"white shark passing" Guadalupe island, Mexico, 2003, by Olly & Suzi with Greg Williams
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
- 2020-07-10
- Banorte, Lojas Americanas, Prisa, B2W, Itau
- 2020-07-09
- Televisa, Credicorp
- 2020-07-08
- Localiza, Itau, Credicorp, Arcos Dorados, Televisa, Cosan , Banorte
- 2020-07-07
- Cosan Ltd, Kroton, Itau, Arco Platform, Arcos Dorados, Lojas Americanas, Ecorodovias, Cosan Logistica, Cosan
- 2020-07-06
- Cosan Logistica, PagSeguro, Cosan , Cosan Ltd, Lojas Americanas, Sanepar, Copasa, Sabesp
- 2020-07-03
- Bradespar, Itausa, Petrobras
- 2020-07-02
- Itausa, Lojas Americanas
- 2020-07-01
- Cielo, ASUR, Femsa, Credicorp, Quinenco
- 2020-06-30
- Petrobras, Ecorodovias, Centauro, XP , Liverpool , Kroton, Prisa, GP Investments, Arco Platform
- 2020-06-29
- Hoteles City Express, CCR, Jereissati, RaiaDrogasil, Alsea, Ecorodovias
Company research notes
- Date
- Company
- Title
- 2020-07-10
- B2W, Lojas Americanas
- Room for a more optimum structure
- 2020-07-08
- Arcos Dorados
- Market share gains | strong asset-backing
- 2020-07-07
- Panvel
- The battle for the South
- 2020-07-06
- Cosan Ltd, Cosan , Cosan Logistica
- Collapsing the cascade structure
- 2020-07-01
- Cemex Latam, Fibra Macquarie, Cementos Argos, Fibra Uno, Ferrovial, Vesta, GMexico Transportes, ACS, Cemex, Terrafina
- Discontinuation of coverage
- 2020-06-29
- Prisa, Kroton, Arco Platform
- The Latin American K-12 education market
- 2020-06-18
- Banco Santander Mexico
- Santander Mexico | Time for another “squeeze-out” offer?
- 2020-06-08
- Prisa
- Santillana equivalent to 1.2x Prisa’s EV
- 2020-06-05
- ILC
- Correction overdone | 51% NAV discount
- 2020-05-13
- CCR
- CCR | A play on contract rebalancing
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
- 2020-06-15
- 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
- 2020-01-22
- Latin American Stock Ideas | January 2020
- 2019-11-05
- Saudi Aramco IPO - Implications for EM Oils / Petrobras
- 2019-10-25
- Latin American Stock Ideas | October 2019
Latam Banks
- Date
- Company
- Title
- 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
- 2020-07-03
- Credicorp, IFS
- Peruvian Banks | Banks to offer at least one no-fee credit card
- 2020-07-02
- Mexican Banks | The impact of Banco Famsa’s liquidation
- 2020-06-30
- Credicorp
- Peruvian Banks | All eyes on the loan moratorium bill
- 2020-06-10
- Itau, Banco do Brasil, Bradesco
- Brazilian Banks | Tracking loan refinancing activity takes center stage
- 2020-05-27
- IFS, Credicorp
- Peruvian Banks | Concerns about “Reactiva Perú” NIMs are overdone
- 2020-05-22
- Bradesco, Banco Santander Brasil, Banco do Brasil, Itau
- Brazilian Banks | Additional policy responses; as we expected
- 2020-05-20
- Brazil Banks | A new credit cycle | Slide Deck
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
- 2020-06-03
- 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
- 2020-06-24
- 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
- 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?
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
- 2020-04-06
- 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?
- 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
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