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
- Banco de Chile
- Chile
- Financials
- Banco do Brasil
- Brazil
- Financials
- Banco Macro
- Argentina
- Financials
- Banco Santander Brasil
- Brazil
- Financials
- Banco Santander Chile
- Chile
- Financials
- Banco Santander Mexico
- Mexico
- Financials
- Bancolombia
- Colombia
- Financials
- Banorte
- Mexico
- Financials
- Banregio
- Mexico
- Financials
- BR Distribuidora
- Brazil
- Energy
- Bradesco
- Brazil
- Financials
- Bradespar
- Brazil
- Conglomerates, Materials
- BRF
- Brazil
- Consumer
- Burger King Brasil
- Brazil
- Consumer
- CBD
- Brazil
- Consumer
- CCR
- Brazil
- Infrastructure
- CCU
- Chile
- Consumer
- Cementos Argos
- Colombia
- Infrastructure, Materials
- Cemex
- Mexico
- Materials
- Cemex Latam
- Colombia
- Infrastructure, Materials
- CIE Automotive
- Spain
- Conglomerates, Industrials
- Concha y Toro
- Chile
- Consumer
- Copec
- Chile
- Conglomerates, Industrials
- Corporación América Airports
- Argentina
- Infrastructure
- Cosan
- Brazil
- Agriculture, Conglomerates
- Cosan Logistica
- Brazil
- Conglomerates, Infrastructure
- Cosan Ltd
- Brazil
- Conglomerates
- Credicorp
- Peru
- Financials
- Cresud
- Argentina
- Agriculture, Conglomerates
- CSAV
- Chile
- Conglomerates, Infrastructure
- Despegar
- Argentina
- Consumer, Information Technology
- Duratex
- Brazil
- Conglomerates, Industrials
- Ecorodovias
- Brazil
- Infrastructure
- Entel
- Chile
- Telecommunication Services
- Femsa
- Mexico
- Conglomerates, Consumer
- Ferrovial
- Spain
- Infrastructure
- Fhipo
- Mexico
- Financials, Real Estate
- Fibra Macquarie
- Mexico
- Real Estate
- Fibra Uno
- Mexico
- Real Estate
- Fragua
- Mexico
- Consumer
- GAP
- Mexico
- Infrastructure
- Gentera
- Mexico
- Financials
- GMexico Transportes
- Mexico
- Infrastructure
- GP Investments
- Brazil
- Conglomerates
- Grendene
- Brazil
- Consumer
- Gruma
- Mexico
- Consumer
- Grupo Argos
- Colombia
- Conglomerates, Real Estate
- Grupo Carso
- Mexico
- Conglomerates
- Grupo Cementos de Chihuahua
- Mexico
- Materials
- Grupo Exito
- Colombia
- Consumer
- Grupo Financiero Galicia
- Argentina
- Financials
- Grupo Melo
- Panama
- Conglomerates, Consumer
- Grupo Mexico
- Mexico
- Conglomerates, Infrastructure, Materials
- Grupo Supervielle
- Argentina
- Financials
- Grupo Sura
- Colombia
- Conglomerates, Financials
- Guararapes
- Brazil
- Consumer
- Hansa Trust
- United Kingdom
- Conglomerates
- Hering
- Brazil
- Consumer
- ILC
- Chile
- Conglomerates, Financials
- IMC
- Brazil
- Consumer
- Inbursa
- Mexico
- Financials
- Industrias Peñoles
- Mexico
- Conglomerates, Materials
- Irsa
- Argentina
- Conglomerates, Real Estate
- Itau
- Brazil
- Financials
- Itausa
- Brazil
- Conglomerates, Financials
- JBS
- Brazil
- Conglomerates, Consumer
- Jereissati
- Brazil
- Conglomerates
- Jeronimo Martins
- Portugal
- Consumer
- JSL
- Brazil
- Business services, Infrastructure
- KUO
- Mexico
- Conglomerates
- La Comer
- Mexico
- Consumer
- LiLAC
- Chile
- Telecommunication Services
- Liverpool
- Mexico
- Consumer
- Localiza
- Brazil
- Business services, Consumer
- Lojas Americanas
- Brazil
- Consumer
- Massy Holdings
- Trinidad and Tobago
- Conglomerates
- Megacable
- Mexico
- Telecommunication Services
- MercadoLibre
- Argentina
- Consumer, Information Technology
- Metalurgica Gerdau
- Brazil
- Conglomerates, Materials
- Mota-Engil
- Portugal
- Conglomerates, Infrastructure
- Movida
- Brazil
- Business services
- Natura
- Brazil
- Consumer
- Nutresa
- Colombia
- Conglomerates, Consumer
- Ocean Wilsons
- United Kingdom
- Conglomerates
- OMA
- Mexico
- Infrastructure
- PagSeguro
- Brazil
- Consumer, Financials
- Pampa Energia
- Argentina
- Conglomerates, Utilities
- Panvel
- Brazil
- Consumer, Health Care
- Pharol
- Portugal
- Conglomerates
- Prisa
- Spain
- Conglomerates
- Qualitas
- Mexico
- Financials
- Quinenco
- Chile
- Conglomerates
- RaiaDrogasil
- Brazil
- Consumer, Health Care
- Renner
- Brazil
- Consumer
- Rumo SA
- Brazil
- Infrastructure
- Santos Brasil
- Brazil
- Infrastructure
- Semapa
- Portugal
- Conglomerates, Industrials
- Siderar
- Argentina
- Conglomerates, Materials
- SM SAAM
- Chile
- Industrials
- Sociedad Comercial del Plata
