-11-28
- Credito Real
- Mexico
- Financials
- 2018-09-10
- Walmex
- Mexico
- Financials
- 2018-02-22
- Robinsons Retail Holdings
- Philippines
- Consumer
- 2018-01-19
- Vulcabras
- Brazil
- Consumer
- 2017-12-28
- La Comer
- Mexico
- Consumer
- 2017-10-10
- Prosegur
- Spain
- Business services
- 2017-05-23
- La Anonima
- Argentina
- Consumer
- 2016-11-15
- Porto Seguro
- Brazil
- Financials
- 2016-10-25
- Ternium
- Argentina
- Conglomerates