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
- 2019-10-14
- Sonae , Walmex, Petrobras, JSL, Telefonica, Televisa
- 2019-10-11
- B2W, LiLAC, Lojas Americanas, ACS, Femsa, GAP, Petrobras
- 2019-10-10
- ASUR, GAP, Mota-Engil, LiLAC
- 2019-10-09
- Wilson, Sons , Mota-Engil, Banco Santander Brasil, MercadoLibre, Petrobras, Itausa, Gentera
- 2019-10-08
- CCU, Mota-Engil, Walmex, Alfa
- 2019-10-07
- Ultrapar, Semapa, BR Distribuidora, Cosan Ltd, Cosan , Loma Negra, Telefonica, Cosan Logistica, Vivo, America Movil, CCR, TIM Brasil
- 2019-10-04
- Prisa, Petrobras, Cresud, Irsa, Vivo
- 2019-10-03
- Itausa, Arezzo, Pharol, Bradespar, Localiza, Vale, Oi
- 2019-10-02
- Gentera, Petrobras, Movida, Localiza
- 2019-10-01
- Sonae , Itausa, Prisa, ACS, Telefonica, Vivo
Company research notes
- Date
- Company
- Title
- 2019-10-14
- Gruma
- 8.4% 2020E Equity free cashflow yield
- 2019-10-14
- Natura
- Site visit | Rebel with a cause
- 2019-10-14
- Natura
- Site visit | Rebel with a cause
- 2019-10-11
- JSL, Localiza, Unidas, Movida
- JSL | Management delivers beyond Movida
- 2019-10-10
- LiLAC
- US$1.95bn acquisition of AT&T assets
- 2019-10-10
- Petrobras
- Petrobras | Initiation | Transitioning into a FCF growth story
- 2019-10-10
- Femsa
- Focus on OXXO, JRD, Raízen and Solistica
- 2019-10-08
- Itausa, Duratex, Itau, Alpargatas
- A US$9bn discount to NAV | 8% yield
- 2019-10-07
- Cosan , Cosan Logistica, Cosan Ltd
- OXXO tie-up | buy-backs support simplification
- 2019-10-02
- Gentera
- PER of 6x, once operational leverage kicks-in
Nau Preferencia
- Date
- Title
- 2019-10-10
- Iberia Book | October 2019
- 2019-10-10
- Latin American stock ideas | October 2019
- 2019-09-25
- CTT | Company Meeting Notes
- 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
Latam Banks
- Date
- Company
- Title
- 2019-10-01
- Banregio, Banco Santander Mexico, Banorte, Gentera
- Mexico | Fintech/Banks | CoDi revisited | Key themes addressed
- 2019-09-27
- Vostok
- Vostok Emerging Finance | Latin America exposure 75% | First look at Xerpa
- 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
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
- 2019-10-02
- 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
- 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?
Latam Energy
- Date
- Company
- Title
Latam TMT
- Date
- Company
- Title
- 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
- 2019-09-16
- B2W, MercadoLibre, Magazine Luiza
- Amazon - prospects for Prime in Brazil
- 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
Holding companies and Conglomerates
- Date
- Company
- Title
- 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”
- 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
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