- Argentina
- Conglomerates, Energy
- Sonae
- Portugal
- Conglomerates
- Sonaecom
- Portugal
- Conglomerates, Telecommunication Services
- Stone
- Brazil
- Financials
- T4F
- Brazil
- Consumer
- Telecom Argentina
- Argentina
- Telecommunication Services
- Telesites
- Mexico
- Infrastructure, Telecommunication Services
- Televisa
- Mexico
- Telecommunication Services
- Ternium
- Argentina
- Conglomerates, Materials
- Terpel
- Colombia
- Consumer, Infrastructure
- Terrafina
- Mexico
- Real Estate
- TIM Brasil
- Brazil
- Telecommunication Services
- Ultrapar
- Brazil
- Conglomerates
- Vesta
- Mexico
- Real Estate
- Vivo
- Brazil
- Telecommunication Services
- Vostok
- Sweden
- Conglomerates, Financials
- Walmex
- Mexico
- Consumer, Financials
- Wilson, Sons
- Brazil
- Business services, Infrastructure
Diário
- Date
- Company
- 2019-06-19
- Banorte, ILC, CIE Automotive
- 2019-06-18
- Alpargatas, Entel, Cosan Ltd, Cosan , Corporación América Airports, Qualitas
- 2019-06-17
- GP Investments, Ultrapar
- 2019-06-14
- Pampa Energia, GP Investments, Despegar, GPA, Cosan Ltd, Cosan , Femsa, Ferrovial, Cementos Argos
- 2019-06-13
- GP Investments, ILC, GPA, Cosan Ltd, Cosan , Rumo
- 2019-06-11
- Wilson, Sons
- 2019-06-10
- Natura , CIE Automotive
- 2019-06-07
- Sonae , Banorte, Arezzo, Prisa
- 2019-06-06
- CCR, ASUR, Duratex, Loma Negra, Prosegur, Entel, Corticeira Amorim
- 2019-06-05
- Itau, Walmex, Banco Santander Chile, Bradespar, Corticeira Amorim, Alfa
Company research notes
- Date
- Company
- Title
- 2019-06-08
- Natura
- Avon | Albatross or Phoenix?
- 2019-06-05
- Corticeira Amorim
- Life cycle of family ownership
- 2019-06-05
- Prosegur
- Prosegur | Controlling shareholder | more skin in the game
- 2019-05-29
- Gentera
- Gentera | Loan growth story gathers momentum
- 2019-05-27
- Vista Alegre
- A Portuguese turnaround story
- 2019-05-24
- Ferrovial
- Ferrovial | A Birmingham settlement would be key
- 2019-05-24
- Prosegur
- Prosegur | Argentina worth zero? Think twice
- 2019-05-13
- Ferrovial
- Ferrovial | The value of high complexity...
- 2019-05-13
- ACS
- ACS | Valuation upside appears modest
- 2019-05-09
- RaiaDrogasil
- RaiaDrogasil | São Paulo company visit
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 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?
Latam Banks
- Date
- Company
- Title
- 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
- 2019-04-23
- Credicorp
- Peruvian Banks | Lower loan growth, but improved credit quality
- 2019-04-15
- Itau, Banco do Brasil, Bradesco, Banco Santander Brasil
- Latam Fintech | Nubank | Incumbents’ economics put to the test
- 2019-04-09
- Itau, Banco do Brasil, Bradesco, Banco Santander Brasil
- Brazilian Banks | Positive credit bureau is finally here
- 2019-04-05
- Gentera, Banbajío, Banco Santander Mexico, Banorte, Banregio, Inbursa
- Mexican Banks | Overweight | prefer lower rate sensitive stocks
- 2019-04-02
- Itau, Stone, Banco do Brasil, Bradesco, PagSeguro
- Brazilian Banks | Closing the backdoor to acquiring disruptors
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
- 2019-05-17
- 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
- 2017-11-20
- Cementos Argos, Loma Negra, Cemex, Cemex Latam
- Latin American Cement Watch: Argentina in the lead
- 2017-10-21
- Fibra Macquarie, Vesta, Fibra Prologis, Terrafina
- Mexican real estate: NAFTA remains too binary
Latam TMT
- Date
- Company
- Title
- 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
- 2018-05-22
- B2W, MercadoLibre
- Brazil | E-commerce logistics
Latam Conglomerates
- Date
- Company
- Title
- 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
- 2017-05-10
- 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, Cosan Logistica, Grupo Argos, Hansa Trust, Duratex, Metalurgica Gerdau, ILC, Grupo Melo, Spice, Massy Holdings, Pampa Energia, Almendral, IRSA Propiedades Comerciales, Brasilagro, Ternium, Sociedad Comercial del Plata, Siderar, Discount Investment Corporation, Grupo Mexico, Industrias Peñoles, JBS, Mota-Engil, Femsa
- Mining group NAV discounts normalise in Q1
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
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